- IBM Corporation - Oracle Corporation - Internap Corporation - Packet Inc. (An Equinix Inc. Company) - Scaleway Inc. - Amazon Web Services Inc. - Rackspace Inc. - CenturyLink, Inc. - LightEdge Solutions, Inc. [Report Description] The global market for document management systems was valued at USD 5.51 billion in 2020, and it is anticipated to reach USD 11.47 billion by 2026, expanding at a CAGR of The need for workplace efficiency is driving the ever-changing market for document management systems (DMS). The concept of paper files is expected to gradually disappear as a result of improving technologies and effective DMS implementation.

Highlights The market for document management systems is constantly evolving due to the need for workplace efficiency. It is anticipated that the traditional idea of paper files will gradually disappear as a result of improved technologies and effective DMS implementation. Xerox says that 46% of small and medium-sized business employees still waste time every day on paper-related workflows that are inefficient. This indicates that effective document management systems are capable of enhancing these procedures. A significant competitive advantage accrues to businesses that already have sophisticated document management systems in place.
Additionally, the banking industry is one of the most regulated in the economy. Any financial or credit company must ensure compliance with legal norms and regulations and provide updates. In order to facilitate the implementation of the legal and regulatory framework, a bank DMS is required. In December 2019, Deutsche Bank cooperated with NetDocuments for its cloud-based legitimate DMS. This is probably going to guarantee secure and quick admittance to applicable reports for all legitimate division representatives of the bank.
During the COVID-19 pandemic, virtual learning environments have gained popularity. Document management systems are being used to control the validation and publication of training procedures and safety documents, as well as the management and delivery of complete online training solutions for volunteers.
Despite the widespread use of electronic health records, the lack of unified patient data is further facilitating the adoption of such tools in the healthcare industry. Coronavirus cases have prompted a ton of information being created, because of the rising number of patients being dealt with and the rising number of clinical offices. The market that is being studied is being driven a lot by the need to use as little paper as possible to cut down on operational costs and storage issues, as well as the need to manage generated documents in a reliable and effective way.
The healthcare industry is on the verge of a complete turnaround, aided by digitalization drives driven by government initiatives in regions like North America and Europe, as well as a growing consumer preference for physicians who adopt digital documentation systems. Key Market Trends Healthcare to Register the Highest Market Growth Over 90% of patients want to use digital tools to communicate with their healthcare providers, according to a recent study of over 650 healthcare consumers.
The demand for a variety of AAL solutions and services, such as telehealth, telecare, telemedicine, telecoaching, and mHealth, is increasing in tandem with the rise in internet of things (IoT) adoption. Additionally, due to increased safety and efficiency, physician acceptance of digital healthcare tools is rising in their practices. Tele-visits/virtual visits increased from 14% to 28%, remote monitoring and management increased from 13% to 22%, and remote monitoring efficiency increased from 28% to 37%, according to a 2016 and 2019 American Medical Association (AMA) study.
Numerous collections of documents, databases, and forms, in addition to competing internal IT systems, are used to manually collect a significant amount of data in the healthcare sector. Players in the healthcare industry can now create electronic patient records thanks to the adoption of document management systems. As a result, the risk of important documentation being misplaced is reduced and security access is increased. Electronic health record management, drug discovery, health insurance claims, patient appointment scheduling, encouraging account settlements, implementing post-discharge guidelines, and healthcare workflow management are just a few of the many applications in the healthcare industry. These applications include a colossal documentation.
The demand is growing at an even faster rate as a result of the growing confidence in hospitals and physicians to safeguard digital healthcare information; However, when it comes to the government and tech companies, trust decreases. In 2019, an Accenture study found that 89% of healthcare consumers very much or some trusted their doctor or other providers to keep their digital healthcare information, such as electronic medical records.
Moreover, open source devices are getting momentum in the medical care industry, which has pushed a huge number to take on open-source innovations, for laying out a DMS. Additionally, AI and Big Data are further revolutionizing the healthcare industry. In addition, the players are incorporating these technologies into the RPA platform in an effort to reduce costly administrative errors while simultaneously increasing patient care and efficiency. In September 2019, the Magnificent School Medical services NHS Trust chosen IMMJ Frameworks Mediviewer, an electronic report the executives framework (EDMS), which permits emergency clinics to output, file, and chronicle paper clinical records and access them through a UI.
The document management systems market is anticipated to expand during the forecast period as a result of the growing demand for document management systems to combat the illegal logging trade and transport. The timber legality verification standard, for instance, was created by the China National Forest Products Industry Association (CNFPIA), and it has been planned to be an essential component of CTLVS. The standard established by CNFPIA covers timber legality requirements for document management, transport and sales, legality verification for domestic and imported timber, development of a timber legality management system, and processing and trading. Since the majority of students entering universities in Asia-Pacific are doing so for educational purposes, it is essential for universities to keep a document trail for each student. The number is expanding consistently, accordingly, setting out a freedom for DMS suppliers to take advantage of the market.
In Asia-Pacific, document management is a top priority. Digital onboarding was made available to institutional customers in Asia-Pacific by Citi Bank in 2019. A global documentation rationalization program that reduced service agreements and forms by over 70% led to the development of the new digital solution, which assists in replacing the manual, paper-driven, and courier-based legacy documentation process.
The market for document management systems has become more competitive in recent years. There are a number of major players in it. The market is currently dominated by a small number of major players in terms of market share. However, businesses have been able to innovate and provide strategic document management systems as a result of the rising demand to maintain the rapidly expanding patient records. By entering new markets and securing new contracts, many of the businesses are expanding their market presence.

Deface 2020 - Hyland added new capacities to its Report Channels item offering, sending off three separate updates over the most recent a half year. In order to achieve its goal of providing the most comprehensive filtering toolkit that can process all the files that an organization encounters on a typical day, each release aims to include additional file formats. Hyland now supports more than 550 file formats, of which more than 75 are compatible with high-definition versions, thanks to the most recent releases.
Feb. 2020: Agiloft announced the launch of its brand-new Agiloft AI Engine, which includes prebuilt AI capabilities for contract management and an open AI integration that enables customers to integrate custom AI tools into the no-code platform.