Document management software is a type of software that allows users to create, store, organize, and share electronic documents. It typically includes features such as version control, document search, and collaboration tools. Examples of document management software include Microsoft SharePoint, Google Drive, and Dropbox. Some of these software also include workflow automation, document security, and compliance with industry regulations. This software can be used in various industries such as legal, healthcare, finance, and education.
Technology has helped organisations in every way, from planning and documenting operations to improving products. The procedure of manually documenting is laborious and time-consuming. This raises the possibility of human error, which may result in lost or damaged files.
Therefore, firms usually use effective document management software to automate this procedure. It allows users to read, store, and alter documents in a variety of formats, including PDFs, audio, and video files. It also handles additional duties like document production, dissemination, and archiving. It has made digital file organisation possible, assisting businesses in producing effective documentation.
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Growing Demand for Automated Workflow to Facilitate Market Expansion
Automation has facilitated reduction in errors, improvement in quality and reduction in time in various processes. Document management software with automated workflow offers efficient operational workflow. Moreover, it reduces costly paper handling with smart routing of documents and saves time and money by reducing the need of photocopying, hand delivery and repetitive dropping. It also enables automated distribution, printing and overall document control. By centralizing documents and using automated workflow technology, it can timely route documents to stakeholders. The migration to automated workflow from manual workflow is pushing the demand of document management software.
Competition Tracking
The key players profiled in the report are
- Toshiba Corporation,
- IBM Corporation,
- OpenText Corp.,
- Asite, Ideagen,
- Alfresco Software,
- MasterControl,
- Computhink,
- eFileCabinet,
- OfficeGemini,
- Adobe Systems Incorporated,
- SmartFile,
- Lucion Technologies,
- Intranet Connections,
- FOLDERIT and
- LogicalDOC.
Disaster Recovery and Better Backup to Spur Demand for Document Management Software
Document management solution includes disaster recovery and data backup plan. With digital archiving, paper documents are protected from various types of disasters. In addition, with this software, documents are easily traceable and can be conveniently tracked within different ranges of criteria. Moreover, since the documents are stored centrally, they do not get misplaced after viewing. They can be digitalised as well as archived during their entry point into the system.
Segmental Snapshot of the Global Document Management Software Market
By component, the software segment is expected to grow at a higher rate and is expected to lead the global document management software market in the coming years. With respect to services, professional services are gaining high traction.
With respect to deployment, cloud is gaining high steam owing to ease of access and convenience at any point in time. Cloud based deployment is expected to showcase revenue sales of over US$ 6 Bn by end of the assessment period.
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Market Segmentation
By Component
- Software
- Services
- Professional Services
- Managed Services
By Deployment
- On Premise
- Cloud Based
By End User
- Healthcare
- Retail
- Government
- BFSI
- Education
- Legal Service Firms
- Other
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
- Asia Pacific
- China
- Japan
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
3.3. Value Chain
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.5. Opportunity Analysis
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