Document management systems expected to grow at CAGR of 11.7% through 2023
The document management systems market is expected to reach $6.78 billion by 2023 from $3.59 billion in 2017, at a compound annual growth rate (CAGR) of 11.17%, according to Report Linker (www.reportlinker.com).
Growth in this market can largely be attributed to factors such as 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, according to the research group. On the other hand, high implementation costs are expected to restrict adoption, which in turn may limit market growth to a certain extent.
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, according to Report Linker. Document management solutions help integrate 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 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, according to Report Linker. 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.
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, according to Report Linker. 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.
