Information & Records Management Services Market Will Reach USD 236,910 Million By 2027
According to the report, the global information & records management market was valued at approximately USD 147,090 million in 2018 and is expected to reach a value of around USD 236,910 million by 2027, at a CAGR of around 5.5% between 2019 and 2027.
Information & records management is an organizational function that helps in the creation & maintenance of a system for dealing with records throughout the lifecycle of the firm. Moreover, record management includes everything ranging from the record creation to its discarding. It includes everything that is part of a business deal. Precisely, information & records management includes recognizing, categorizing, storing, safeguarding, recovering, tracking, and disposing or permanently retaining the records.
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Burgeoning significance of medical document management to steer the market trends
The thriving healthcare sector is the key end-user of the information & record management solutions with a rise in the usage of medical document management systems for patient record management activities. This will steer the expansion of the information and record management services industry over the forecast period. Apparently, there is a large-scale acceptance of EMR & HIM systems for effective diagnosis & disease care. Moreover, strong healthcare infrastructure facilities along high focus on patient care across the medical sector will generate humungous demand for proficient information & records management activities over the forecast period. This, in turn, will nurture business growth.
Furthermore, the steady expansion of the BFSI industry is lucratively proliferating the market growth. Nevertheless, high maintenance & implementation costs of information & records management services will restrict the rate of the growth of the market over the forecast period.
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Digitization segment to record highest CAGR over the forecast timeline
The digitization segment is projected to register the highest CAGR of about 5.8% during the period from 2019 to 2027. The growth of the segment is attributed to its beneficial features like enhanced productivity, easy accessibility, cost-efficacy, data preserving ability, security, and disaster recovery. Moreover, ease of transfer & storing of data will boost the expansion of the segment.
BFSI segment to dominate the end-user landscape over the forecast timeframe
The BFSI (Banking, Financial Services, and Insurance) segment is predicted to accrue massive gains of nearly USD 51,300 million by 2027. The growth of this end-user segment is due to effective fiscal services offered by mortgage firms, investment brokers, insurance, credit unions, and commercial banking to customers through the use of electronic record management systems.
North America to contribute a major chunk of the overall market revenue share by 2027
The growth of the regional market is due to technological breakthroughs, strong industrial base, and strict rules governing data storage & record management activities. Moreover, the escalating demand for electronic record solutions and digitization of business is predicted to drive the regional market growth over the forecast period.
Top Market Players:
Key players involved in information & records management business include AGS, Restore plc, Cube Records Management Services, EDM Group Limited, Data Keeping Service Co., Ltd., FS Records, Iron Mountain Incorporated, SRM, IKON BPS Pvt Ltd., Mitex International (H.K.)Ltd., Starbic Business Solutions Pvt. Ltd., and Wanbishi Archives Co., Ltd.
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The study provides a decisive view of the information & records management services market by segmenting the market based on the offerings, organization size, verticals, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The growing significance of retaining historical records of the firm along with the constant acceptance of paperless solutions are the major aspects steering the demand for document management system in the manufacturing and healthcare sectors. With electronic data storage activities resulting in reduced operational costs as well as streamlined document storage, the market for information & record management services is likely to gain traction over the forecast period. In addition to this, the growing adoption of cloud computing technologies by firms has assisted them in designing outstanding document management systems, thereby generating a humungous demand for information & record management services in recent years.
Based on the offerings, the industry is divided into Digitization, Cloud Storage, Shredding, and Physical Storage. On the basis of organization size, the market is classified into Large Enterprises and Small & Medium-sized Enterprises. In terms of verticals, the industry is divided into BFSI (Banking, Financial Services, and Insurance), Hospitability, Automotive, Government, Transportation, Media & Entertainment, IT & Telecom, Retail, Healthcare, and Law Firms.
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