LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global document management and storage services market and it is poised to experience spend growth of more than USD 5 billion between 2018-2023 at a CAGR of over 11% during the forecast period. Request Free Sample Pages.
Read the 104-page research report with TOC and LOE on “The Global Documentation Management and Storage Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Spend growth in the document management and storage services market will be mainly attributed to the growing necessity of organizations to streamline and securely store data. Healthcare and chemical are some of the end-user industries that are observed to pump in more investments into data protection as a service, which is a sub-segment of this market, to fortify the security of their repository of sensitive data.
In terms of regional spend growth, the growing demand for document management from the healthcare sector and focus on upgrading the existing systems at buyer’s facilities will propel the market’s spend momentum in APAC. Factors such as stringent data privacy laws and the growing integration of IoT into various business sectors will drive spend growth in the document management and storage services market in North America.
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Insights into the market pricing trends
- To render document management and storage solutions more scalable and reliable, suppliers are making major investments in their R&D activities. This will increase the suppliers’ OPEX which will have consequent negative impacts on their cost structure.
- Suppliers are increasingly adopting the latest technologies such as barcode scanners, labels, and online tracking systems to improve their service performance. The rise in their OPEX will be passed on to buyers in the form of high procurement costs.
What are the strategies to adopt to optimize procurement spend in this market?
Adopt a pay-as-you-go pricing model
This model involves payment only for resources used, i.e., the number of boxes used for storage, cloud storage capacity consumed, and network bandwidth utilized. Buyers might have to pay a monthly fee for their storage requirements. This model entails benefits such as curbing the necessity of paying additional upgrade costs, increase pricing transparency, and low switching costs.
Engaging with integrated suppliers
Engaging with suppliers who offer integrated services reduce the management complexity of engaging with multiple vendors. Buyers are advised to engage with suppliers who offer end-to-end services for the document lifecycle from creation to secure destruction. This ensures visibility over the product lifecycle, assists in easy maintenance of audit trails, and quick retrieval of documents.
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Some of the key topics covered in this report are:
- Document management and storage services market spend segmentation by region
- Total cost of ownership analysis in the document management and storage services market
- Regional spend opportunity for document management and storage services suppliers
- Document management and storage services suppliers cost structure
- Document management and storage services pricing models analysis
- Document management and storage services procurement best practices
- Category management objectives
- Cost-saving opportunities in the document management and storage services market
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