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Document Management Services Market to Register 6.9% CAGR by 2027 Owing to Increasing Adoption of Technology Worldwide, states Fortune Business Insights™

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Pune, June 02, 2020 (GLOBE NEWSWIRE) — The global document management services market is likely to reach USD 57.56 billion by 2027; owing to rapid adoption of cloud-based technologies. Besides, the market will register a CAGR of 6.9% between 2020 and 2027 according to Fortune Business Insights, 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” We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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What does the Report Include?The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:Adoption of Technology Such as Cloud-Based amid COVIID-19 to Spur DemandTechnological advancement has led to emergence of efficient and reliable services such as cloud-based management. Additionally, cloud-based applications provide a seamless user experience and provides high-level flexibility to manage work for the organizations across the globe. The global pandemic, COVID-19 has gripped the whole world with widespread effects over several economies. Several governments around the world have called for lockdown to contain the disease and majority of people are working remotely. This has surged the demand for cloud-based services manifold in this testing times. Major companies are adopting the services that are robust and reliable to keep continuing the operational activities of their businesses. For instance, in May 2020, King & Wood Mallesons, a global international law firm, announced its adoption of iManage Cloud for its offices in Europe, Middle East, and United States. Darren Brown, IT Head of the company, said on the sidelines of the development, “Our firm is a strong believer of the future belonging to cloud, and are impressed with iManage cloud’s tremendous impact on our productivity, significant reduction in operational overheads, and its ability to access remotely.”Presence of Major Companies in North America to Bolster GrowthGeographically, the market comprises of several regions affecting the market growth during the forecast period. They are:North America: 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.Asia-Pacific: The market in this 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.Europe: On the other hand, Europe is anticipated to register augmented growth owing to adoption of strategies such as collaboration by the companies to expand their business during the forecast period.Competitive Landscape:Merger and Acquisition by the Companies to Stoke DemandAccording to the report, there are several companies operating in the market striving to gain major market share and outshine their rivals in the competitive marketplace.  They are doing so by adopting strategies such as merger and acquisition, collaboration, and joint ventures, among others and maintain market stronghold in the forthcoming years. For instance, in April 2018, Exela Technologies Inc., a U.S.-based automation provider, announced its acquisition of the German-based document management company, Asterion International Group. This acquisition is expected to expand the company’s operation and product offering across Europe. Furthermore, it will enable access to Asterion’s consumers to Exela’s document management solutions.
List of the Companies Operating in the Document Management Services Market are: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)
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IntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and Opportunities   Emerging TrendsKey InsightsMacro and Micro Economic IndicatorsConsolidated SWOT Analysis of Key PlayersCOVID-19 Impact AnalysisGlobal Document Management Services Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Sizing Estimations and Forecasts – By ServicesArchiving and StorageImaging and ScanningPrintingMailroom ServicesOthers (Indexing, Metadata etc.)Market Size Estimates and Forecasts – By End-userMedicalFinancialGovernmentAudit & ConsultingCorporateTelecommunicationInsurance & Re-insuranceMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia-Pacific (APAC)Middle East & Africa (MEA)Latin America (LATAM)TOC Continued…!!!

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