Increasing need to streamline business operations and benefits of digitalizing content across enterprises to magnify growth in the global Document Management and Storage Services Market
The size of the global market for document management and storage services was USD 619.5 million in 2022 and is anticipated to increase to USD 1085.6 million in 2028, growing at a CAGR of 9.7% over the forecast period.
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global document management and storage services market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global document management and storage services market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global document management and storage services market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global document management and storage services market.
Printing Segment to Hold Highest Market Share Owing to Rising Adoption of Advanced Printing Techniques
The printing segment is expected to hold the largest share during the forecast period. The growth in the segement is owing to the rising adoption of advanced printing techniques such as thermal transfer printing to print and and manage a massive amount of information. Document archiving and storage based on big data and cloud services allows end user to organize, monitor and retain their business critical document.
Further, imaging and scanning segment followed by archiving and storage is expected to show significant growth , owing to the rising adoption of smart scanner, 3D imaging camera, and connecting technologies such as Bluetooth 5.0, Wi-Fi, and IoT among others.
Corporate Industry to Witness Highest Adoption of Document Management Services
Corporate segment held the largest market share in 2018. The rising adoption of connecting devices such as smartphones, smart TV, smart projectors, smart scanners, tablets, laptops etc. Is significantly contributing to growth in this market.
Furthermore, the demand for document management services has been considerably high in the government sector. These services help to reduce the need for paper based documentation and streamlines the flow for the efficient provision of data to end-user in this segment.
safety locks are segmented into Household, Automobile, and Others. The use of safety locks are increasing whether they are used for automobile or household.
North America to Sweep the Largest Revenue Streams Followed by Asia Pacific
The market in North America is expected to lead by capturing the maximum market share during the forecast period. The region held the largest share at USD 13.76 Billion in 2019 and is expected to dominate the market during the projected horizon. This is ascribable to factors such as presence of major companies such as Oracle Corporation and Access. Furthermore, rising adoption of the services by the end-user industries such as healthcare and BFSI is expected to propel North America to hold highest document management services market revenue between 2020 and 2027.
The market in APAC region is likely to rise significantly during the forecast period. This is attributable to factors such as improved IT infrastructures in countries such as China, and India. Furthermore, advancement in business process services in Asia-Pacific will positively affect the market growth in the forthcoming years.
Integration with client and employee portals and initiatives from organizations to reduce paper wastage to offer new opportunities in the global document management and storage services market
Document management is used to capture, track and store electronic documents such as PDFs, word processing files and digital images of paper-based content, it also incorporates document and content capture, workflow, document repositories, output systems and information retrieval systems. Document management can save an organization time and money. It provides benefits such as document security, access control, centralized storage, audit trails and streamlined search and retrieval. The rising adoption of cloud-based document management services is propelling the growth of the market.
Despite a minor growth dip owing to Covid-19 implications, the global document management and storage services market is expected to recoup growth and register over USD 11 billion by 2028 ticking at a CAGR of 11%.
Document management systems are mainly used for the storage and retrieval of self-contained electronic data sources in the document form. These systems are designed to help organizations manage the creation and flow of documents through a centralized repository. Document management systems play a pivotal role in sourcing, monitoring, and managing content and extracting intelligible strategic business insights from the voluminous content generated by enterprises. Owing to this, there is an increased demand for document management systems mostly among enterprises as data is regarded as a corporate asset in enterprises.
The document management systems market is motivated by the need for augmented efficiency in the workplace. The improving technologies and efficient execution of the DMS are expected to gradually eliminate the traditional concept of paper files. The banking sector is also one of the most regulated sectors of the economy. Ensuring compliance with legal norms and regulations, as well as providing updates, it is essential for any financial or credit company.
Forward-looking players in the global document management and storage services market are furthering investments towards developing advanced document management and storage services.
The various opportunities include The emergence of paperless offices and digitalization that has decreased the use of courier-based and paper-driven documents. In addition, there is an increased need to adopt document management to curtail illegal login trades and transports. The Asia-Pacific region witnesses a majority of students entering the universities for studies. This makes it imperative for the universities to keep a document trail for every student. The number is increasing every year. This creates an opportunity for providers of the Document Management System to tap into the document management system market. These are some of the factors that pave as opportunities for the DMS.
The factor that acts as a hindrance in the pathway of the document management system market includes the high implementation cost. When practically using document management and installing it into your system this makes it a good expenditure to make, which not every single person can afford. The concerns related to data security restrain the document management system market. Hence here is where the connection between the customer base and the companies hampers and distorts to some extent. This is one of the factors that restrain the growth of the document management system.
The major players of the global Document Management and Storage Services market are Dell Technologies , SRM , IBM , Crown Records Management , eDataIndia , Microsoft , Adreno Technologies , Oracle , Storage Solution India Pvt. Ltd. (SSIPL) , and Iron Mountain.
The document management and storage services market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Document Management and Storage Services Market Scope
|Revenue forecast in 2028
|USD 1085.6 million
|CAGR of 9.7 % during 2018-2028
|Service, End-User, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Dell Technologies , SRM , IBM , Crown Records Management , eDataIndia , Microsoft , Adreno Technologies , Oracle , Storage Solution India Pvt. Ltd. (SSIPL) , and Iron Mountain.
Key Segments of the Global Document Management and Storage Services Market
Service Overview, (USD Million)
- Archiving and Storage
- Imaging and Scanning
- Mailroom Services
End-User Overview, (USD Million)
- Aduit & Consulting
- Insurance & Re-insurance
Regional Overview, (USD Million)
- Rest of Europe
- Southeast Asia
Middle East and South Africa
- Saudi Arab
- South Africa