Facts and Factors Market Research has published a new report titled “Information & Records Management Services Market By Offerings (Digitization, Cloud Storage, Shredding, and Physical Storage), By Organization Size (Large Enterprises and Small & Medium-sized Enterprises), and By Verticals (BFSI (Banking, Financial Services and Insurance), Hospitability, Automotive, Government, Transportation, Media & Entertainment, IT & Telecom, Retail, Healthcare, and Law Firms): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global information & records management market was valued 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.
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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.
This report segments the information & records management market as follows:
Global Information & Records Management Services Market: By Offerings Segment Analysis
- Cloud Storage
- Physical Storage
Global Information & Records Management Services Market: By Organization Size Segment Analysis
- Large Enterprises
- Small & Medium-sized Enterprises
Global Information & Records Management Services Market: By Verticals Segment Analysis
- BFSI (Banking, Financial Services and Insurance)
- Media & Entertainment
- IT & Telecom
- Law Firms
Global Information & Records Management Services Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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