According to a new market research report published by Acute Market Reports, “Document Management Software Market— Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global market for document management software was valued at US$ 4.43 billion in 2018 and is expected to reach US$ 10.68 billion in CAGR expansion by 10.3 percent over the forecast period from 2019 to 2027.
The development of digital offices, the increasing importance of maintaining historical data alongside the adoption of cloud technology are some of the key factors driving the growth of the document management software market. Document management software is an effective tool that helps to organize documents and extract business-related information and to use the available data. Strengthening rules and regulations for the storage of data in digital format also boost the market growth. In addition, support from a number of departments, including law firms, healthcare, banking, and financial sectors, and education systems, among others, are primarily responsible for one or more document management functions, promoting the market growth. However, factors such as high initial costs and data security issues are hindering the growth of the market.
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Application-based document management software can be segmented into android, iOS, windows, and others. Android is the most widely used platform, accounting for more than 50 percent of the market share. The Android segment is expected to remain dominant throughout the forecast period as a result of the widespread adoption of the Android platform. Data usage has steadily increased with the increased popularity of smartphones and the need to manage that data are some of the factors driving market growth in this segment. Android is being followed by Windows. Windows, which is one of the most widely used application platforms for computers and laptops, is expected to grow steadily throughout the forecast period. This growth can be linked to the widespread use of windows in all departments, including the legal, government and corporate sectors, among others. This is driving the growth of this segment in the market for document management software.
Geographically based, North America holds the largest share of the document management software market followed by the Asia Pacific. In North America, the amount of paperwork from offices, utility bills, and bank statements, among others, is estimated to be more than 2 trillion in the United States alone. However, paperwork is declining due to an increase in devices such as mobile phones, tablets, and electronic signatures, among others. This trend, together with increased awareness among people and initiatives taken by a number of organizations and the government, is expected to boost the market growth in the region. The Asia-Pacific region is expected to have the highest growth in the forecast period. This growth can be linked to rising IT infrastructure and business processes in developing economies such as India and China, among others. As a result, market growth in the region is proliferating.
Some of the leading manufacturers profiled in the study include Microsoft Corporation, OpenText Corporation, Zoho Corporation, Xerox Corporation, Adobe Systems Incorporated, Canon Inc., Ricoh Company Ltd., IBM Corporation, eFileCabinet Inc., SpringCM, Oracle Corporation, Alfresco Software Inc., Hyland Software Inc., and Salesforce among others.
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By Type Segment
• Mobile End
By Application Segment
By Industry Vertical Segment
• Others (Education)
By Geography Segment
• North America (the U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)
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Key questions answered in this report
- The worldwide market value of the document management software market in 2017 and 2018
- Estimated forecast and market projections up to 2027
- Which is the largest regional market for document management software?
- Which segment has the highest penetration of document management software solutions?
- Which are the key trends driving the global document management software market growth?
- Who are the leading providers in the document management software market worldwide?
- What are the key strategies adopted by the leading document management software providers?
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