Connect with us

Technology

Document Management Systems Market size is set to grow by USD 7.11 billion from 2024-2028, Shift from on-premise to cloud-based solutions boost the market, Technavio

Published

on

NEW YORK, June 25, 2024 /PRNewswire/ — The global document management systems market size is estimated to grow by USD 7.11 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.2%  during the forecast period. Shift from on-premise to cloud-based solutions is driving market growth, with a trend towards rising demand for digitalization. However, data privacy concerns  poses a challenge. Key market players include Adobe Inc., Canon Inc., Crown Worldwide Group, DocuSign Inc., Exela Technologies Inc., FileHold Systems Inc., GRM Information Management Systems Inc., Hyland Software Inc., Inspectorio Inc., International Business Machines Corp., Konica Minolta Inc., KYOCERA Corp., Microsoft Corp., OpenText Corp., Oracle Corp., PandaDoc Inc., Primeleaf Consulting P Ltd., Revver Inc., Ricoh Co. Ltd., and Xerox Holdings Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Document Management Systems Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 15.2%

Market growth 2024-2028

USD 7116.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

12.86

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 40%

Key countries

US, Germany, Japan, UK, and China

Key companies profiled

Adobe Inc., Canon Inc., Crown Worldwide Group, DocuSign Inc., Exela Technologies Inc., FileHold Systems Inc., GRM Information Management Systems Inc., Hyland Software Inc., Inspectorio Inc., International Business Machines Corp., Konica Minolta Inc., KYOCERA Corp., Microsoft Corp., OpenText Corp., Oracle Corp., PandaDoc Inc., Primeleaf Consulting P Ltd., Revver Inc., Ricoh Co. Ltd., and Xerox Holdings Corp.

Market Driver

The global document management systems market is experiencing significant growth due to the increasing digitalization trend in various industries, including consumer goods, healthcare, manufacturing, and retail. This shift towards digitalization makes IT resources more susceptible to cyberattacks, leading to a heightened demand for document management systems as preventative measures. Technological advancements, such as chatbot integration and the BYOD policy, have further amplified the need for robust cybersecurity solutions. The popularity of the BYOD policy, which enables remote work and cost savings, has resulted in an influx of companies offering BYOD solutions, such as VMware’s Workspace ONE. Consequently, industries are integrating digital processes, driving the growth of the document management systems market. 

The Document Management Systems (DMS) market is experiencing significant growth due to the increasing need for efficient and secure document management solutions. Real-time access, alterts, and versioning are key trends in this market. Cloud solutions are popular as they offer convenience and scalability. Corporations and small businesses alike are adopting DMS to manage their documents effectively. Privacy and security are essential considerations. Cybersecurity measures are crucial to protect sensitive information. Markets for DMS are segmented by size, deployment model, and end-user industry. The industry is expected to continue growing due to the increasing demand for digital transformation and automation. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The document management systems market faces significant challenges due to data privacy concerns in conversational AI. With the rise of chatbots and virtual agents, enterprises are adopting these technologies for business simplification. However, cybersecurity and data privacy are becoming major concerns as customers share sensitive information. Regulations are tightening, but cybercrimes persist, raising fears about data misuse and potential brand damage. Organizations generate vast amounts of data, which must be secured against evolving cyber threats and interoperability issues. Data security and integrity are crucial challenges for the document management systems market.In today’s business landscape, effective document management is crucial. However, implementing a Document Management System (DMS) comes with challenges. Data and audit trails are essential for compliance and accountability. Ensuring security and access to the right information at the right time is a challenge. The complexity of modern systems can be overwhelming, especially for smaller organizations. Integration with other business systems is also a concern. Additionally, ensuring data consistency and minimizing errors is a challenge. Cloud-based solutions offer flexibility but come with their own set of security concerns. Overall, selecting the right DMS and overcoming these challenges can lead to increased efficiency and productivity.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This document management systems market report extensively covers market segmentation by  

Component 1.1 Software1.2 SolutionsType 2.1 Large enterprises2.2 Small and medium-sized enterprisesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Software-  The document management systems market is primarily driven by the software segment due to the increasing adoption of advanced software in retail, BFSI, and government sectors. This trend is fueled by the global push towards paperless workplaces, enabling businesses to digitize processes, cut costs, and enhance workflow efficiency. Notable developments include Xerox Holdings Corp.’s electronic document management system launch in March 2022 and DocuSign’s AI-backed live video ID verification tool in July 2023. These advancements are expected to significantly contribute to the software segment’s growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Document Management Systems (DMS) market is experiencing significant growth due to the increasing adoption of cloud-based solutions by various industries. IT spending on DMS is projected to expand at a robust rate, driven by the demand for advanced features such as Salesforce’s document management capabilities and Laserfiche’s workflow automation. Indian Bank and Bank of India, among others, are leveraging DMS to streamline their operations and serve their MSME loan segment and large enterprises more effectively. Data privacy concerns are a critical factor influencing the DMS market. Cybersecurity Ventures Report highlights the importance of data security in the digital age. Exela Technologies, Inc, and other DMS providers offer data auditing, real-time alerts, and risk assessment solutions to mitigate data risks. Data minimization is another essential aspect, with virtual learning environments and IoT applications requiring secure data management. AAL solutions and telehealth are emerging sectors driving the DMS market. These industries generate vast amounts of data and require efficient document management systems to manage and secure their data effectively. Overall, the DMS market is poised for substantial growth, driven by the need for advanced document management capabilities, data security, and regulatory compliance.

Market Research Overview

The Document Management Systems (DMS) market encompasses solutions and technologies designed to optimize the creation, management, and dissemination of documents. These systems offer features such as version control, security, and search capabilities, enabling organizations to streamline processes and enhance productivity. DMS solutions are integral to various industries, including legal, finance, and healthcare, where the handling of large volumes of documents is a necessity. The market for DMS is driven by the increasing digitization of business processes and the need for efficient document management. Additionally, advancements in artificial intelligence and machine learning are leading to intelligent document processing and automation, further enhancing the value proposition of DMS solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareSolutionsTypeLarge EnterprisesSmall And Medium-sized EnterprisesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/document-management-systems-market-size-is-set-to-grow-by-usd-7-11-billion-from-2024-2028–shift-from-on-premise-to-cloud-based-solutions-boost-the-market-technavio-302181364.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Entigrity Merges with MYCPE — Launches MYCPE ONE to Enhance Opportunities for India’s Accounting Workforce

Published

on

By

By expanding the current landscape of services, MYCPE ONE aims to create career opportunities for Indian talent while addressing the evolving needs of the accounting industry.

AHMEDABAD, India, Nov. 14, 2024 /PRNewswire/ — Entigrity, a global leader in outsourcing solutions, and MYCPE, a renowned provider of Continuing Professional Education (CPE) services, announced their merger to create MYCPE ONE.

This strategic merger goes beyond simply combining the services; it’s aimed at building an integrated ecosystem that delivers a comprehensive suite of solutions to CPAs and accounting firms. The unified suite of services will include Staffing, CPE, Learning & Development, Digital Marketing — all in one place.

This will significantly enhance career opportunities for Indian accounting professionals, by providing them with access to the global accounting industry and state-of-the-art learning resources. 

With this mission, MYCPE ONE is also committed to growing its presence in India. With the recent opening of offices in Udaipur and GIFT City, Gandhinagar, MYCPE ONE plans to scale operations across various delivery centres in India.

Today, MYCPE ONE has a team of 40+ delivery centres across 17 cities in India and one in Philippines. MYCPE ONE has partnered with state governments to establish delivery centres in Tier 2 and 3 cities. These initiatives are designed to provide Indian professionals with the opportunities they need to pave their career pathways, spanning from entry-level roles to senior positions. 

“This merger positions MYCPE ONE as a pivotal force in the industry, evolving from an outsourcing provider to a comprehensive tech and services leader for the accounting sector,” said Shawn Parikh, CEO and Co-founder of MYCPE ONE. “Through this merger, we are thrilled to provide Indian professionals with unmatched opportunities to advance their careers and gain valuable international exposure,” he added. 

“Our aim is to build a resilient business model that adapts to market dynamics and reinforces our standing in the global accounting space. By leveraging our deep expertise, we remain committed to serving the accounting sector,” said Valay Parikh, COO and Co-Founder of MYCPE ONE. 

About Entigrity 

Entigrity is a trusted provider of outsourcing solutions, partnering with over 1,000 CPAs and accounting firms & businesses across the U.S. and Canada. With delivery centres in 17 cities across India and one in the Philippines, we are further expanding our presence into additional Tier 2 and Tier 3 cities in India, as well as exploring growth opportunities in the Philippines, South Africa, and South America.

About MYCPE ONE 

MYCPE ONE is a comprehensive ecosystem designed to empower accounting firms and professionals with a unified suite of essential services. As a strategic platform, MYCPE ONE offers integrated solutions in outsourcing, education, training, marketing, advisory, and industry insights — all in one place.

Contact Information 

Patrick Ross 
Content and Media Manager 
MYCPE ONE 
Patrick@my-cpe.com
6468274348 

Logo: https://mma.prnewswire.com/media/2557901/MYCPE_ONE_Logo.jpg

 

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/entigrity-merges-with-mycpe–launches-mycpe-one-to-enhance-opportunities-for-indias-accounting-workforce-302305551.html

Continue Reading

Technology

transcosmos wins 2024 [Golden Headset] Excellent Outsourcing Services of the Year Top 10

Published

on

By

Recognized for outstanding digital service performance in the contact center industry

TOKYO, Nov. 14, 2024 /PRNewswire-PRWeb/ — transcosmos inc. is proud to announce that the company received 2024 [Golden Headset] Annual Excellent Outsourcing Services of the Year Top 10 at the “CCMW 2024 Annual Conference & the 20th [Golden Headset] The Best Customer Center Award Ceremony” held in Beijing, China on October 15, 2024.

The Golden Headset Award is recognized as a leading performance indicator in the customer service center industry. Following the international evaluation standard CC-CMM (Capability Maturity Model)/DO-CMM, CCMW performed performance indicator analysis.

Started in 2005, this year marked the 20th anniversary of the [Golden Headset Award Digital Services and Operations Benchmarking Competition], a competition to determine China’s best customer center, organized by the prestigious institution in the Chinese contact center industry called Customer Care & Management World (CCMW). The Golden Headset Award is recognized as a leading performance indicator in the customer service center industry. Following the international evaluation standard CC-CMM (Capability Maturity Model)/DO-CMM, CCMW performed performance indicator analysis. After receiving applications, CCMW asked for experts’ nominations and went through a rigorous screening process that includes mystery calls, data gathering, benchmarking, on-site assessment, and assessment by a review committee. Ultimately, CCMW chose the award winners based on a comprehensive evaluation on all candidates including their outsourcing service capabilities as well as the number of workstations. Highly recognized for its proven record in contact center digital services, transcosmos was awarded the 2024 [Golden Headset] Annual Excellent Outsourcing Services of the Year Top 10.

As the internet and intelligence technologies continue to evolve, customer service centers are transforming into digital, intelligent and multifunctional contact centers, shifting from the traditional services via phones, emails, and online channels. Against this backdrop, transcosmos has developed “transCxLink,” its proprietary platform built on the company’s unique omnichannel contact centers. “transCxLink” not only creates a seamless process between companies, consumers, and customer service representatives by connecting all kinds of communication channels such as e-commerce platforms, social platforms, voice calls, and online chat, but also comes with abundant features including CRM, intelligent services, marketing systems, speech recognition, auto-reporting, and business insights. With all these features, “transCxLink” meets the needs of companies across all industries. In addition, with the power of large language models, “transCxLink” delivers auto-translation features, enabling businesses to provide multilingual AI-powered customer services without the need for bilingual customer service agents.

As business processes become increasingly complex and highly standardized in every industry, transcosmos enhances CX at every channel by transforming traditional contact centers into digital with the power of “transCxLink,” thereby evolving the centers to ones that reduce costs, boost productivity, and expand sales, generating value for clients.

Invited to the conference, Joseph Wong, VP of Global Business Development, transcosmos delivered speech on the theme of “How Chinese companies can unlock global business opportunities with its digital economy,” representing the company. In his speech, Joseph presented in-depth analysis on the rapid shift to intelligent services and solutions in the contact center and e-commerce industries, and encouraged Chinese local brands to aggressively develop international markets and find new routes for growth. Joseph also introduced transcosmos’s success cases in its global services, giving inspiration to many of the audience.

As a digital transformation partner for clients, transcosmos will drive its efforts for enhancing services in the BPO industry with its innovative solutions and service systems.

■transcosmos history in China
transcosmos entered the Chinese market and launched its offshore services business in 1995. In 2006, the company opened its first call center in Shanghai and started to provide call center services for the Chinese market. Today, transcosmos has its bases and subsidiaries across 24 cities in China including Shanghai, Beijing, Tianjin, Hefei, Xi’an, Changsha, Wuhan, Neijiang, Kunshan, Zhengzhou, Rizhao, Suzhou, Taipei and more. The company offers extensive services such as business process outsourcing (BPO) including contact centers, e-commerce one-stop, customer experience, digital marketing, and system development for both Chinese and global brands.

transcosmos is a trademark or registered trademark of transcosmos inc. in Japan and other countries.Other company names and product or service names used here are trademarks or registered trademarks of respective companies.

About transcosmos inc.
transcosmos launched its operations in 1966. Since then, we have combined superior “people” with up-to-date “technology” to enhance the competitive strength of our clients by providing them with superior and valuable services. transcosmos currently offers services that support clients’ business processes focusing on both sales expansion and cost optimization through our 183 bases across 35 countries/regions with a focus on Asia, while continuously pursuing Operational Excellence. Furthermore, following the expansion of e-commerce market on the global scale, transcosmos provides a comprehensive One-Stop Global E-Commerce Services to deliver our clients’ excellent products and services to consumers in 46 countries/regions around the globe. transcosmos aims to be the “Global Digital Transformation Partner” of our clients, supporting the clients’ transformation by leveraging digital technology, responding to the ever-changing business environment. Visit us here https://www.trans-cosmos.co.jp/english/

Media Contact

transcosmos inc., transcosmos inc., +81-3-6709-2251, pressroom@trans-cosmos.co.jp, https://www.trans-cosmos.co.jp/english/

View original content to download multimedia:https://www.prweb.com/releases/transcosmos-wins-2024-golden-headset-excellent-outsourcing-services-of-the-year-top-10-302305454.html

SOURCE transcosmos inc.

Continue Reading

Technology

Nota AI® Partners with Alliance Traffic Systems for Strategic Middle East Expansion

Published

on

By

SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — Nota AI, a leader in hardware-aware AI optimization and on-device AI solutions, has taken a significant step toward establishing its presence in the Middle East by signing a Memorandum of Understanding (MoU) with Alliance Traffic Systems (ATS). This strategic partnership aims to bring Nota AI’s cutting-edge Intelligent Transportation Systems (ITS) solutions to the region, aligning with its broader vision of expanding technological impact across the Middle East.

 

Alliance Traffic Systems, a key player in the Gulf Cooperation Council (GCC) region, holds particular influence in the UAE’s traffic enforcement infrastructure sector. Since 2008, ATS has managed major traffic projects in Abu Dhabi Emirate, solidifying its role as a leader in providing total traffic management solutions. This extensive track record makes ATS an invaluable partner as Nota AI launches into the Middle Eastern market. Leveraging ATS’s established network, Nota AI will initiate a Proof of Concept (PoC) project with Dubai‘s Road and Transport Authority (RTA), deploying its generative AI and Vision Language Model (VLM)-based ITS solutions. This project will demonstrate Nota AI’s on-device AI capabilities, setting the stage for solutions to urban mobility challenges across the Middle East.

The PoC project’s core ITS solution integrates Vision Language Model (VLM) and multimodal capabilities to process diverse data sources, enabling precise traffic analysis. Powered by Nota AI’s optimized on-device AI technology, this advanced traffic analysis solution can be deployed efficiently across various traffic-related devices, promising substantial improvements in traffic management and bringing meaningful changes to regional conditions in the Middle East.

Myungsu Chae, CEO of Nota AI, remarked, “This PoC project offers a unique opportunity to validate our VLM-based on-device AI solution, delivering real-time traffic analysis in the Middle East. It marks an important milestone in showcasing our global technological and business potential.” Mohammad Al Abbadi, CEO of ATS, added, “This MoU aims to leverage Nota AI’s on-device AI technology to reduce traffic congestion across the Middle East, offering a cost-effective solution for road management.”

Nota AI’s steady expansion in the Middle East has included recent participation in high-profile events such as Expand North Star 2024 and the ITS World Congress 2024. With its strategic partnership with ATS, Nota AI has secured a strong entry point into the Middle Eastern market, drawing on ATS’s extensive expertise in traffic management and infrastructure. This collaboration allows Nota AI to deliver tailored solutions that address the region’s unique transportation needs. Furthermore, through ATS’s established networks with key authorities in Abu Dhabi and Dubai, Nota AI is well-positioned to extend its reach across the Gulf Cooperation Council (GCC) region, laying the foundation for sustainable, long-term growth.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nota-ai-partners-with-alliance-traffic-systems-for-strategic-middle-east-expansion-302305554.html

SOURCE Nota AI

Continue Reading

Trending