Document Control Software Market: Introduction
The increasing adoption of automated workflow is fuelling the demand for document control software. Document control software is designed to organise and manage documents. Document control software provides users the ability to access, modify and store documents in various formats such as PDFs, audio, video and others. Document control software handles various tasks such as the archiving, distribution and creation of documents. The control of the creation & authentication of documents, the management of the storage & retrieval of a document, the maintenance of version control & multiple versions of the document and ensuring the security & safety of documents are some of the major uses of document control software. Some of the major advantages of document control software include convenient retrieval, improving workflow, version control, regulatory compliance, cost reduction, document security and enhanced competitiveness. The implementation of document control software enables document creation, document storage, access rights, document retrieval, collaboration, digital signatures, removal, archiving and others.
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Mandate ISO standards for document control and management, which include ISO 2709, ISO 15836, ISO 21127 and others, are fuelling the document control software market. Various regulatory bodies, such as The Association for Information and Image Management (AIIM), The Sarbanes- Oxley Act (SOX), The Health Insurance Portability and Accountability Act (HIPAA) Privacy and Security Rules and eIDAS: A New European Union E- Signature Regulation, among others, are playing a key role in document control, and this is significantly driving the global document control software market. The global document control software market is expected to register a high Y-o-Y growth with a CAGR of around 12% during the forecast period. Several developments in document control software with reference to technology, the proliferating growth rate of the market, along with recent developments & innovations, are expected to drive the global document control software market during the forecast period.
Document Control Software Market: Drivers and Challenges
Automated workflow is one of the major drivers of the document control software market. Document control software reduces costly paper handling with intelligent document routing, and saves money & time by reducing hand delivery, photocopying and repetitive dragging & dropping. Document control software with an automated workflow enables automatic distribution, document routing, document printing, track printing, customised electronic forms, document barcoding & document control, as well as reduces the cost & errors and increases visibility, among others, which are also among factors boosting the document control software market. Other potential factors, which include high ROI, developing cloud technology, growing concern for the green factor and increase in productivity, are having a significantly positive impact on the growth of the global document control software market.
Another potential factor boosting the global document control software market is an increase in the work-from-home population. The growing work-from-home population is significantly boosting the usage of centralised electronic document control software. It has been found that an increasing number of people prefer to work remotely and several companies are offering the work-from-home option for the betterment of their employees.
However, memory hog or slow PC and high risk of document insecurity & information breach are some of the major challenges hindering the growth of the global document control software market. However, vendors are highly focused on the development of advanced document control software with high security and are expected to overcome the above-mentioned challenges during the end of the forecast period.
Document Control Software Market: Segmentation
Document control software market segmentation based on the component:
Based on component, the document control software market is segmented as software and services. The services market can be further segmented into professional services and managed services.
Document control software market segmentation based on deployment:
Based on deployment, the document control software market is segmented into on-premise and cloud-based.
Document control software market segmentation based on end user:
Based on end user, the document control software market is segmented into healthcare, retail, government, BFSI, education, legal service firms and others.
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Document Control Software Market: Key Players
Some of the key players of the document control software market are Toshiba Corporation, OpenText Corp., IBM Corporation, eFile Cabinet, Ideagen, Asite, Alfresco Software, Computhink and MasterControl.