PUNE, India, December 5, 2017 /PRNewswire/ --
Document Management Systems Market is forecast to reach $6.78 billion by 2023 from $3.59 billion in 2017 at a CAGR of 11.17% during (2017-2023) driven by the benefits of these systems, initiatives from organizations to reduce paper wastage, the increasing need to streamline business operations, benefits of digitalizing content across enterprises, increasing need to adhere to compliance requirements, and increasing adoption of cloud-based services and cloud computing.
Browse 82 Market Data Tables and 31 Figures spread through 159 Pages and in-depth TOC on "Document Management Systems Market by Offering (Solutions, Services), Deployment Mode (On-Premise, Cloud-Based, and Hybrid), Organization (Small & Medium-Sized Enterprise, Large Enterprise), Application, and Geography - Global Forecast to 2023" http://www.reportsnreports.com/reports/1247920-document-management-systems-market-by-offering-solutions-services-deployment-mode-on-premise-cloud-based-and-hybrid-organization-small-medium-sized-enterprise-large-enterprise-application-and-geograp-st-to-2023.html .
The key players operating in the document management systems market are Open Text Corporation (Canada), Xerox Corporation (US), Canon Inc. (Japan), Ricoh Company Ltd. (Japan), IBM Corporation (US), eFile Cabinet Inc. (US), Spring CM (US), Oracle Corporation (US), Alfresco Software Inc. (UK), and Hyland Software Inc. (US).
North America is expected to dominate the document management systems market during the forecast period. North America is notable for its high adoption of document management solutions. The increasing demand for cost-effective and efficient business process solutions acts as a driving force for the growth of the document management systems market in the region. The market in North America is also characterized by high infrastructure costs and strict policies and regulatory frameworks. Companies such as IBM (US), Microsoft (US), EMC (US), and Hyland Software (US) have a majority of their revenues coming from the North American market.
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The document management systems market for solutions is expected to hold a larger share, mainly due to the increasing demand for solutions as they help to streamline business processes and operations. Document management solutions help integrates document management systems with real-time data, which assists in tracking the changes done in a document and storing different versions of the same document. Solutions thus help in providing a secure location for storing electronic documents and indexing them for the quick retrieval of a particular version of the document, whenever needed.
The Document Management Systems Market for hybrid deployment models is expected to register the highest growth during the forecast period. The hybrid deployment model is estimated to be the fastest-growing segment due to the benefits associated with the use of these models, such as better flexibility, technical control, enhanced security, and adherence to compliance requirements. These models allow enterprises to move their mission-critical data to a private cloud without compromising on security and their non-sensitive data to a public cloud.
The document management system market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Infrastructural developments in the field of IT and business processes are expected to create a demand for document management systems in this region. Major drivers, restraints, opportunities, and challenges for the document management systems market have been provided in detail in this report.
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The various document management system market segments have been covered in this report. These include segments such as deployment mode, organization, application, offering, and geography. It also gives a detailed view of the market across four main regions: the North America, Europe, APAC, and RoW.
Breakdown of primary participants' profile:
- By Company Type: Tier 1 - 50%, Tier 2 - 33%, and Tier 3 - 17%
- By Designation: C-Level Executives - 50%, Directors - 33%, and Others - 17%
- By Region: North America - 34%, Europe - 33%, and Asia-Pacific - 33%
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