According to the research report titled ‘Global Document Management Systems Market Size study, by Offering (Solutions, Services), Deployment Mode (On-Premises, Cloud-Based, and Hybrid), Organization (Small & Medium-Sized Enterprise, Large Enterprise), Application (BFSI, Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail, and Other) and Regional Forecasts 2021-2027.’, available with MarketStudyReport, global document management systems market was worth USD 5.5 billion in 2020 and is anticipated to showcase a CAGR of 13% during 2021-2027 to reach a valuation of USD 12.94 billion by 2027.  
 

Growing demand to streamline business processes, and the numerous benefits of digitalizing content across businesses are propelling the global document management systems market forward.
 

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For the unversed, a document management system tracks, captures, and stores electronic documents such word processing files, PDFs, and digital pictures of paper-based content.
 

Increasing expenditure and initiatives across enterprises to reduce paper waste may aid industry expansion in the forthcoming years. For example, Agiloft Inc. introduced its new AI Engine in February 2020, which has artificial intelligence features for contract management as well as an open AI integration that allows customers to integrate custom-built AI solutions. The company's presence in this market will be strengthened as a result of this strategy.
 

However, high cost of implementation and other expenses may hamper the industry outlook during the analysis timeframe of 2021-2027.
 

Based on offering, global document management systems market is split into services, and solutions. In terms of deployment mode, the industry is divided into cloud-based, hybrid, and on-premises.
 

On the basis of organization size, the marketplace is classified into large enterprise, and small & medium sized enterprise. With respect to application ambit, the market is categorized into education, government, BFSI, industrial manufacturing, corporate, healthcare, retail, and other.
 

Considering the regional landscape, North America market holds significant revenue at present, because of developed infrastructure, and growing demand for digitalized technologies. Whereas, Asia Pacific industry is expected to expand at a rapid rate throughout the forecast period of 2021-2027, owing to focus on creating tactics for mitigating cyber-attacks in the region.
 

The key players in global document management systems market are Hyland Software Inc., Alfresco Software Inc., Oracle Corporation, SpringCM, eFileCabinet Inc., International Business Machines Corp., The Ricoh Company Ltd., Canon Inc., Xerox Holdings Corporation, and OpenText Corporation.