According to a new market research report published by Credence Research, “Document Management Software Market (by Type (Mobile End and Cloud), by Application (Android, IOS, Windows, and Others), by Industry Verticals (BFSI, Retail, Government, Healthcare, Manufacturing, Telecom, and Others (Education)), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global document management software market was valued at US$ 4.43 Bn in 2018 and is expected to reach US$ 10.68 Bn expanding at a CAGR of 10.3% during the forecast period from 2019 to 2027.
The development of digital offices, increasing importance on retaining historical data alongside adoption of cloud technology are some of the major factors driving the document management software market growth. Document management software is an effective tool which helps in organizing the documents and extract business related information and use available data. Stringent rules and regulations to store data in digital format are also fuelling the market growth. In addition, support from several departments including law firms, healthcare, banking and financial sector, and education systems among others have primary responsibility for one or more functions of document management is supporting the market growth. However, factors such as high initial cost and data security issues are hindering the growth of the market.
Based on application, the document management software can be segmented into android, ios, windows and others. Android is the most widely used platform which accounts for more than 50% of the market share. Android segment is expected to remain dominant throughout the forecast period due to the widespread adoption of the android platform. Data usage has been growing consistently with the increased popularity of smartphones and the need to manage that data are some of the factors driving the market growth in this segment. Android is followed by Windows. Windows being one of the most widely adopted application platform in computers and laptops is expected to grow steadily throughout the forecast period. This growth can be associated with the widespread use of windows in all the departments including legal, government and corporate among others. Thus driving the growth of this segment in document management software market.
Based on geography, North America holds the major share of the document management software market followed by 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 U.S alone. However, there is a decrease in paperwork due to rise in devices such as mobile phones, tablets, and electronic signatures among others. This trend along with increased awareness among people and initiatives taken up by several organizations and the government are expected to propel the market growth in this region. Asia Pacific region is expected to register highest growth throughout the forecast period. This growth can be associated with the rising IT infrastructure and business processes in the developing economies such as India, and China among others. Thus, proliferating the market growth in the region.
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