The Indian Document Management Software Market – An Overview
Businesses presently are adopting document management software solutions at a fast pace. With the constant evolution of businesses, the demand for easily accessible information continues to increase. As a result, the document management software market in India has become more competitive than ever.
As per the recent studies, organizations that are best equipped to handle information requests that are instant will be able to survive and surpass the competition. The experts believe that the document management software market in India is ever-changing. With technology playing a major role in enhancing efficiency, the bottom line is that soon it will shy away from traditional document handling techniques.
So, for businesses that aim to achieve success in the future, it is essential to stay knowledgeable about the latest trends synergizing within the Indian document management software market.
Indian Document Management Software Market – Segmentation
The Indian document management software market can be segmented into numerous divisions on the basis of applications, deployment mode, industry verticals, region wise and key focus. Application wise, the market can be categorized into windows, iOS, Android, and others. On the basis of deployment model, the market can be further divided into on-premise and cloud-based. On the basis of industry domains, it is divided into telecommunication, retail, BFSI, healthcare, IT, government, and others.
Categorization of Indian Companies Offering Document Management Software Solutions
Further, a study by Google search discloses around 30 companies offering document management software solutions in the Indian market. These companies can be categorized as follows:
- Document Management Software Companies in India
At present, there are 4-5 key players such as Chrome Infosoft (DocPro), DMacq, Newgen, Krystal DMS, and Eisen Vault. The names of these key players regularly appear in the sales meetings.
- Software Services Companies in India that do not focus much on Document Management Process
There are numerous such companies that portray themselves as leading software development and outsourcing houses. However, they lack expertise in document management.
- Multinational Document Management Software Enterprises
There are multiple international companies, like OpenText, Documentum, IBM FileNet, and more. These companies are pioneering in the market and leaders in the field. But their services are quite expensive for medium or small-sized businesses in the Indian market.
- Multinational and Indian Document Management Software Companies offering Document Management Services as Add-on
Such companies offer physical document management and storage solutions as their primary services. It also includes scanner and printer hardware companies. The main aim of such companies is to sell their primary product or service and use a document management system to close the sales.
Key Trends Impacting the Document Management Software Market in India
- Big Data brings a New Edge to Document Management Process
The Digital India initiative has resulted in modernization of record-intensive government solutions. Such an initiative can take benefit of advances in big data. Presently, there is the stellar growth of technology across various platforms. In India, the primary users of such technology are still multinational companies and private organizations. Public sectors have still not adopted the technology.
There has been immense growth in the healthcare as lots of people have taken health-related solutions to generate records. The growing E-commerce segment confirms that the logistics sector is also increasing and consuming digital technologies.
- Cloud Computing and Mobility
With web-based document management solutions, it is possible to avail more scalability, making it an excellent solution for small as well as big businesses. It has offered ease of access and reduced expenditure. Moreover, cloud computing drives best document management solutions. With cloud computing, it is possible to avail documents at any time, any place and anywhere.
However, decentralization still creates challenges and restricts opportunities for back-office procedures. It is possible to combat such challenges only when the document management software is accessible easily from mobile devices.
- Archiving is Mainstream
Most of the companies are converting paper documents into electronic formats for long-term retention. Adoption, conversion, and migration are the new approaches. Digital records have conquered the market. The spectrum of information technology is now controlled by electronic measures, like social media, instant messaging, video chats, and more. Information archiving is now a holistic and life-cycle review of use, creation, and protection of digital data.
- Sharing Information Across Channels
Every business has diversified document management needs. Today the employees have full access to the system, no matter what is their location. They can conveniently tap into information from any device with an internet connection.
By adopting this novel technological wave, it has become possible for organizations to deliver more precise responses, minimize transaction costs, reduce handling issues, and boost staff productivities.
The document management software industry in India is presently experiencing an overwhelming trend and a big push to go digital. This is further supported by an upsurge of the tech-savvy professional workforce. The main benefit that documents management software companies in India offer is keeping the cost low and offering a rich customer experience. But alone, it is not enough. There is also the need to combine it with data entry and scanning services. (read more)
For an Indian document management software company to be successful it is vital to have highly efficient project handling teams that can deliver companies the needed solutions on time and within budget.