Document Management Market to Reach $34.2 Billion by 2032 at 17.3% CAGR: Allied Market Research
Rise in the adoption of cloud-based solutions in businesses, implementation of advanced DMS solutions in organizations, and increase in demand for remote and distributed workforces are expected to create numerous opportunities for the growth of the market.
PORTLAND, Ore., Nov. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Document Management Market by Component (Solution and Service), Deployment Mode (On-Premises and Cloud), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises) and End User (BFSI, Healthcare, Government, Retail and E-commerce, Education, Industrial Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the document management industry generated $7.1 billion in 2022 and is projected to reach $34.2 billion by 2032, witnessing a CAGR of 17.3% from 2023 to 2032.
Prime determinants of growth
Rise in the adoption of cloud-based solutions in businesses, implementation of advanced DMS solutions in organizations, and increase in demand for remote and distributed workforces are expected to create numerous opportunities for the growth of the market. However, data privacy concerns and regulatory compliance hamper the growth of the market. Furthermore, surge in the adoption of big data management and data analyzing tools by enterprises, and the integration of robotic process automation (RPA) create opportunities for document management solutions to optimize business operations.
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The solution segment to maintain its dominance throughout the forecast period
By component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the document management market revenue, and is estimated to maintain its dominance throughout the forecast period. The surge in technological breakthroughs in several industries has proliferated numerous opportunities for the solution segment in the market. However, the service segment is expected to witness the largest CAGR of 19.7% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Document management services are increasingly implemented in various industries.
The on-premise segment to maintain its dominance throughout the forecast period
By deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than half of the document management market revenue, and is estimated to maintain its dominance throughout the forecast period. As for improving their software, several businesses started to provide more effective document management further creating lucrative opportunities for the global market. However, the cloud segment is projected to witness the highest CAGR of 18.6% from 2023 to 2032. Rise in integration of cost-effective and secure bank operations in various industries is further expected to propel global market growth.
The large enterprises segment to maintain its lead position during the forecast period
By enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing to two-thirds of the document management market revenue, as document management solutions are increasingly being deployed in these organizations. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 19.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.
The BFSI segment to maintain its dominance throughout the forecast period
By end user, the BFSI segment held the highest market share in 2022, accounting for nearly one-third of the document management market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for document management solutions in the BFSI sector further creates lucrative opportunities for this segment in the global market. However, the government segment is projected to manifest the highest CAGR of 21.9% from 2023 to 2032. The rise in the documentation databases in the government sector is further expected to propel global market growth.
North America region to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the document management market revenue. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve banking and finance businesses and the customer experience is anticipated to propel the growth of the document management market. However, Asia-Pacific is expected to witness the fastest CAGR of 20.3% from 2023 to 2032 and is expected to enhance the market growth during the forecast period. In addition, increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
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Leading Market Players: -
The report provides a detailed analysis of the key players in the document management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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