A recent TechNavio report states that the Global Network Office Document Solutions market is set to grow at a CAGR of 9.4 percent over the period 2014-2019.
With more and more businesses moving to a paperless digital environment, the demand for network office document solutions is growing. Electronic document management helps businesses reduce paper overhead, monitor processes remotely, and reduce the costs involved in manually sorting, organizing, and classifying paper-based documents. Electronic documents improve accessibility and facilitate sharing over networks. They offer reliable and consistent data storage and free up valuable office space. Digitization also cuts the costs associated with managing remote offices. Diverse digitization solutions are available that include document reproduction, document distribution, document conversion, and data management.
According to TechNavio, the rising need for document security is the major driver of the market. The report lists data security risks as including unclaimed printed output and potential data leakage through unauthorized access of printed documents that contain confidential information.
Technavio Vice President Faisal Ghaus says, “Network office document solutions provide secure assessments and back-office environments, which eventually help organizations to reduce the probability of data breaches.”
The report covers the present scenario and the growth prospects market for the period 2015-2019. Based on application, the market is divided into four main segments:
- Enterprise output management
- Document production
- Digital document management
- Device management
The report identifies the key regions of the market as the Americas, APAC and EMEA, and key vendors as BYTES Technology Group, Fuji-Xerox, Kyocera, Lexmark, RR Donnelley and Xerox.
As organizations attempt to store more data and accelerate workflows, they are opting to outsource document conversion tasks. Analysts also expect cloud-based services to play a vital role in the market in the next few years.