Revolutionising Business Operations: Document Management Industry Set to Soar to £34.2 Billion by 2032

Revolutionising Business Operations: Document Management Industry Set to Soar to £34.2 Billion by 2032

By Mark Edwards


Explosive Growth Trajectory:

Document Management Industry Surges from £7.1 Billion in 2022 to Projected £34.2 Billion by 2032

According to a report by Allied Market Research, the Document Management industry has experienced a significant surge in value, moving from £7.1 billion in 2022 to an anticipated £34.2 billion by 2032. This remarkable growth trajectory, with a compound annual growth rate (CAGR) of 17.3% from 2023 to 2032, underscores the sector's expanding role in modern business operations.

Driving Forces:

Escalating Need for Secure, Accessible, and Cost-effective Document Handling in the Digital Era

Driving this growth is:

  • Volume of Documents: Businesses are increasingly required to manage vast volumes of data and documents in a secure, accessible, and cost-effective manner.
  • Remote Paperless Offices: The proliferation of remote work and the push towards paperless offices have further catalysed the industry's expansion.
  • Workflow: Document management systems (DMS) are becoming integral to operational workflows, offering features such as version control, access permissions, and audit trails essential for maintaining data integrity and supporting collaborative work environments.

The Role of Document Management Systems (DMS):

Enhancing Efficiency, Security, and Compliance in Modern Business Workflows

Document management software manages and arranges papers throughout an organisation. It includes information retrieval systems, output systems, workflow, document repositories, document capture, and the processes used to track, store, and control documents.

In addition, businesses need a competitive advantage to survive and expand in the fast-paced commercial world lately. A DMS is crucial for contemporary companies since it can boost productivity, strengthen security, conserve money, promote cooperation, and assure compliance. Document management solutions help organisations manage legal documents and records more effectively and organised. Additionally, with the rise in cyber threats and data breaches, protecting sensitive and personal data has become crucial in the digital age. DMS tools help businesses maintain electronic records securely. These factors are expected to propel global market growth in several businesses.

AI and ML Advancements:

Shaping the Future of Document Management with Automation and Analytical Capabilities

The document management industry is poised to evolve with advancements in artificial intelligence (AI) and machine learning (ML), which promise to introduce new automation and analytical capabilities. These technologies are expected to refine document classification, retrieval, and processing, making DMS even more indispensable to organisations. As the industry grows, it will likely play a pivotal role in shaping how businesses manage their information assets, ensuring agility and competitive advantage in an increasingly digital world.

Key Benefits of DMS:

Boosting Productivity, Strengthening Security, and Ensuring Compliance for Contemporary Companies

Based on components, the solution segment dominated the global document management market share in 2022. It is expected to maintain its dominance in the upcoming years, owing to technological advances enabling document management to transform several industries globally. However, the service segment is expected to witness the highest growth, as document management services help reduce the time and costs associated with optimising systems in the initial deployment phase.

Global Market Dynamics:

The dominance of the Solution Segment, North America Leads in 2022, but Asia-Pacific is Poised for Highest Growth

By region, North America dominated the market share in 2022 for the document management market. This region is more focused on regulatory compliance solutions for data privacy and security, which is further anticipated to propel the growth of the document management market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in the penetration of digitalisation, and higher adoption of advanced technology is expected to provide lucrative growth opportunities for the market in this region.