Document Management Services Market to Exhibit a CAGR of 6.9% by 2027; Xerox Corporation’s Acquisition of Arena Events Group to Augment Growth

The global document management services market size is likely to expand and reach USD 57.56 billion and exhibit a 6.9% CAGR by 2027. Fortune Business Insights, in its latest report, titled “Document Management Services Market Size, Share & COVID-19 IMPACT Analysis, By Services (Archiving and Storage, Imaging and Scanning, Printing, Mailroom Services and Others), By End-user (Medical, Financial, Government, Audit & Consulting, Corporate, Telecommunication, and Insurance & Re-insurance) and Regional Forecast, 2020-2027.”, states that the market value stood at USD 34.21 billion in 2019 and expected to rise gradually between 2020 and 2027.

The rising adoption of the document management services among several sectors such as corporate, and medical, among others will bode well for the market growth in the forthcoming years.

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Xerox Corporation Acquires Arena Events Group to Maintain Stronghold

Presently, advancement in technology is propelling several companies to usher in the era of digitalization. Xerox Corporation is one such company who is integrating exponential changes by taking steps towards transforming into a digital behemoth. A prominent name in building and integrating software and hardware solution for several small, medium, and large enterprises, Xerox Corporation, in January 2020, announced its acquisition of Arena Group, one of the leading office solutions providers in the U.K. The acquisition that has received governmental nod has gone underway with details of terms and transaction unknown. Herve Tessler, President of EMEA Operations at Xerox, said, “After establishing ourselves successfully in the small and medium size business (SMBs) for the promising U.S. market, we are now leveraging our strategy by expanding to Europe.”

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Cloud-Based Services to Surge amid COVID-19

These are challenging times for several sectors across the globe owing to widespread effects of the global pandemic, COVID-19. According to a statistic by the International Data Corporation (IDC), globally IT and other business outsourcing services are expected to decline by 1.1% in 2020, with a growth rate of 1% projected for 2021. However, cloud-based services are expected to see a massive surge owing to people working remotely from the confines of their space.

Internet Security and Privacy Concerns likely to Hinder Market Growth

Rising adoption of cloud-based services, pose a major threat to several data vulnerabilities such as cyberattacks that cause data breach. Hackers are finding novel ways to initiate several forms of cyberattacks that can steal sensitive information resulting in huge financial loss. In addition to this, such attacks can have a drastic effect on the reputation of the organization, while affecting its business running capability largely. Thereby, growing information security and privacy concerns may hinder the growth of the market to some extent during the forecast period.

Product Expansion Strategies by the Companies to Augur Growth

The global document management service market report observes that, the prominent industry players such as Xerox Corporation, and Oracle Corporation, among others are striving to register major market share by consolidating their position. In addition to this, adoption of strategies such as expansion of product offering, collaboration, and partnerships, among others by the players to maintain market stronghold and gain a major chunk of the marketplace is expected to drive the market growth during the forecast period.

Industry Development:

• November 2019: Access, a U.S.-based technology service provider, announced its acquisition of Docu-Depot, a Canadian document management company. According to the company, this acquisition has enabled it to further expand its presence in promising places such as Montreal and Quebec City and consolidate its position in global marketplace.

List of the Companies Operating in the Market:

• Xerox Corporation (US)


• Oracle Corporation (US)


• Access (US)


• Docu-Depot (Canada)


• Prime Document Ltd (UK)


• Ricoh Company, Ltd. (Japan)


• Konica Minolta, Inc. (Japan)


• KYOCERA Document Solutions Inc. (Japan)


• Invensis Technologies Pvt Ltd (India)


• Iron Mountain Incorporated (US)


• Alfresco Software, Inc. (US)


• Sumasoft (India)


• Exela Technologies Inc. (US)


• Lexmark International, Inc. (US)

Further Report Findings:

• North America is expected to dominate the market with its market value of USD 13.76 Billion in 2019 during the forecast period. This is ascribable to factors such as presence of several major technological companies such as Xerox Corporation and Iron Mountain, Inc.


• The market in Asia-Pacific is expected to register promising growth during the forecast period. This is attributable to factors such as advancement in business processes and improved IT infrastructures.


• The segment corporate industry (based on end-user) that held highest market share in 2018 is anticipated to rise further during the forecast period. Increasing adoption of connected devices and proliferation of strategies such as merger and acquisition by the player will contribute for the growth of the market during the projected horizon.


•  The government segment (based on end-user) is likely to gain momentum owing to rising shift towards digital services during the forecast period.

Global Document Management Services Market Scope &Segmentation: