Global Document Management Systems Market: Snapshot
Document management which is often referred to as document management systems (DMS), is the usage of a computer system and software so as to track, manage, and store electronic documents and electronic images of paper based information that has been captured through the use of a document scanner. Document management is how an organization stores, manages and tracks its electronic documents.
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Document management is also one of the precursor technologies to content management, and not very long time ago, it was available entirely on a stand-alone basis like its imaging, workflow, and archiving brethren. It also offers a few of the most basic functionality to content management, thereby imposing management capabilities and controls onto otherwise “dumb” documents. This makes it so that when one has documents and need to make use of it, one can do so. A few of the crucial features in document management comprise check-in and check-out and locking in a bid to coordinate and simultaneously edit a document so that one person’s changes don’t overwrite another’s. It also comes with version control, so tabs can be kept on how the current document came to be, and how it differs from the earlier versions.
Document management eventually was subsumed into content management in no small measure because there has been more information available to us today than it was ever before, and most of all, it is not being created by us. Owing to the mainstreaming of an entire range of sources such as smartphones, thumb drives, the Web and so the need has accelerated to deal with information of all kinds: not just in terms of more media types such as text vs. images vs. voice files, but also in terms of how structured and thus how readily managed it all is.
Global Document Management Systems Market: Overview
Document management system encompasses various software and hardware used by businesses for managing, storing, preserving, securing electronic documents and images. The system forms an integral part of enterprise content management. Adopting the system helps companies and organizations secure easy accessibility of vital corporate data and information and further facilitates easy sharing of documents among the concerned teams. The convenient searching ability, unparalleled security against loss, and the easy editing of documents are some of the key capabilities possible with document management system. Together with this, cloud computing capabilities combined with the software lessens the cost of storage and ensures the accessibility of the documents anytime and from any location. Further, it enables business to consolidate all its documents onto a single platform.
Global Document Management Systems Market: Key Trends
The digitization of business assets consisting of content, data, and documents, in various end-use industries world over is a key factor providing a robust underpinning to the evolution of the market. The ever-intensifying need for better storage, management, and distribution of documents for streamlining business processes is bolstering the demand for document management systems. The adoption of the system helps business garner substantial benefits of digitization of content across the enterprises such as easy-to-use interface, accessibility through mobile apps, and handy integrations. Several compliance regulations put in place in numerous countries for preserving vital business documents over certain time span are also driving the application. The market is also benefitting immensely from the rising popularity of cloud-based document management system.
Global Document Management Systems Market: Market Potential
The market in recent years is witnessing exciting launches of document management systems with intuitive features for the end users in the banking, financial services, and insurance sector. AccuSystems LLC., a U.S.-based company developing document management systems focused on the banking and finance industries, has in April 2018 unveiled a new, intuitive user interface (UI) for its software AccuAccount. The new refurbished UI will raise the convenience a notch higher for end users as they can now easily manage customer information, apart from the advanced features of scanning and indexing key documents. Its document management system caters to the digital management of commercial loan portfolios and credit files, equipped with the capability to integrate with over 30 core banking systems, simplifying document tracking.
A few game-changing document management solution based on blockchain technology have also emerged in the market. To leverage the potential of these technologies, end-use businesses are entering into partnerships with providers. A renowned Polish bank PKO Bank Polski has in March 2018 entered into a partnership with a blockchain company Coinfirm to access to blockchain-based verification tools for bank documents. This is enabled by the Trudatum tool powered by real-world application of blockchain. Such solutions are considered as game changing as they enable end users higher level of security of documents from any modification or removal.
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Global Document Management Systems Market: Regional Outlook
Regionally, North America is a prominently lucrative market for document management systems. The widespread adoption of content management system among business in various industry segments is fueling the growth of this regional market. The substantial demand is attributed to the need for cost-effective solutions for streamlining business processes. The strict compliance of regulatory compliance and policy thrust in key economies is also accentuating the regional market. Some of the other regional markets presenting potential growth avenues for players are Asia Pacific and Europe.
Global Document Management Systems Market: Competitive Analysis
The report offers detailed profiling of innovators, startups, and other solution providers and evaluates the key strategies adopted by them to get a better hold over the market. Several players are offering document management systems on hybrid deployment model to offer the combination of benefits of public and private cloud, in a move to consolidate its position in the market. Some of the players holding a prominent position in the market include Lucion Technologies, Everteam, Maxxvault, Alfresco, SpringCM, Newgen Software, Efilecabinet, Ricoh Company, Oracle, Canon, IBM, and Opentext.