Document Management Market Expected to Reach $34.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Document Management Market," The document management market was valued at $7.1 billion in 2022, and is estimated to reach $34.2 billion by 2032, growing at a CAGR of 17.3% from 2023 to 2032.

Document management software is used to manage and arrange papers throughout an organization. It includes information retrieval systems, output systems, workflow, document repositories, and document capture. Also, the processes used to track, store, and control documents. In addition, businesses need a competitive advantage to survive and expand in the fast-paced commercial world lately. A DMS is a crucial tool for contemporary businesses since it can boost productivity, strengthen security, conserve money, promote cooperation, and assure compliance. Document management solutions help organizations manage legal documents and records in a more organized and effective manner. Additionally, in the digital age, with the rise in cyber threats and data breaches, protecting sensitive and personal data has become crucial. DMS tools help businesses maintain electronic records securely. These factors are expected to propel the document management market forecast. For instance, in May 2023, Xiao-I Corporation launched its Intelligent Document Processing (“IDP”) product. This innovative solution is delivered by a smart and efficient platform that streamlines and automates the document management process, empowering businesses toward an era of intelligent operations. Thus,  instances are further expected to provide lucrative opportunies for the growth of global document management market during the forecast period. Moreover, increasing investement by top vendor and rise in adoption of cloud based solution and services, anticipated to propel the growth of the market.

On the basis of enterprise size, the large enterprises segment dominated the document management market size in 2022 and is expected to continue this trend during the forecast period. As document management is increasingly being deployed in several organizations. These factors further drive the demand for document management market globally. However, the small and medium-sized enterprises segment is expected to exhibit the highest growth during the forecast period. This is attributed to the cost-efficient solutions provided by various organizations.

By region, North America dominated the market share in 2022 for the document management market. Businesses in this area are embracing document management solutions at an increasing rate, which in turn are expected to propel global market growth. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. The presence of strong government policies regarding privacy and security in this region has been driving the growth of the document management industry.

The pandemic has highlighted the necessity of digital solutions in several sectors. Post-COVID, there are increased opportunities for cloud technology in industries such as telemedicine, remote patient monitoring, robotic surgery, and drug delivery. In addition, advanced solutions help to enhance healthcare services, improve patient treatment, and address upcoming healthcare challenges. Such trends are expected to provide numerous opportunities for the document management system market. A document management system makes it possible for staff to rapidly access documents, which enhances their capacity for quick decision-making and prompt customer service. These factors have forced businesses to improve their offerings in the global market. For instance, in January 2023, HashiCorp launched Hermes, a document management system designed to help HashiCorp employees' author, review, approve, discover, and deprecate documents. Such numerous strategies are building a strong foundation for document management to witness growth in the forecast period as more and more businesses adopt such digital trends.

Key Findings of the Study

• By component, the solution segment accounted for the largest document management market share in 2022.
• By deployment mode, the on-premise segment accounted for the largest document management market share in 2022.
• By enterprise size, the large enterprises segment accounted for the largest document management market share in 2022.
• By end user, the BFSI segment accounted for the largest document management market share in 2022.
• Region wise, North America generated the highest revenue in 2022.

The key players operating in the document management market analysis are OpenText Corporation, IBM Corporation, Oracle Corporation, Canon Inc., Ricoh Company, Ltd., SpringCM, Hyland Software Inc., Revver, Inc, Xerox Corporation and Zoho Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the document management industry globally.