Document Generation Software Statistics 2024


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In the ever-evolving world of business, document generation software has emerged as a critical tool for enhancing efficiency, accuracy, and collaboration. As we step into 2024, understanding the trajectory of this technology and its adoption rates will be pivotal for any organization looking to stay competitive. The statistics surrounding document generation software offer a lens through which we can evaluate market trends, user behaviors, and the overall impact of digital transformation on businesses. These insights are not just numbers; they represent the shifting dynamics of how companies operate and interact with information in a digital age.

For a variety of stakeholders, from business leaders and IT professionals to software developers and investors, these statistics are invaluable. Business leaders can leverage this data to make informed decisions about integrating or upgrading document generation tools. IT professionals and developers gain insights into the technical advancements and user requirements that shape the evolution of these platforms. Meanwhile, investors can identify trends and opportunities within the market, guiding their financial strategies. The ripple effect of these statistics extends across the industry, influencing everything from product development to market positioning.

By delving into the data on document generation software in 2024, organizations can craft informed strategies that align with emerging trends. In a landscape where technological advancements are rapid and unpredictable, leveraging concrete data allows businesses to anticipate changes, optimize operations, and maintain a competitive edge. As we explore these statistics, it becomes clear that they are not merely informative; they are foundational to strategic planning and innovation in the document generation sector.

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Top Document Generation Software Statistics 2024

☰ Use “CTRL+F” to quickly find Document Generation Software facts. There are total 80 Document Generation Software Statistics on this page 🙂

Market Trends And Forecasts

  • The Global Document Management System Market size is expected to reach $11.3 billion by 2029, rising at a market growth of 10.7% CAGR during the forecast period. [?]
  • Cloud-based deployment mode is anticipated to generate more than 40% share of the market by 2029. [2]
  • The services segment acquired a significant revenue share in the market in 2022. [2]
  • The small and medium enterprises segment garnered a prominent revenue share in the market in 2022. [2]
  • The North America region led the market by generating the maximum revenue share in 2022. [2]
  • The Solution market acquired the maximum revenue share in the Market by Component in 2022, achieving a market value of $7.6 billion by 2029. [2]
  • The Healthcare market has shown a high growth rate of 11.3% during (2023 – 2029). [2]
  • The North America market dominated the Market by Region in 2022 and is expected to achieve a market value of $3.7 billion by 2029. [2]
  • The Global Document Management System Market size is projected to grow from $6.23 billion in 2023 to $18.97 billion by 2030, with a CAGR of 17.2%. [11]
  • The market size of the Document Management Services industry was $7.7 billion in 2022. [11]
  • Cloud-based document management systems will house 95% of new business data by 2028. [8]
  • The cloud storage market is expected to reach USD 490.8 billion by 2030. [11]
  • The Document Management Systems Market size is expected to reach USD 7.52 billion in 2024 and grow at a CAGR of 14.5% to reach USD 14.82 billion by 2029. [12]
  • The document management market was valued at $7.1 billion in 2022, and is projected to reach $34.2 billion by 2032, growing at a CAGR of 17.3% from 2023 to 2032. [10]
  • The document management system market size was USD 5.40 Billion in 2021 and is expected to register a revenue CAGR of 11.2% during the forecast period. [13]
  • The document management systems market is expected to reach USD 6.78 Billion by 2023 from USD 3.09 Billion in 2016, at a CAGR of 11.17% during the forecast period. [14]

Software Updates And Releases

  • SalesChain released Version 9.2.2 featuring new Zoom Phone Integration, Enhanced AV & Security Forecasting. [1]
  • SalesChain released Version 9.2.1 featuring Enhanced Etilize Integration, Commissions Summary Reports, and New Credit Application Workflow. [1]
  • SalesChain released Version 9.2 featuring Updated ConnectWise and Hubspot Integrations, Enhanced Commissions Module. [1]
  • May-2023: Newgen Software launched RMS 4.0, an upgraded version of the Records Management System. [2]
  • RMS 4.0 offers a modern user interface, an easily customizable dashboard, and allows users to classify and define records. [2]
  • Oct-2021: Oracle announced the expansion of its geographic footprint with the opening of 14 cloud regions across Europe, the Middle East, Asia Pacific, and Latin America. [2]
  • Jun-2021: Oracle Content Management launched a new feature named Capture. [2]
  • Apr-2021: OpenText launched OpenText Core Content and OpenText Core Case Management. [2]
  • In September 2023, Coforge partnered with Newgen to deliver insurance lifecycle management solutions in Customer Communications Management (CCM), Document and Content Management (DCM) on a Low Code platform. [10]
  • In August 2022, dox2U launched a new feature to its platform to enhance the user experience. [10]
  • In July 2023, Adlib Software collaborated with Generis to launch a software connector that provides seamless integration between both technology platforms. [10]

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Partnerships And Acquisitions

  • Dec-2022: Oracle partnered with Tata Motors to move its Dealer Management System (DMS) to Oracle Cloud Infrastructure (OCI). [2]
  • Oct-2022: Oracle partnered with HSBC and NIVIDA. [2]
  • Aug-2022: Hyland Software partnered with etherFAX. [2]
  • Aug-2022: OpenText took over Micro Focus. [2]
  • Feb-2022: IBM joined hands with SAP for hybrid cloud process support. [2]
  • Jun-2021: Xerox took over Document Systems. [2]
  • Apr-2021: Xerox took over Groupe CT, a Canadian-based document management provider. [2]
  • In September 2023, Coforge partnered with Newgen to deliver insurance lifecycle management solutions. [10]
  • In August 2022, dox2U launched a new feature to enhance user experience. [10]
  • In July 2023, Adlib Software collaborated with Generis to launch a software connector. [10]

Market Challenges And Opportunities

  • Despite economic turbulence, Gartner forecasts worldwide IT spending to grow to $5 trillion in 2024, an increase of 8.6% from 2023. [3]
  • Organizations with over 1,000 employees use over 177 different SaaS apps and custom apps. [3]
  • Only 8% of global companies achieve their targeted business outcomes from their digital technology investments. [3]
  • Digital adoption has three main objectives: to increase user productivity, improve UX, and optimize software. [3]
  • Just 10 years ago, data management relied heavily on paper files and cabinetry. [4]
  • 58% of employees have the option to work from home for all or part of the week. [4]
  • 72% of companies use a combination of paper-based and digital document processes. [7]
  • Only 28% of SMB employers are in the advanced stages of their digitization implementation. [7]
  • By 2025, 85% of enterprises will shift towards digital-only document management. [8]
  • Predictive analytics in document management will reduce operational costs by up to 40% for 70% of businesses by 2027. [8]
  • By 2028, 95% of businesses will utilize AI-enhanced document management for remote work setups. [8]

Security And Compliance

  • Data breaches involving documents decreased by 40% with the adoption of secure digital document management systems. [8]
  • 87% of organizations have low analytics and business intelligence maturity, meaning data isn’t being utilized. [6]
  • 60% of companies utilized custom features in their EDMS to cater to specific industry needs. [8]
  • 78% of companies will use AI for document security and fraud detection by 2025. [8]
  • 70% of IT managers believe external threats to cloud-stored documents are their top security concern. [8]
  • 89% of cloud-based document management services offer end-to-end encryption for added security. [8]
  • Two-factor authentication in cloud document systems has seen a rise in adoption by 75% in the past two years. [8]

Digital Transformation And Adoption

  • Digital transformation is reshaping the business world, with 91% of businesses embarking on digital initiatives. [5]
  • Only 16% of organizations report success in their digital transformation efforts due to poor digital adoption rates. [5]
  • By 2025, 70% of organizations will use digital adoption platforms across the entire technology stack. [5]
  • Companies delaying digital transformation risk losing up to 39% of their revenue to competitors. [5]
  • Global spending on technologies and services that enable digital transformation will reach $2.3 trillion by 2023. [5]
  • 85% of businesses believe that cloud document management systems better assist them in staying compliant with regulations. [8]

Efficiency And Productivity

  • Employees spend an average of 2 hours per day searching for documents. [7]
  • 43% of employees would consider leaving their job if their company didn’t have an efficient way to access the records they need. [7]
  • 46% of SMB employees waste time on inefficient paper processes every day. [7]
  • Companies transitioning to digital document management reported a 52% reduction in document-related costs. [8]
  • Digital document storage solutions save up to 75% of space compared to physical storage systems. [8]
  • Retrieval times for digital documents are 90% faster than for physical ones. [8]
  • Companies that adopted digital document management reported a 60% increase in operational efficiency. [8]

Technological Advancements

  • AI and machine learning will enhance document search accuracy by 90% by 2024. [8]
  • Mobile document management solutions will experience a 150% increase in adoption between 2022 and 2027. [8]
  • By 2026, real-time collaboration on documents will grow by 65% due to advanced predictive analytics. [8]
  • Integrated, RPA-native IDP tools are easy to set up, often 5-10x faster than other approaches. [15]
  • AI-native IDP solutions can accelerate data extraction by up to ten times while maintaining data extraction accuracy of up to 99.9%. [15]
  • IDP can reduce the risk of errors by 52% or more. [15]

Environmental Impact

  • American businesses use approximately 21 million tons of paper per year. [7]
  • Switching to e-signatures shortens the sales cycle by 400% and increases conversion rates. [9]
  • E-signature solutions can save up to 2.5 billion trees in less than 20 years. [9]
  • Paper & pulp industries produce 100 million kgs of harmful contaminants annually. [9]
  • Paper waste disposal & recycling is a significant problem, contributing to 71.6 million tons of waste annually. [9]
  • Companies using cloud-based document management have seen a 60% reduction in their paper waste. [8]

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Sources

  1. saleschain – https://saleschain.com/what-is-document-generation-and-why-is-it-important
  2. kbvresearch – https://www.kbvresearch.com/document-management-system-market/
  3. whatfix – https://whatfix.com/digital-adoption/
  4. metasource – https://www.metasource.com/document-management-workflow-blog/document-management-trends-2023/
  5. apty – https://www.apty.io/blog/driving-digital-transformation-through-software-adoption/
  6. impactmybiz – https://www.impactmybiz.com/blog/blog-digital-document-workflow/
  7. foxit – https://www.foxit.com/blog/just-the-numbers-10-document-management-stats-you-need-to-know/
  8. pdfreaderpro – https://www.pdfreaderpro.com/blog/document-management-statistics
  9. exelatech – https://drysign.exelatech.com/blog/10-e-signature-statistics-will-blow-your-mind
  10. alliedmarketresearch – https://www.alliedmarketresearch.com/document-management-market
  11. archivecorp – https://www.archivecorp.com/records-management-statistics/
  12. mordorintelligence – https://www.mordorintelligence.com/industry-reports/document-management-systems-market
  13. emergenresearch – https://www.emergenresearch.com/industry-report/document-management-systems-market
  14. marketsandmarkets – https://www.marketsandmarkets.com/Market-Reports/document-management-system-market-229353320.html
  15. nividous – https://nividous.com/blogs/intelligent-document-processing-statistics

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