Document management systems provide efficient electronic storage and retrieval of documents for businesses of all sizes. Healthcare organizations are increasingly adopting document management systems to digitize medical records, scans, bills, invoices and other documentation. This allows for streamlined patient check-in processes, digital signatures on consent forms, and convenient off-site access to records by physicians and staff. Document management is essential for HIPAA compliance in the US which enforces strict rules around privacy and security of patient health information.
The global document management system market is estimated to be valued at US$ 7.03 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising adoption in the healthcare industry is a key driver boosting growth of the document management system market. Healthcare organizations are under increasing pressure to digitize records and improve efficiencies given the complexity of patient data handling and regulatory compliance requirements. Document management automates routine tasks like records requests, reduces storage costs, and enables anytime-access to authorized staff. Furthermore, the ease of remote access during the Covid-19 pandemic highlighted the benefits of digital documentation versus physical files.
Another factor fueling the market is the increasing volume of digital content creation across all business functions. Employees now collaborate over documents using tools like Microsoft 365, Google Workspace and Dropbox which drives demand for integrated document control, version history tracking and security features provided by dedicated management platforms. Compliance requirements around document retention policies and eDiscovery also spur adoption of software solutions that facilitate controlled workflows and auditing capabilities.
Segment Analysis
The document management system market is segmented on the basis of component, deployment type, organization size, vertical and region. Based on component, the market is divided into software and services. The services sub segment is dominating as it helps organizations to efficiently use document management software and provide necessary support.
PEST Analysis
Political: Governments across regions are promoting paperless work culture which is driving the adoption of document management systems in public and private organizations.
Economic: Organizations are investing in document management systems to optimize business processes, improve operational efficiency and reduce overall costs.
Social: Rapid digitalization and shift towards remote working culture is increasing demand for cloud based document management solutions for secure collaboration and data storage.
Technological: Adoption of emerging technologies like AI, ML and blockchain is helping organizations gain insights from documents and enhance security features in document management systems.
Key Takeaways
The Global Document Management System Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global document management system market is estimated to be valued at US$ 7.03 billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period from 2024 to 2031.
North America is currently the largest and fastest growing regional market owing to strong presence of document management vendors and increasing digital transformation initiatives in organizations across US and Canada.
Key players operating in the document management system market are Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. Arkema and BASF SE hold major market share and offers comprehensive portfolio of document management solutions.
