How Has the Electronic Document Management System Market Evolved Historically and What is its Current Size?
The electronic document management system market has seen considerable growth due to a variety of factors.
• The market size for electronic document management systems has seen a significant surge in the recent past. It's predicted to expand from $6.37 billion in 2024 and will reach $7.34 billion in 2025, growing at a compound annual growth rate (CAGR) of 15.1%.
Factors such as the shift towards digital workflows, regulatory and compliance obligations, enhancements in efficiency and productivity, the necessity for consolidated information, control over document versions, initiatives towards reducing paper usage in offices, risk management, and data security have all fuelled the growth in this historical period.
What Does Future Hold for The Electronic Document Management System Market By 2029?
The electronic document management system market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the electronic document management system is predicted to witness swift expansion in the upcoming years, reaching $12.86 billion in 2029 with a compound annual growth rate (CAGR) of 15.1%.
The anticipated expansion during the forecast period can be ascribed to aspects like emphasis on remote work and collaboration, enhanced search and metadata features, AI and ML implementation, raised data governance norms, and a focus on eco-friendly and sustainable practices. The forecast period will also see key trends such as cloud-based solutions, collaboration tool integration, heightened security precautions, AI incorporation, mobile compatibility, and alignment with compliance and regulations.
What Are The Primary Growth Drivers In The Electronic Document Management System Market?
The growth of the electronic document management system market is anticipated to be propelled by increased remote work and flexible working hours. These terms refer to employment arrangements that permit staff to operate outside the typical office environment and regular working hours. The trend towards remote or adaptable work is on the rise, given its benefits for both businesses and personnel, technological advancements, and evolving outlooks on work-life equilibrium. An electronic document management system is essential in facilitating remote work by enabling employees to collaborate on, retrieve, and organize documents and data from anywhere. These systems usually provide advanced search features, simplifying the process of locating specific documents swiftly. For example, reports from Forbes Media LLC, a media company based in the US, revealed in June 2023 that 12.7% of full-time employees are working from home, and that 28.2% have adopted a hybrid model in 2023 in the US. It is also projected that the number of remote workers will reach 32.6 million by 2025. Consequently, remote work's increasing prevalence fuels the growth of the electronic document management system market.
What Is The Segmentation Of The Global Electronic Document Management System Market?
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
Subsegments:
1) By Software: Document Imaging Software, Document Capture Software, Workflow Management Software, Version Control Software, Content Management Systems (CMS)
2) By Services: Implementation Services, Consulting Services, Support And Maintenance Services, Training Services, Cloud Hosting Services
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How Are New Trends Impacting The Size Of The Electronic Document Management System Market?
Trend 1.
Text: Major players in the electronic document management system market are witnessing substantial growth owing to the implementation of artificial intelligence and machine learning in EDMS. The merger of AI and ML technologies in electronic document management systems refers to employing AI and ML to boost different facets of document control like data processing, decision-making, data security, and data quality. This combination can effectively tackle business issues, ensure standard compliance, analyze past data, predict results, and strengthen data security. For instance, Microsoft Corporation, a US-based tech firm, introduced SharePoint Premium in November 2023. This specific product improves EDMS by incorporating AI and automation to simplify document processing and reduce manual labor. Using AI-based Intelligent Document Processing accelerates data extraction from unstructured documents like invoices and contracts. Machine learning modifies the user experience by personalizing the interface according to individual preferences. Advanced security features identify and alleviate threats by studying usage patterns. Automated compliance procedures ensure documents conform to regulatory standards, thereby decreasing the chance of non-compliance. Additionally, integrating Copilot for Microsoft 365 enhances productivity by providing intelligent assistance within workflows.
Netdocuments Debuts Ndmax to Overhaul Document Management through AI Integration
Major firms in the electronic document management system market are enjoying tremendous growth due to AI and ML integration in EDMS. In April 2024, for example, Net Documents, a US-based company specializing in cloud-based document and email solution primarily caters for the legal sector, debuted an EDMS known as ndMAX. This product demonstrates how combining AI and ML can fuel growth in electronic document management systems (EDMS). The platform is embedded with AI, enhancing document management, automating routine tasks, and boosting security. This integration optimizes workflows for legal professionals, eliminates the need for multiple AI tools, and guarantees responsible AI use with inbuilt protections. The end result is an optimized, secure, and user-friendly document management system that aligns perfectly with contemporary EDMS goals. NetDocuments' AI-integrated document management system is closely aligned with electronic document management systems (EDMS). It boosts conventional EDMS capabilities by implementing advanced AI applications, enhancing document management, upgrading security, and automating routine tasks.
Who Are the Key Players 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
What Are The Regional Insights Into The Electronic Document Management System Market?
North America was the largest region in the electronic document management system market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the electronic document management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
