The document management systems market is expected to reach USD 6.78 Billion by 2023 from USD 3.09 Billion in 2016, at a CAGR of 11.17% during the forecast period. The base year considered for the study is 2016 and the forecast period is between 2017 and 2023.
Document management systems are mainly used for the storage and retrieval of self-contained electronic data sources in the document form. These systems are designed to help organizations manage the creation and flow of documents through a centralized repository. Document management systems play a pivotal role in sourcing, monitoring, and managing content and extracting intelligible strategic business insights from the voluminous content generated by enterprises. Owing to this, there is an increased demand for document management systems mostly among enterprises as data is regarded as a corporate asset in enterprises.

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The document management systems market has been segmented on the basis of organization into small and medium-sized enterprises (SMEs) and large enterprises. The market for SMEs is expected to grow at a higher rate. Growth in this segment is projected to be steady during the next 5 years, mainly because of the deployment of innovative technologies such as Social, Mobility, Analytics, and Cloud (SMAC) by new entrants in the market, which is compelling existing players to modernize their traditional IT infrastructures to meet changing customer requirements.

Cloud-based deployment mode expected to hold the largest market share by 2023
The cloud-based deployment mode is expected to hold the largest share of the document management systems market by 2023. Cloud services help organizations reduce their overall operations costs while providing highly flexible and scalable enterprise solutions. Hence, companies are highly deploying cloud solutions to improve mobility, enhance data collaboration, and reduce data loss during transit.
Key players in this market focus on inorganic strategies such as mergers and acquisitions to expand their business and related offerings. In January 2017, OpenText Corporation (Canada) acquired the enterprise content division of Dell EMC.

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