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The global document management services market size was USD 34.21 billion in 2019 and is projected to reach USD 57.56 billion by 2027, exhibiting a CAGR of 6.9% during the forecast period.
The global market is booming with rising adoption of the document management services among enterprises across various sectors such as corporate, and medical, among others. These services that include digitization, imaging & scanning, document management, archiving services and document indexing are essential to ensure that information can be retrieved and stored safely. The document management services providers offer secure and convenient storage for documents, convert paper-based data to electronic data, and provide document-shredding services. Enterprises are implementing these services in their business unit to digitize their business processes, mitigate risks, reduce costs, streamline workflows, and enhance operational efficiency. Further, key players in the market are adopting various marketing strategies such as mergers & acquisitions to expand their business across different geographies. For instance, in June 2018, Iron Mountain Incorporated, U.S.-based enterprise information management services, acquired Arhiv Trezor d.o.o., Croatia-based provider of records management & storage. This acquisition enabled Iron Mountain to grow its presence in Southeastern Europe.
The widespread effect of COVID -19 pandemic and the humanitarian toll taken by it, is turning out to be challenging for the market players to respond. According to the International Data Corporation (IDC), the global market for IT and business outsourcing services are expected to decline by 1.1% in the year 2020 and will grow just over 1.0% in 2021, due to the outbreak of Coronavirus disease (COVID-19) pandemic. An unprecedented outbreak of the novel coronavirus has forced many investors to streamline their business operations. The public health emergency preparedness response and planning activities are taking social distancing measures to minimize the spread of COVID-19. Considering the required precautions of the coronavirus, government and other organizations have started implementing work from home policy.
However, the adoption of cloud-based services is expected to see a surge in the coming years. This growth has allowed the cloud and AI giant to switch their services to deal with the increased document load. The global pandemic has sparked a remote work revolution and social distancing for document management service providers. The ongoing crisis will compel consumers and organizations to shift to the online world. As a result, it may improve productivity and open new opportunities for the workforce.
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Growing Adoption of Electronic Document Management Services based on Cloud to Drive this Market
One of the emerging trends for market is the shifting focus of enterprises towards electronic document management services (EDM) from paper-based services. Large enterprises among various industries including government, BFSI, medical and others, are adopting EDM services, based on cloud, in their various business applications. Enterprises are adopting these services to improve production efficiency and streamline their workflow.
Additionally, document management services enable organizations to manage and control the documentation process by creating a paperless environment. Moreover, these services control the centralization, creation, authentication, deletion, storage, distribution, retrieval and collaboration of the documents. To cater to the rising demand of these services, key players in the market are focused on integrating technologies such as cloud and big data to develop EDM services. This advanced EDM services would assist in enhancing the user’s experience. The players are adopting various business strategies such as mergers, partnerships, and product launch to cater to the rising need across end-users. For instance, in November 2018, Kyivstar, Ukrainian-based Telecommunications Company, completed a partnership with the Intecracy Group, to launch the Star.Docs, an EDM based service. It is an online service for the approval and signing of electronic documents.
Rising Adoption of Cloud-based Document Management Services among Organizations to Aid Market Growth
The emerging driver for document management services market growth is the rising adoption of cloud-based services across various sectors. The rising adoption of these services enable organizations to streamline the workflow, improve efficiency and precisely handle the documentation needs, thereby improving individual productivity. The exponential increase in the volumes of information is making it cumbersome for consumers to maintain and streamline accurate data. To address these complications, key players in the market are focused on developing cloud-based services. In the corporate environment, the cloud-based service allows workforces to store, track electronic archives, and paper-based information or data by using a record scanner. Besides, these advanced services help to reduce costs, mitigate risks, streamline workflows, and build solutions that can improve consumer’s operational efficiency. With the help of cloud-based document management service, it becomes easier to keep a track of important documents and enhance workflow. To cater to the rising demand, key players in this market are focusing on launching a new service to simplify workflow. For instance, in October 2016, Folderit, a European-based computer Software Company, launched a cloud-based document management service to simplify workflow for small businesses worldwide. With a rise in the adoption of cloud-based services, the demand for these services is expected to boost during the forecast period.
Information Security and Privacy Concerns Proving to be Inhibiting Factor for Document Management Services Market Growth
There are several possible vulnerabilities present in managing the documents. These vulnerabilities include data and security breaches, sharing of sensitive information, identity theft, and other threats of cyberattacks. This can severely damage the reputation of the organization and eventually hamper the confidence of people running the business. This in turn may create liability to lawsuits and even criminal penalties. Sensitive information is often stored in on-cloud and databases, which enables cybercriminals to subvert valuable company data and use it to enter unlawful dealing. Besides, data privacy, crucial document management security concerns, and the need for huge investment are also expected to impede this market growth.
Printing Segment to Hold Highest Market Share Owing to Rising Adoption of Advanced Printing Techniques
Based on the service, this market is divided into archiving and storage, imaging and scanning, printing, mailroom services and others (indexing, metadata, etc.). Among these services, the printing segment is expected to hold the largest market share during the forecast period. The growth in the segment is owing to the rising adoption of advanced printing techniques such as thermal transfer printing to print and manage a massive amount of information. Document archiving & storage based on big data and cloud services allow end-users to organize, monitor, and retain their business-critical documents. For instance, in January 2020, Google launched a cloud-based archive cold storage service that focuses on long-term data retention. With this launch, Google can compete against Microsoft Cool Blob Storage, IBM Cloud Storage, and AWS Glacier. The rising adoption of services through cloud delivery model is expected to drive the adoption of archiving and storage services among the SMEs.
Further, the imaging and scanning segment followed by archiving and storage is expected to show significant growth, owing to the rising adoption of the smart scanner, 3D imaging cameras, and connecting technologies such as Bluetooth 5.0, Wi-Fi, and Internet of things (IoT) among others. In addition, these services provide several benefits to enterprises such as its cost-effective solution, maximize efficiency, and the enterprises can save money as well as time for transporting documents to a particular centralized location. Key players in this market are focusing on launching new products to strengthen their market position. In September 2018, Canon launched next-generation imageFORMULA DR-G2090, DR-G2140, and DR-G2110 series production scanners. This offers the best solution for businesses with maximum volume imaging and scanning needs. Moreover, mailroom services segment is estimated to witness the highest CAGR during the forecast period owing to rising demand from various enterprises to minimize the errors in segregating the mail, to save time & cost, and to manage the large number of emails received among others. Other services such as indexing and metadata among others are expected to show a considerable growth rate, as these services assist the organization in digitizing documents while ensuring simple access, retention, and archiving of data.
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Corporate Industry to Witness the Highest Adoption of Document Management Services
Based on the end-user, this market scope includes medical, financial, government, audit & consulting, corporate, telecommunication, and insurance & re-insurance. Among these, corporate segment held the largest market share in 2018. The rising adoption of connected devices such as smart phones, smart TV, smart projectors, smart scanners, tablets, laptops etc. is significantly contributing to the growth of this segment. Key players in this market are focused on strategically acquiring and collaborating with other regional and local players to strengthen their geographical presence. For instance, in September 2016, the Hibbert Company, a US-based integrated communications solutions provider, acquired The RedShark Group, a US-based document solutions and strategies provider. This acquisition assisted in the implementation of cloud-based content service to serve RedShark’s customers. Medical organizations are progressively implementing these outsourced services owing to increased clinical efficiency, decreased healthcare costs, the simplification of compliance efforts and improved patient data securely. Key players in this market are focused on developing and offering advanced services to cater to the rising demand across medical sector. For instance, Vanan Healthcare, a US-based healthcare document management service provider, offers an affordable solution for the medical document management needs. In addition, the reductions in administrative expenses and paper waste, growing numbers of medical appointments and ease of storage are other incentives for adopting an efficient document management service.
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 workflow for the efficient provision of data to end-user in this sector. With the growing volumes of paper-based documentation, the adoption of digital services can enable constituents and staff to achieve huge cost savings. Moreover, telecom, finance, insurance, audit, and consulting segments are expected to show a considerable growth rate. The growth in these segments is likely to be healthy and is anticipated to garner high growth in the coming future. The primary factors responsible for the growth of this market are the need for cost-effective service, adoption of electronic document management services, government initiatives, ensure regulatory compliance, secure financial information, and improve compliance.
North America Document Management Services Market Size, 2019 (USD Billion)
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Geographically, the market is divided into five regions, including North America, Asia Pacific, Europe, Middle East & Africa, and Latin America.
The market in North America is expected to lead by capturing the maximum market share during the forecast period. The growth in this region is attributable to the rising penetration of core technologies and the presence of technology giants in the region such as Xerox Corporation, Iron Mountain Inc., etc. The rising demand for efficient and cost-effective business process solutions acts as a driving factor for the growth of the market in the region. Strict policies, high infrastructure costs, and regulatory frameworks also characterize the market. The US holds majority of the North American market, owing to the rising adoption of these services among various end-use industries such as healthcare and BFSI. Key players in this market are focused on merger and acquisition strategies, to cater to the rising demands for efficient and cost-effective business process solutions. For instance, in April 2018, Exela Technologies, Inc., a US-based business process automation (BPA) provider, acquired Asterion International Group, the German-based document management and a BPO service provider. This acquisition will assist the company to expand its product portfolio across Europe. Additionally, this will enable Asterion’s consumers to access Exela’s BPA solutions.
The Asia Pacific market is expected to grow with the highest CAGR during the forecast period. The growth in this region is owing to advancement of business processes and IT infrastructure. Countries such as China and India are the significantly emerging countries of the Asian economy, which are focused to supplement the market growth during the forecast period. India is one of the leading countries in the region, offering data outsourcing services. Key players are focusing on launching new management services to gain a competitive edge in the market. For instance, in July 2018, Ricoh India launched Document Process Outsourcing Services Business to provide a total solution for organizations to outsource their document business process. As a result, this market growth in the region is proliferating.
Europe held a significant position in the market in 2018, owing to the presence of major players operating in this market such as Unifiedpost Group, Oasis Group, etc. Key players are focusing on inorganic strategies such as partnerships to expand their business and related offerings. For instance, in October 2018, Storetec Services Limited completed a partnership with Giacom World Networks Ltd. to bring a customized cloud-based solution to their resellers. This enabled the resellers to store all their consumers’ text, image-based, and scanned paper documents in a secure database. Further, the implementation of the Europe General Data Protection Regulation (GDPR) that states procedures for document management and provides guidelines on document destruction will induce consumers to invest more in this type of services in Europe.
Furthermore, the Middle East and Africa and Latin America are estimated to develop at a considerable rate. This growth is owing to the rising government initiatives, the growing trend of cloud and big data, and advent technological advancement across these regions. Key players in these regions are focusing on various strategies such as partnership to strengthen their market position. For instance, in February 2019, RM Results partnered with Edutech to deliver intuitive, secure, and reliable e-marking solutions across the Middle East. This partnership accelerated the adoption of e-marking to support awarding organizations across the Middle East.
Leading Market Players are Emphasizing on Expanding Product Portfolio to Strengthen Market Position
Xerox Corporation is one of the document management service providers that develops and offers print and digital document products and services worldwide. The Company offers enterprise content management, managed print services, document transaction processing, workflow automation, and packaging printing. Xerox serves education, banking, government, healthcare, retails and manufacturing industries worldwide. Furthermore, the document management services offered by the company ensure business information stays accessible, flexible and secure. Moreover, the services offered by the company help to get maximum information value by streamlining document processes. Document management services drive efficiency, enhances customer experience and paves the way for innovation on the next generation managed print services (MPS). The company is currently investing in the development of AI-based outsourcing services projects all across the globe.
November 2016 – Xerox Corporation launched its document transaction processing services and its communication and marketing solutions for large enterprises. This helps large enterprises to automate transaction processing and improve customer communications. This allowed the company to expand its document outsourcing services worldwide.
The document management services market report offers qualitative and quantitative insights on the managed service industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is quantitatively analyzed from 2020 to 2027 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.
Along with this, the report provides an elaborative study of market dynamics, emerging trends, opportunities, and competitive landscape. Key insights offered in the report are the adoption trends of managed service, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
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2016 – 2027
2020 – 2027
2016 – 2018
Value (USD billion)
Fortune Business Insights says that the market value stood at USD 34.21 billion in 2019
By 2027, the market size is expected to reach USD 57.56 billion
The market is expected to grow at a CAGR of 6.9% in the forecast period (2020-2027).
Asia Pacific is anticipated to grow with the highest CAGR.
Within service, the mailroom services segment is expected to lead the market during the forecast period.
Rising adoption of cloud-based document management services among organizations is one of the key drivers for market growth.
Xerox Corporation, Ricoh Company, Ltd., Konica Minolta, Inc., and KYOCERA Document Solutions, Inc. are the top companies in the market.
The finance segment is expected to grow significantly at the highest CAGR during forecast period, owing to cost-effective service, adoption of electronic document management services, government initiatives, ensure regulatory compliance, secure financial information, and improve compliance.
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