The document management systems (DMS) market has been forecast to increase at a compound annual growth rate (CAGR) of 13.98% through to 2016, driven by the need for effective corporate information management and the increase in adoption of document management systems in Small and Medium-sized enterprises.
The industry is composed of companies that provide outsourced records storage, document destruction services and digital conversion of paper-based records to commercial and government clients. As a result of regulations mandating company records retention, the Document Management Services industry benefits from sustained demand for document storage.
Previously, SMEs had limited options when adopting a system that would ensure optimal business performance. This was mainly because they did not require, or could not afford, all the features of enterprise-class software systems.
Their options were limited to freeware and low-end or open-source solutions that mainly focused on server or network monitoring. In the last few years, SMEs have become increasingly aware of the significance of complete visibility of their operational performance and its impact on their businesses.
This trend has created an opportunity for DMS software vendors to develop new versions of their products and attract SMEs, thus improving their presence in this market.
Also, with growing operations, SMEs need to find a solution for their document management, storage, and other features. These needs are leading SMEs to shift toward DMS solutions.
A DMS is a computer system (or set of computer programs) used to track and store electronic documents. It is usually also capable of keeping track of the different versions modified by different users (history tracking). The term has some overlap with the concepts of content management systems.
It is often viewed as a component of enterprise content management (ECM) systems and related to digital asset management, document imaging, workflow systems and records management systems.
Concerns regarding data security is one of the major challenges currently faced by the market. Enterprises are always concerned about data security and related issues when using DMS solutions.
This concern is greater when the tool is installed using SaaS-based solutions. During the deployment of SaaS-based DMS solutions, the data resides in the cloud servers of vendors, increasing security concerns.
According to a recent report, 'Global Document Management Systems Market 2012-2016,' key players currently dominating the DMS market include EMC Corp., IBM Corp., Microsoft Corp., and OpenText Corp.
For more information on the DMS market, see the latest research: DMS Market
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