According to MarkNtel Advisors study the Global Document Management Software Technology Market size is estimated to grow at a CAGR of around 14.1% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Document Management Software Technology market

Global Document Management Software Technology Market Driver:

Expansion of Educational Centres to Ramp up the Demand for Document Management Software Technology – The growth of government expenditure in education sector, especially in UAE and UK, has been consistently supporting the expansion of educational centers. Also, as the number of international students arriving in countries like the UK, the US, Germany, etc., has been increasing, the educational sector across these countries witnessed continuous growth. This has been primarily attributed to the allocation of a significant amount of funds for the establishment of educational centers.

Thus leading towards establishment of several new schools and colleges across the globe. Consequently, these institutes would require document management software technology, especially across their administration offices to manage large volumes of documentation required. Also, as the demand for virtual learning is gaining significant popularity in recent years, the demand for document management software technology is further projected to amplify in the coming years. Document management solutions would play a pivotal role in the management and delivery of comprehensive online learning and training solutions.

Global Document Management Software Technology Market Challenge:

Rising Data Privacy Concerns to Affect the Market Growth – Owing to the issues related to the reliability of software solutions, several sectors like IT, and healthcare among others have been found to be hesitant in the adoption of document management software technology. The major concern linked to its adoption included increasing data breach cases globally. Also, as companies use document management software to store their necessary documents, their breaches have resulted in the leak of essential financial and security data. For instance,

• In 2022, according to the Health Sector Cybersecurity Coordination Center, the number of ransomware attacks across healthcare Health Promoting hospitals in the US increased from 560 in 2020 to 1203 in 2021 across the US.

Hence, cyber security attacks have been increasing significantly over the past few years, and the ransom demand has also been growing in parallel. Therefore, the increasing data breach efforts have led to preventing the adoption of document management solutions, which is projected to continue as a challenge for the market in the coming years as well.

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Scope of the Report and Document Management Software Technology Market Segmentation:

By Component

• Software- Market Size & Forecast 2019-2030, (USD Million)
• Services - Market Size & Forecast 2019-2030, (USD Million)
  • Managed Services- Market Size & Forecast 2019-2030, (USD Million)
  • Professional Services - Market Size & Forecast 2019-2030, (USD Million)

By Deployment

• Cloud- Market Size & Forecast 2019-2030, (USD Million)
• On-Premise- Market Size & Forecast 2019-2030, (USD Million)

By Enterprise Size

• Small and Medium-Sized Enterprises- Market Size & Forecast 2019-2030, (USD Million)
• Large Enterprises- Market Size & Forecast 2019-2030, (USD Million)

By End-User

• Banking, Financial Services and Insurance (BFSI) - Market Size & Forecast 2019-2030, (USD Million)
• IT & Telecommunication- Market Size & Forecast 2019-2030, (USD Million)
• Manufacturing - Market Size & Forecast 2019-2030, (USD Million)
• Government- Market Size & Forecast 2019-2030, (USD Million)
• Healthcare- Market Size & Forecast 2019-2030, (USD Million)
• Retail- Market Size & Forecast 2019-2030, (USD Million)
• Others (Real Estate, Hospitality, etc.) - Market Size & Forecast 2019-2030, (USD Million)

Among them, the Banking, Financial Services and Insurance (BFSI) have been dominating the Global Document Management Software Technology Market. 

Document Management Software Technology Market Development:

• 2023: Financial Cents, a cloud-based accounting practice management software provider, has launched a ChatGPT integration. Initially, users can create workflow templates, with more features planned, including AI-powered email templates, client request lists, and document management.
• 2022: Synergis Technologies has unveiled Adept FALL '22, which is a brand-new visualization and markup solution with support for the latest CAD application versions and other enhancements. The new Adept Viewer aims to enhance the user experience, performance, and support for CAD software, transforming the way documents and data are viewed and managed.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Note: If you require specific information not covered in the current report, we can provide it through customized option

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