Latest News- Document Management Systems Market: Software is expected to lead the Component segment during 2025-2029

The Document Management Systems Market is being driven by Recent developments in document management systems by market vendors

The Document Management Systems Market is expected to grow at a CAGR of 16.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 8929.2 million. The digital transformation sweeping through industries such as consumer goods, healthcare, manufacturing, and retail, brings about significant IT resource exposure to cyber threats. In response, the demand for document management systems is surging, serving as crucial tools for cybersecurity prevention. Technological advancements, including chatbot integration in customer support applications and the global adoption of the bring-your-own-device (BYOD) policy, amplify the need for proactive cybersecurity measures. The popularity of the BYOD policy, enabling enterprise data access via personal devices like smartphones and laptops, necessitates robust cybersecurity solutions. 

Get more information on Document Management Systems Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Recent developments in document management systems by market vendors
• Process optimization and operational efficiency
• Increased use of document management systems across retail, media, and entertainment industries

However, the market also witnesses some limitations, which are as follows:

• Data privacy concerns
• Bandwidth and connectivity issues
• Availability of open-source document management software

Benefits of Buying Global Document Management Systems Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Document Management Systems Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Document Management Systems Market is experiencing significant growth due to increased IT spending on cloud-based solutions from companies like Salesforce, Laserfiche, eGrove Systems Corporation, Xerox Corporation, and Exela Technologies Inc. Indian Bank and Bank of India are major adopters, focusing on data privacy concerns and cybersecurity. Market segmentation analysis reveals growth in the MSME loan segment and large enterprises. Data auditing, real-time alerts, risk assessment, minimization, virtual learning environments, IoT, AAL solutions, and telehealth are key features driving market expansion. (Cybersecurity Ventures Report) Additionally, data-intensive industries like banking face challenges in data security and compliance, making document management systems essential.

Market Research Overview

The IT software market encompasses businesses specializing in the development and production of application and system software, including database management software. Notably, the application software sector focuses on creating software for specific business or consumer applications, such as enterprise and technical software, as well as cloud-based solutions. Technavio's market analysis includes the revenues of companies providing all types of IT software, including cloud-based offerings. Key players in this sector include Salesforce, Laserfiche, and eGrove Systems Corporation, which offer cloud-based document management systems.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/