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The output management software market is estimated to grow at a CAGR of 3.26% and the size of the market is forecasted to increase by USD 10,863.94 million between 2022 and 2027. The growth of the market depends on several factors, including increased use in the healthcare industry, reduction in the total cost of printer ownership, and higher efficiency for IT departments.
This report extensively covers market segmentation by end-user (BFSI, healthcare, manufacturing, and others), deployment (cloud and on-premises), and geography (North America, APAC, Europe, the Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Increased applications in the healthcare industry are notably driving market growth, although factors such as growing concerns over data security may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Output Management Software Market Driver
Increased applications in the healthcare industry are notably driving the output management software market growth. The healthcare industry is one of the major end-users of output management software. Modern-day electronic medical record (EMR) systems generate a high volume of medical data. Output management software companies have established partnerships with EMR software providers. This has helped hospitals and other healthcare facilities provide medical documents easily to patients and their relatives.
Output management software helps remote clinicians access the medical documents of their patients through a web browser at their location. It also helps reduce the cost of delivering clinical and back-office records and streamlines and automates downtime reporting. Output management software can be used for improved security and compliance in data delivery applications. These factors will fuel the growth of the output management software market during the forecast period.
Key Output Management Software Market Trend
The outsourcing of output management services is a key trend influencing the output management software market growth. Many companies prefer to outsource output management activities, including the printing process and document management, to Asian countries. This helps firms focus more on their core activities, such as R&D and product development instead of spending time and resources on print-related activities. This trend has led to an increased demand for output management software in APAC.
The major part of outsourcing deals with operational print activities, such as printing materials that include memos, brochures, stationery, and manuals. With the outsourcing of these printing activities, companies can achieve faster time-to-market and reduce their dependence on the workforce, which are the major advantages of outsourcing. These factors will support the growth of the output management software market growth during the forecast period.
Key Output Management Software Market Challenge
Growing concerns over data security may impede the output management software market growth. Security breaches across sectors, such as healthcare and BFSI, are a major challenge for output management software vendors. Output devices, such as MFPs, are used to transfer information within a company. Output management software solutions enable effective data sharing between input and output devices.
However, the transmission of vital data may face serious threats to its security. Hence, companies are skeptical about storing their important data in a virtual network, as any leak of the data can affect their brand /image adversely. Vendors must offer the necessary technical solutions for secure data transfers, which can lead to an escalation in the price of the software. Such issues will restrict the adoption of output management software among SMEs with budget constraints, which, in turn, will challenge the growth of the output management software market during the forecast period.
Key Output Management Software Market Customer Landscape
The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Output Management Software Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Broadcom - The company offers output management solutions for enterprise reporting and printing, which are designed to provide real-time access to reports and manage compliance with various security regulations.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
A qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the BFSI segment will be significant during the forecast period. Output management software is used for document scanning and management, optical character recognition (OCR), and forms processing solutions in the BFSI sector. The software helps achieve better security, reduction in cost, and improved traceability.
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Output management software can help companies in the BFSI sector attain a better green footprint through reduced paper consumption. For instance, RBC Capital Markets uses HP Managed Print Services by HP for cutting down print costs and simplifying the print management process. HP Managed Print Services helped RBC Capital Markets reduce inefficiencies and cut costs by 30%.
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North America is projected to contribute 38% of the market's growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the BFSI sector in the US is the major reason for the growth of the output management software market in North America. The banking sector in the US is highly diverse. The US is a major contributor to the insurance sector as well. Most of the reinsurance sold worldwide was bought by US firms. The growth of the healthcare sector is another major driver for the adoption of output management solutions in North America. The US has a large market in this sector as well. The digitization of the healthcare sector in the US has led to an increase in the growth of the output management software market. Due to digitization, the need for data mining and analytics has also increased in the healthcare sector in the US.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The resumption of manufacturing activities after the lifting of regionwide lockdowns in Q4 2020 and the reopening of education hubs and banks in the second half of 2020 increased the demand for output management software in North America. This growth in demand for output management software is expected to continue during the forecast period, which will further enhance the growth of the regional market.
The report categorizes the global output management software market as a part of the global application software market. The global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Technavio calculates the global IT software market size based on the combined revenue generated by companies that are engaged in the provision of all types of IT software, including cloud-based software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by end-user, deployment, and region.
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Output Management Software Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.26% |
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Market growth 2023-2027 |
USD 10,863.94 million |
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Market structure |
Fragmented |
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YoY growth (%) |
2.8 |
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Regional analysis |
North America, APAC, Europe, the Middle East and Africa, and South America |
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Performing market contribution |
North America at 38% |
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Key countries |
US, Canada, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Broadcom Inc., DOCPATH DOCUMENT SOLUTIONS SL, FUJIFILM Corp., HP Development Co. LP, Kuhn & Weyh Software GmbH, KYOCERA corp., LBM Systems LLC, LEVI, RAY & SHOUP INC., Lexmark International Inc., Open Text Corp., Pitney Bowes Inc., Plus Technologies LLC, QUADIENT, Ricoh Co. Ltd., Rochester Software Associates Inc., Stargel Office Solutions, SEAL Systems AG, and Thoma Bravo LP. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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