LONDON, April 06, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s Document Management Systems Market study forecasts that the global Document Management Systems Market size will grow $6.9 billion in 2022 to $7.9 billion in 2023 at a compound annual growth rate (CAGR) from more than 13%. Document Management Software market size is expected to be reached $12.9 billion in 2027 at a CAGR of more than 13%.

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The rise of paperless offices is expected to drive future growth in the document management system market. A paperless office is a workplace that uses digitized documents to conduct day-to-day business operations instead of paper-based processes. Document management solutions in paperless offices simplify the management and storage of digital files, allowing employees to easily share and review digital files. For example, Prasar Bharathi, an Indian public broadcaster, implemented 100% e-office operations in June 2021, which increased the speed and transparency of the organization and resulted in the creation of over 50,000 e-files with the status of each file available online. As a result, the rise of paperless offices is expected to fuel the expansion of the document management system market.

Key players in the Document Management System market are OpenText Corporation, Xerox Corporation, Ricoh USA Inc., International Business Machines Corporation, Canon Inc., eFileCabinet, SpringCM, Oracle Corporation, Hyland Software.

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Technological advancement is a major trend gaining importance in document management system for manufacturing industry. Major market players are focused on advanced innovations in document management systems powered by artificial intelligence (AI) and machine learning capabilities. For example, Emprint, a full-service provider of printing and document solutions based in the USA, will…