Document Management Services: Introduction
- Document management services (DMS) are used for to store, manage, and track electronic documents and images by the use of computer systems & software.
- Electronic documents consist of PDF’s, word processing files, and digital images.
- DMS saves time & money, and provides security to documents.
- DMS has various additional features such as audit trails, access control, centralized storage, searching and retrieval, and it helps to convert paper-based data to electronic data.
- The global document management services market is growing in medical, corporate, and other sectors. This is expected to propel the market during the forecast period.
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Global Document Management Services Market: Dynamics
Global Document Management Services Market: Key Drivers
- Rapidly increasing adoption of cloud-based services in a number of sectors is the important growth driver of the global DMS market. DMS improves the efficiency & workflow, and easily handles documentation needs, all of which improves the productivity in an organization.
- Increasing demand for DMS in private sectors as well as government sectors, which help to reduce paper-based documentation and workflow, is expected to expand the market during the forecast years.
- Growing need for better surveillance and monitoring in various business sectors is estimated to expand the DMS market during the forecast period.
- However, data security breaches, identity theft, sharing of sensitive information, and threats of cyber-attacks are some concerning factors which are likely to inhibit the growth of the document management services market.
Impact of COVID-19 on the Global Document Management Services Market
- The global market for IT and other businesses is expected to decline due to COVID-19.
- Social distancing is the key to minimize the spread of COVID-19. Hence, as part of precautions, all private and government organizations started the work from home policy.
- Adoption of DMS is expected to grow globally in the coming years due to huge usage of online modes and digitalization.
North America to Hold Major Share of the Global Document Management Services Market
- The global DMS market is classified geographically into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- The DMS market in North America is leading with maximum market share due to penetration of core technologies and presence of technology giants.
- The global DMS market in Asia Pacific is expected to grow during the forecast period due to advancement in business processes and IT infrastructure. India and China are the significant countries which contribute greatly to the Asian economy.
Global Document Management Services Market: Research Scope
Global Document Management Services Market: Competition Landscape
- Various local, regional, and global players are active in the DMS market with a strong presence.
- Rapid technological advancement have developed opportunities in the global DMS market.
Key Players Operating in the Global Document Management Services Market Include:
- Oracle Corporation (US)
- Ricoh Company, Ltd (Japan)
- Xerox Corporation (US)
- Prime Document Ltd. (UK)
- Iron Mountain Incorporated (US)
- Konica Minolta Inc. (Japan)
- Access (US)
- Sumasoft (India)
- Docu- Depot (Canada)
- Exela Technologies Inc. (US)
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Global Document Management Services Market, by Deployment
- On Premise
Global Document Management Services Market, by Offering
Global Document Management Services Market, by Enterprise
- Small and medium sized enterprises
- Large enterprises
Global Document Management Services Market, by Application
- Industrial Manufacturing
- Banking, Financial Services and Insurance
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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