Factors Driving Growth of the Global Document Management System Market:
Increasing number of paperless work at organizations and the need to increase working efficiency are boosting the adoption of document management system across all end-use industries. Moreover, document management system requires less space for storage of documents, which further boosts the adoption of document management system.
Moreover, the need for systematic document management is increasing across all industries, thereby increasing demand for document management system. Document management system streamlines the document storage process, through which organizations can manage their documents safely and it can streamline the process of document sharing from one point to another.
However, implementation cost of the document management system and data security concerns are major factors that restrain growth of the document management system market.
Regional Analysis of Document Management System Market:
On the basis of region, the global document management system market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
In 2018, North America held dominant position in the global document management system market and is expected to maintain its dominance over the forecast period, owing to the presence of large players such as Microsoft Corporation and Google Inc in the region.
The U.S. is one of the major countries that largely used document management software in the world in the past few years and it is expected to grow over the forecast period. According to Coherent Market Insights’ analysis, the U.S. accounted for around 39.5% share in the document management system market globally in 2018, which is expected to create lucrative opportunities for document management system providers, owing to increasing adoption of document management system in various end-use industries such as healthcare and BFSI.
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