Document Management System Market Trends

Growth Drivers

• Growing Need to Improve Business Operations in Enterprises – Various organizations are incorporating document management procedures to acquire insight and control over documents and data entering and exiting the firms. Organizations want to ensure that all employees have access to the most recent and up-to-date versions of the document management system, which would allow users to work with little hassle or back-and-forth emailing, regardless of whether they are working remotely or in the office.
• Increasing Adoption of Big Data Management and Analytics – The quantity of data in the world is expanding at a rapid rate. 64.2 zettabytes of data were produced in 2020, which is 314 times higher than in 2015. A big part of this output is "data emission," which is passively gathered information from daily interactions with digital services or products like mobile phones, credit cards, and social networks. The rising implementation of big data management and tools for data management and analysis increases the document management system market's growth.
• Growing Cloud Computing and Software-As-A-Service Implementation– For cloud computing and software implementation in document management systems, firms are adopting various strategies. For Instance, in 2021, as part of the Cloud Editions (CE) 21.4 launch at OpenText World, Open Text Corporation unveiled the most detailed update to the OpenText Content Cloud to date. OpenText Core Content is a comprehensive SaaS content services platform. The platform is further expected to have profound integrations with Salesforce and Microsoft 365. This is the highlight of the release. The OpenText Content Cloud attaches enterprise-wide data to the individuals and systems that require it.

Challenges

• Integration of Document Management Systems with Internal Applications Incurs High Costs- The average prices of the most popular document management systems can vary significantly based on the number of consumers, the features required, the installation fees, and the system's type (cloud-based, on-premises, or hybrid). In addition to the price of the software itself, the costs of system upkeep and installation must also be considered. Even though the preliminary cost of the software may be low, there are frequently additional costs to consider. Numerous of these price barriers contribute to the market's slowing expansion.
• Growing Data Privacy Concerns Associated with Document Management Systems
• Issues Related to the Technology