The global document management and storage services market was valued at almost USD8 billion in 2016 and is expected to surpass USD9 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on document management and storage services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global document management and storage services market during the forecast period. Some of the top vendors listed in this industry analysis include Iron Mountain, ARC, Access, Shred-it, and Restore.
In terms of geographical analysis, the Americas were the largest shareholder in the global market, with a market share of around 73%. The US was the key revenue generating country in this region by accounting for 1,500 players approximately in the Americas.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “The advent of digitalization and development of paperless offices has led to the increased adoption of cloud-based platforms for archiving, storage, and collaboration purposes. The vendors are offering innovative products like hybrid cloud storage options that are offering enhanced security to protect critical data. The vendors in the market are offering integrated platforms that provide seamless integration to the cloud, data protection services, and disaster recovery options for document management. These systems are designed to provide secure and high-speed cloud services to clients.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing stringency of regulations
The stringent norms governing record retention, document storage, and destruction of records is increasing the requirement for document management and storage services in the market. The government regulations are encouraging organizations to focus on reducing compliance and storage costs to remain competitive in the market and avoid penalties or fines. For instance, advisory firms are required to comply with SEC regulations regarding recordkeeping and provide legible, non-editable copies at short TATs.
Increasing adoption of Big Data analytics
The exponential increase in the volumes of data is prompting companies to adopt big data analytics and other data management services. These systems are designed to organize and store data for easy retrieval and management. The adoption of cost-effective and simplified systems is helping in the development of the market. Digital accessibility solutions and Big Data analytics to help predict trends, manage consumer data, and employ targeted marketing. Some of these systems provide access to overall inventory, analyzes inventory activity and spend data, and helps derive future projections.
Expertise in handling high volumes of data
High volumes generated and formats of data used in organizations are encouraging regulatory bodies to mandate the storage of records for a considerable period and secure disposal. The storage of these database helps the regulatory bodies to avoid identity thefts and other cybercrimes. The suppliers are offering cost-effective storage solutions and integrated digital platforms for easy access and information retrieval which in turn, is augmenting demand for their services.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Document Management and Storage Services – Procurement Market Intelligence Report 2017-2021.’
