Electronic Document Management System Market Overview: Market Size, Major Drivers And Trends
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The electronic document management system market has experienced rapid expansion, elevating from $5.50 billion in 2023 to $6.37 billion in 2024, achieving a CAGR of 16.0%. This growth is attributed to digital workflow transition, regulatory compliance, efficiency gains, centralized information necessity, paperless office initiatives, risk mitigation, and data security. Projected to reach $11.17 billion by 2028 with a CAGR of 15.0%, drivers include collaboration focus, advanced search capabilities, AI and ML integration, data governance requirements, and eco-friendly practices. Major trends include cloud-based solutions, collaboration tool integration, security measures, AI incorporation, mobile accessibility, and regulatory alignment.
The electronic document management system market is experiencing growth driven by the rise in remote work arrangements and flexible working hours, which are increasingly favored by both businesses and employees for their efficiency and work-life balance benefits. These systems facilitate collaborative document management and retrieval, supporting remote work seamlessly. Notable statistics from Forbes Media LLC underscore the growing adoption of remote work models, further propelling the electronic document management system market. Consequently, the rise in remote work is propelling the growth of this market, which reached $X billion in 2023 and is anticipated to reach $Y billion by 2024, with a projected market size of $Z billion by 2028.
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What Are The Key Trends That Influence Electronic Document Management System Market Share Analysis?
Major companies in the electronic document management system (EDMS) market are leveraging AI and machine learning to enhance document management capabilities. AI and ML integration in EDMS improves data processing, decision-making, security, and quality. For example, MasterControl Inc. launched MasterControl Insights in October 2021, tailored for quality and manufacturing professionals. It offers advanced data analysis, visualization, and decision-making capabilities to optimize operational outcomes.
Which Market Players Are Driving Growth In The Electronic Document Management System Market?
Major companies operating in the electronic document management system market report are Microsoft Corporation, Oracle Corporation, Xerox Corporation, OpenText Corporation, Zoho Corporation, Ideagen Plc, MasterControl, M-Files DMS, DocuWare, Seismic, eFileCabinet, DocuPhase, DocSTAR, Optix, CGI Group Inc., Lucion Technologies, LogicalDOC, Formstack Documents, FileCenter, Fluix, DocOrigin, Alfresco One Software, Dokmee, Evernote Corporation, QT9 QMS
How Is The Global Electronic Document Management System Market Segmented?
The electronic document management system market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment Type: On-Premises, Cloud-Based
3) By Application: Government, Healthcare, Education, Legal, Banking, Financial Services And Insurance (BFSI), Other Applications
Read The Full Electronic Document Management System Market Report Here
The Electronic Document Management System Global Market Report 2024 provides an overview of the electronic document management systemmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electronic document management system market forecast analyzes electronic document management system market size, electronic document management system market share, leading competitor and their market positions.
The Table Of Content For The Electronic Document Management System Market Include
1. Electronic Document Management System Market Executive Summary
2. Electronic Document Management System Market Segments
3. Electronic Document Management System Market Size And Template Market Growth Rate
4. Key Electronic Document Management System Market Trends
5. Major Electronic Document Management System Market Drivers
……
25. Key Mergers And Acquisitions In The Electronic Document Management System Market
26. Top Electronic Document Management System Companies
27. Electronic Document Management System Market Opportunities And Strategies
28. Electronic Document Management System Market, Conclusions And Recommendations
29. Appendix
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