The global document management software market is expected to reach the valuation of USD 7,830.3 million in 2024. According to the analysis, the industry is projected to grow at a CAGR of 12.0% from 2024 to 2034 with global adoption of digital solutions. The industry is foreseen to surpass USD 24,322.8 million accounting mass development of the construction industry through 2034.
Document management software enables effective storage, retrieval and management of digital documents while proving to be quite essential for modern organizations. It helps in reducing the time and efforts needed for manual document filing and retrieval by automating the tasks.
The software also allows multiple users to access and edit documents, improving collaboration effectiveness and data up-to-date. On the other hand, it also strengthens security by tracking changes made in the document as well as controlling the access to the sensitive information.
The software also provides the benefit of advanced-level search functionality, which helps in locating files quickly. This not only simplifies the process but also improves the productivity.
Global Document Management Software Market Assessment
| Attributes | Description |
|---|---|
| Historical Size, 2023 | USD 7,101.2 million |
| Estimated Size, 2024 | USD 7,830.3 million |
| Projected Size, 2034 | USD 24,322.8 million |
| Value-based CAGR (2024 to 2034) | 12.0% CAGR |
The users can utilize DMS to easily store, access and organize the digital documents. They can upload the digital documents with some key words and categorize them into folders for quick retrieval. Users are also able to use filters while searching the files in the folders, which reduces time and efforts.
The software also allows users to share documents in a shared network where commenting and editing can be done in real-time. End-users can also set permissions to control who can edit or view the file, in order to ensure the security while maintaining workflow efficiency.
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This below table presents the expected CAGR for the Global document management software market over several semi-annual periods spanning from 2023 to 2033. In the first half (H1) of the year from 2023 to 2033, the industry is predicted to surge at a CAGR of 12.2%, followed by a slightly lower growth rate of 11.9% in the second half (H2) of the same year.
| Particular | Value CAGR |
|---|---|
| H1, 2023 | 12.2% (2023 to 2033) |
| H2, 2023 | 11.9% (2023 to 2033) |
| H1, 2024 | 12.6% (2024 to 2034) |
| H2, 2024 | 11.7% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to hold at 12.6% in the first half from 2024 to 2034 and remain considerably decrease at 11.7% in the second half 2024 to 2034. In the first half (H1) 2024 to 2034 the market witnessed an increase of 40 BPS while in the second half (H2) 2024 to 2034 the market witnessed a decrease of 20 BPS.
Emergence of Data Security and Risk Management with Rise in Security Breaches
The threat of cyber-attacks keep rising with the increase in user data. As businesses hold the sensitive information, the demand of secured document storage and retrieval systems is quite high. The average cost of a data breach reached USD 4.45 million in 2023, which shows the emergence of robust security measures.
Modern document management systems use AI and blockchain to improve security. AI helps to quickly spot any unusual activity and security risks, while blockchain creates a secure record of documents, making sure data stays accurate and can't be changed by unauthorized people.
As businesses need to access data remotely and scale their operations, they are moving to cloud-based DMS solutions. This shift has made security in the cloud a big concern, leading companies to use unified security platforms that bring together different security tools.
This makes it easier to coordinate security and reduces the chances of being vulnerable. Cybersecurity Mesh Architecture (CSMA) is a good example of this approach, as it offers integrated security layers that make the overall system stronger.
These changes aren't just about technology but also include strategic aspect. Organizations are realizing the potential financial and reputational harm of data breaches. Therefore, data security is becoming a key focus in Document Management Systems (DMS).
This focus on security is not only influencing the types of products available but also leading to market growth, as the DMS market is projected to increase considerably in the coming years due to these security concerns.
Businesses are Seeking out Efficiency and Productivity Gains
Businesses are increasingly looking for solutions to ease the operations and reduce manual tasks. Document management software includes a key capability of automation, which eliminates the time-consuming processes like manual document filing, extraction and data entry.
For example, DMS solutions incorporate AI and ML to automate document classification and workflow management, which considerably reduces the time consumed to complete individual tasks.
Syndifi Inc. launced new document management software functionalities in 2023, especially designed to enhance productivity through quicker document uploads and drag and drop features. This aligns with the trend of integrating user-friendly interfaces that reduce the challenges in document handling, which allows employees to focus on higher-value tasks.
On the other hand, the adoption of cloud-based DMS also enables the remote access to documents, which is a necessity among remote and hybrid work environments. This not only ensures the efficient collaborations among teams but also workflow improvement and project turnaround time reduction. For instance, IBM cloud-based DMS is widely used for work environments that requires real-time collaboration.
Dependence on a Single Vendor Might Raise Concerns in the Market
Dependence on a single vendor can lead to several risks and limitations for organizations. When a company depends heavily on a single vendor, it becomes vulnerable to the vendors business developments, decisions, services and change in prices. This reliability could result in a “lock-in” effect, where switching to another vendor becomes quite difficult due to high migration costs or loss of data continuity.
For instance, if DMS provider raise its prices or changes its service offerings, the customer has very little leverage to negotiate better terms, which results in higher operational costs. If the vendor experiences technological issues, outages or security breach, the customer may face the similar changes, disrupting their document management processes.
These challenges may become even more distinct when the vendor decides to discontinue a product or service, which forces customer to costly undertaking and time-consuming shift to new systems.
In 2023, many companies pointed out the risks of relying on just one vendor for document management software. When these vendors experienced long periods of downtime, it caused business disruptions and problems accessing data. This showed that companies should think about using multiple vendors or choosing adaptable, compatible solutions to reduce the dangers of being tied to one vendor.
Regulatory needs and compliance pressures can make vendor dependence risks worse. If a vendor doesn't follow new rules, customers could get fines or have legal problems. To deal with these issues, businesses are looking more at hybrid models. They use on-site and cloud-based solutions from different vendors to make sure things keep running, stay flexible, and follow the rules.
Decentralized Storage Distributes the Data while Storing in the Clusters
Decentralized storage holds the potential to improve data security, privacy and system resilience. It distribute the data across multiple nodes in a network unlike traditional centralized storage systems, where data is stored on a single server. This reduces the data breaches risk and system fails with no single point of vulnerability. The key advantage of decentralized storage is its ability to offer higher data security and privacy.
In a decentralized system, data is encrypted and fragmented, with information stored across various nodes. It makes unauthorized access quite difficult for unwanted user to access complete data sets. In order to access that particular information, they would need to breach the multiple locations of data storage. This model is quite appealing in industries with strict data security requirements including healthcare and finance.
Principal Consultant
The document management software market went through notable fluctuations and technological advancements in the historical period. The industry was valued at a valuation of USD 4,902.7 million in 2019 to reach USD 7,101.2 million in 2023 with a CAGR of 9.7% from 2019 to 2023.
During pandemic, DMS solutions became more popular as companies shifted to remote and hybrid work setups. There was a greater need for secure, easy-to-use, and collaborative document management tools during this time. Growing concerns about keeping data safe and following rules like GDPR, CCPA, and HIPAA led more companies to use DMS solutions with strong security and compliance tracking features.
Document management software market witnessed a considerable growth during the forecasting period between 2024 and 2034. The market reached the valuation of USD 24,322.8 million in 2034 from USD 7,830.3 million in 2024 with the CAGR of 12.0%.
More and more small and medium-sized businesses will start using DMS solutions because there are cheaper cloud-based choices available and they need to stay competitive in the digital economy. As blockchain technology gets better, integrating it to DMS for secure and unchangeable document records will become a major selling point, especially in industries like finance, legal, and healthcare.
Tier 1 companies have acquired substantial share of 45% to 50% in the document management software market. These companies are driving global expansion with partnerships and large-scale acquisitions. Adobe Inc., Google LLC, Dropbox, Inc. and Microsoft Corporation are top Tier 1 companies that hold the largest market share globally. These vendors are providing wide range of DMS solutions with features laced with latest technology.
Tier 2 vendors in the global document management software market are focusing on enhancing their end-to-end solutions capability. These vendors have the global market reach but lack in competing owing to the gaps in features and capabilities. The vendors in tier 2 bracket includes Autodesk, Inc., Toshiba Corporation, Open Text Corporation among others. These vendors hold around 20% to 25% market share.
Tier 3 companies represent 30% to 35% of share of total document management software industry. These vendors focus on the market expansion and providing end-user specific solutions. The vendors in the bracket includes Revver, Inc, Zoho Corporation, Ideagen among others.
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The below country-wise market analysis of the document management software explains the recent developments and different government approaches in the market. The analysis also gives an idea of the country’s expected progress in the market landscape.
The data describes key highlights, growth factors, and CAGRs of these countries.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| India | 15.1% |
| China | 13.8% |
| USA | 12.7% |
| Germany | 12.8% |
India is pushing for digital transformation initiatives while increasing the cloud technologies. Indian government is also focusing on bringing encouraging regulations in the market. These factors are creating the favorable landscape for the success of document management software in the country. The Digital India initiative also is a major factor, as it encourages businesses and government organizations to switch to digital records, creating more need for DMS solutions.
Recent developments in the country are highlighting this trend. For example, in 2023, Cybernetik Technologies used a DMS to bring all document management together in one place, making sure everything followed the rules and worked better. Also, more and more Indian companies are using DMS solutions based in the cloud to help with remote work, because of the increase in hybrid work after the pandemic.
The Chinese government wants companies to keep their data within the country and follow strict cybersecurity rules. This means companies need strong document management systems that meet these legal requirements. As a result, there's a big need for local DMS solutions that keep data safe and follow the rules.
Large Chinese tech firms like Alibaba Cloud are making their DMS services bigger to take advantage of the growing market. In 2023, Alibaba Cloud added better document management features to its cloud services, aiming at businesses shifting to digital ways of working. These changes show how important DMS is for helping China achieve its digital economy goals.
The USA government has played a big part in this growth by spending a lot on updating its IT systems. In 2024, federal agencies are set to spend about USD 95 billion on IT, and a lot of that will go towards document management and digital projects. This spending is part of a bigger push to work more efficiently, use less paper, and make data more secure and easier to get to.
The USA also benefits from having top tech companies like Microsoft, Oracle, and IBM in the country. These companies keep coming up with new and better DMS solutions. They've played a big part in getting businesses to use cloud-based DMS platforms, which are becoming more popular because they can grow with the business, can change easily, and have better security.
The below section provides the category wise insights in the market with recent developments and future projections.
Cloud-based document management solutions let businesses access files from anywhere, support remote work, and provide strong data security. In 2023, Oracle and Microsoft expanded their cloud services to meet the increasing need for cloud-based document management. Oracle launched 14 new cloud regions around the world.
| Segment | Cloud (Deployment) |
|---|---|
| Value Share (2024) | 63.7% |
As per USA Government Accountability Office, USA government departments are using cloud-based document management systems more as they update their IT systems. They are spending a lot on cloud infrastructure to better handle data and lower expenses. This move to cloud solutions is part of a larger trend in IT, where the advantages of cloud computing are leading to more and more use in different industries.
The governments all over the world are adopting document management software solutions in order to increase their efficiency and enhance security measures. This trends not only pushes the market growth but also encourages other industries to adopt the solutions.
| Segment | Public Sector (Industry) |
|---|---|
| Value Share (2024) | 22.7% |
As per USA General Services Administration (GSA), they have implemented these solutions to improve the data management and enhance the accessibility across federal agencies.
Companies like Microsoft, Oracle, IBM, and OpenText are dominating the market with presence of intense competition. They are ahead because they offer a wide range of products and can adapt their solutions for different industries. These companies keep improving by using advanced technologies like AI, machine learning, and blockchain to make document management more secure and automated.
The market is going towards consolidation, with smaller companies either being bought by bigger ones or teaming up to compete better. This competition is also driven by the increasing need for cloud-based DMS solutions, which are flexible and can grow with the business. This makes them popular with both big companies and small to medium-sized businesses.
Recent Market Developments
Construction management software industry includes Integrated Document Management Software Suite and Standalone Software.
The segment is divided into cloud and on premise.
Small Offices (1-9 employees), Small Enterprises (10-99 employees), Medium-sized Enterprise (100-499 employees), Large Enterprises (500-999 employees) and Very Large Enterprises (1,000+ employees) are segmented in this category.
Finance, Manufacturing & Resources, Distribution Services, Services, Public Sector and Infrastructure are segmented in this category.
A regional analysis has been carried out in key countries of North America, Latin America, East Asia, South Asia & Pacific Western Europe, Eastern Europe and Middle East and Africa (MEA).
The global industry is set to reach USD 7,830.3 million in 2024.
Demand is predicted to rise at 12.0% CAGR.
Global sales are estimated to total USD 24,322.8 million by 2034.
South Asia & Pacific is set to offer lucrative opportunities rising with a CAGR of 13.9%.
Google LLC, Microsoft Corporation, Open Text Corporation, Autodesk Inc, IBM Corporation, Adobe Inc., Dropbox, Inc. among others.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Pricing Analysis, By Software Type
5. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Solution
6.1. Integrated Document Management Software
6.2. Standalone Software
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Deployment
7.1. Cloud-based
7.2. On-Premise
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Enterprise Size
8.1. Small Offices (1-9 employees)
8.2. Small Enterprises (10-99 employees)
8.3. Medium-sized Enterprise (100-499 employees)
8.4. Large Enterprises (500-999 employees)
8.5. Very Large Enterprises (1,000+ employees)
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry
9.1. Finance
9.2. Manufacturing & Resources
9.3. Distribution Services
9.4. Services
9.5. Public Sector
9.6. Infrastructure
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
10.1. North America
10.2. Latin America
10.3. East Asia
10.4. South Asia & Pacific
10.5. Western Europe
10.6. Eastern Europe
10.7. Middle East and Africa
11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Sales Forecast 2024 to 2034 By Solution, Deployment, Enterprise Size, Industry for 30 Countries
19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
20. Company Profile
20.1. Google LLC
20.2. Adobe, Inc.
20.3. Microsoft Corporation
20.4. Dropbox, Inc.
20.5. IBM Corporation
20.6. Autodesk, Inc.
20.7. Toshiba Corporation
20.8. Open Text Corporation
20.9. MasterControl Solutions, Inc.
20.10. Zoho Corporation
20.11. DocuWare Europe GmbH
20.12. Laserfiche
20.13. Ideagen
20.14. Revver, Inc.
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Document Management Software Market
