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The Europe document management services market size was USD 385.1 million in 2020. The market is projected to grow from USD 410.5 million in 2021 to USD 965.0 million by 2028 at a CAGR of 13.0% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the Europe market will exhibit a lower growth of 3.39% in 2020 as compared to the average year-on-year growth during 2017-2019. The drop in CAGR is attributable to this market’s demand and growth rate, returning to pre-pandemic levels once the pandemic is over.
In the scope of the study, we have included key players such as Xerox Corporation, Oracle Corporation, Ricoh Company, Ltd., Konica Minolta Business Solutions Europe GmbH, KYOCERA Document Solutions Inc., and others. These large enterprises offer document management services such as managed print services, consulting, document services, and software solutions. For instance, Canon Inc. provides cloud-managed services print services. Similarly, Hewlett Packard Enterprise Company provides document scanning & indexing, managed print services, and many other document storage services.
Document management is a system or process for capturing, tracking, and storing electronic documents, including PDFs, Word documents, and digital pictures of paper-based material. Enterprises are implementing these services in their business units to digitize their business processes, mitigate risks, reduce costs, streamline workflows, and enhance operational efficiency.
The leading players' rising development and launching of cloud computing and AI-based document solution services are witnessing potential demand for document management services. For instance,
Further, the rising paperless documentation across healthcare and government sectors is the market dynamic factor for the Europe document management services market growth. For instance,
Also, several leading players in the market are developing and expanding their portfolio in leading developed countries, such as Germany and the U.K., owing to the rising demand for digitalizing the business. For instance,
COVID-19 Pandemic Hampered Demand Owing to Lack of Services Spending
The COVID-19 pandemic has slightly declined the demand, owing to a halt in manufacturing and supply chain activities related to infrastructure development. Several international and national organizations stated that the world economy faced the most challenging period with the financial crisis. According to the United Nations (UN) analysis, the worldwide economy shrunk by 1% in 2020, whereas it previously estimated a growth of 2.5%. Also, the World Health Organization (WHO) states that approximately 3.3 billion workforces are at risk attributed to COVID-19 impact across the globe.
The document management services (DMS) market growth observed a moderate downfall in 2020 and will exhibit favorable growth in the future. The positive development is attributed to rising technological advancements for secure document storage and converting paper-based data to electronic data services. For instance,
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Growing Digital Business Transformation Initiatives and Rising Cloud Computing Service Adoption Aid Market Growth
The digital transformation of documents is rapidly increasing around Europe. In particular, the rising utilization of cloud-based services for document storage and management and surge in adoption of electronic document management (EDM) services have propelled the market growth.
With the help of cloud-based document management services, electronic documents can be easily located and emailed within the software. Additionally, cloud-based services offer centralized authentication, storage, deletion, distribution, and collaboration of data and documents.
Thus, the shift toward adopting EDM services is a growing trend in the market. Further, increasing work from home trend and rising adoption of cloud-based EDM services across Europe aid the market growth. Additionally, document storage & archiving and printing based on cloud services and digital mailroom services allow end-users to monitor, organize, and retain business-critical documents. For instance,
Rising Adoption of Advanced Technologies to Strengthen Market Growth
The technologies across document management services are rapidly evolving, which is considered an efficient solution for organizations to manage information safely.
The rising adoption of these services enables organizations to modernize workflow and precisely handle documents, thus improving employee productivity. Additionally, an exponential increase in information volumes makes it tiresome to handle. To address these complications, leading players are emphasizing technological developments.
In accordance, leading market participants are integrating Big Data, robotic process automation (RPA), cloud-based technologies, and artificial intelligence (AI) to develop stress-free services. This, in turn, is propelling the market growth. For instance,
Moreover, to cater to end-users demand, these companies are introducing industry-leading digital documentation services efficiently. Further, document management services are used to capture & process documents from paper forms to digital ones, thereby streamlining the digital business processes.
Concerns Regarding Document Data Security and High Cost of Services Hinder Market Growth
Several essential document management services are subjected to security concerns and require high investment to adopt these services, which may hinder the market growth. According to secondary sources from various companies' analysis, such as Recoh Europe Ltd, Oracle Corporation, Xerox Corporation, the average document management services cost ranges from USD 15.0 to 200.0/month for subscription service and approximately USD 10,000 for self-hosted systems depending on requirements. Hence, it is difficult for small and medium enterprises (SMEs) to initially invest in these services due to a limited budget.
Further, document management services could be subjected to cyber-attacks that require data security, leading to privacy that hinders the market growth.
Rising Demand from Government, Healthcare, and Manufacturing Sectors to Bolster Market Growth
Based on service, the market is divided into archiving and storage (digital and physical), imaging and scanning, printing, mailroom services, and others (indexing, metadata). Archiving and storage are projected to dominate this market with the largest share. This is primarily attributed to the rising demand for documents storage across the government, healthcare, and manufacturing sector. Every day, hospitals, clinics, and even private practices must manage vast volumes of medical records, billing data, and other paperwork. This high volume of medical records needs to store and archived as per the requirement. Several leading players are offering these services for the healthcare industry. For instance,
Also, mailroom services are growing with the highest CAGR during the forecast period. This is primarily attributed to rising digital transformation and surge in cloud computing services adoption across European countries. European Statistical Office (Eurostat) stated that the utilization of cloud computing in Europe increased by five percentage points in 2021 compared with 2020.
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Increasing Demand for Documents Storage and Protection in the Banking Sector Aids Market Growth
Based on end-user, the market is divided into banking, financial services and insurance (BFSI), IT and telecommunication, government, manufacturing, retail, healthcare, and others (education, energy). BFSI is expected to have the largest Europe document management services market share during the forecast period. This is primarily attributed to the rising demand for document storage and protection in the financial and insurance sector. Several leading banks have adopted cloud-based document management services to meet the growing demand for documents storage and verifications. For instance,
The healthcare sector in the document management services market is growing with the highest CAGR during the forecast period. This is primarily attributed to the rising demand to store the patient's information and documents during the COVID-19 pandemic. As a result, major players in the market have helped local governments and other organizations in these unprecedented pandemic situations. For instance,
The Europe document management services market has been analyzed across five major countries, the U.K., Germany, France, Italy, Spain, Austria, Sweden, Portugal, and the Rest of Europe.
Germany is expected to dominate this market. This is primarily attributed to the rising adoption of document archiving and storage solutions in Europe. Ricoh Europe Ltd has centralized archiving of more than 110 million documents from European organizations. It has improved the organization’s productivity and retrieval times and provided valuable cost-saving.
Product Launch & Expansion Strategy to Lead to High Competition
Key players in the market include Lexmark International, Inc., Hewlett Packard Enterprise Development LP, Xerox Corporation, Oracle Corporation, Ricoh Company, Ltd., and others, which are focused on offering advanced document management services. These players are developing and expanding their product portfolios to cater to the increasing digital transformation needs. For instance,
An Infographic Representation of Europe Document Management Services Market
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The Europe document management services market research report covers leading countries in Europe for better user understanding. Furthermore, the report provides market insights with the latest industry vertical’s market trends, size share statistics, and analyses technologies deployed rapidly in Europe. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
Value (USD Million)
By Service, End-user, and Country
The market is projected to reach USD 965.0 million by 2028.
In 2020, the market size stood at USD 385.1 million.
The market is expected to grow at a CAGR of 13.0%.
Archiving and storage are likely to lead the market.
The increasing adoption of advanced technologies, such as cloud computing, AI, and machine learning, are escalating the market growth.
Xerox Corporation, Oracle Corporation, Ricoh Company, Ltd., Lexmark International, Inc., Hewlett Packard Enterprise Development LP, and others are the top players.
Germany is expected to hold the highest share in the market.
Healthcare in the end-user segment is expected to grow with a CAGR of 15.1%.
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