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The output management software market size is forecast to increase by USD 14.74 billion, at a CAGR of 4.22% between 2023 and 2028. The growth of the market depends on several factors, including the increased use in the healthcare industry, the reduction in total cost of printer ownership, and the rapid growth of the BFSI sector worldwide. The software is a middleware and is used for automating the production, management, and distribution of output information and data obtained from enterprise/desktop applications to any physical output media. The output from applications, such as ERP and CRM, can be forwarded to a printer, a fax machine, a web-based document, or any other desired destination. This helps in integrating workflow management systems and accelerating IT administrative tasks.
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In the dynamic and evolving IT industry, Output Management Software (OMS) has emerged as a crucial solution for businesses seeking to streamline their document management processes. OMS enables organizations to effectively manage and distribute various types of documents, including emails, portals, paperwork, customer relationship management reports, enterprise resource planning data, and electronic documents such as PDFs. The integration of OMS with digital transformation initiatives has significantly reduced the need for manual tasks, allowing businesses to personalize output communications and enhance customer experiences. Moreover, OMS plays a pivotal role in the e-commerce industry by facilitating the generation and distribution of invoices, shipping notices, and other essential documents. The robotics and automation industry have also benefited from OMS, as it enables seamless integration with electrical form and operating systems, ensuring business continuity planning during system upgrades or failures. OMS also supports sustainable development by reducing the reliance on physical documents and printed letters, thereby minimizing paper waste. The market addresses the diverse needs of businesses in managing their electronic forms, operating system, and e commerce industry operations. It facilitates efficient handling of documents and personalized communications, integrating seamlessly with web-based document processors and supporting paper and printer management. This software enhances output efficiency across various industries, optimizing e-commerce processes and ensuring streamlined operations in digital tools and solution and physical document management environments.
The rapid growth of the BFSI sector is the key factor driving market growth. The BFSI sector has witnessed rapid growth, primarily due to the increasing adoption of information technology solutions for improved banking services. The proliferation of online transactions is increasing the adoption of technologies such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement Systems (RTGS), and Electronic Clearing Service (ECS), as well as mobile transactions.
Moreover, there are many services offered by the BFSI industry using cloud computing services, which include insurance data exchange cloud services, health insurance value-based payment cloud services, financial services lending, and leasing cloud services, financial services revenue management and billing cloud services, and banking cloud services. Consequently, with the emergence of the digital era, the financial sector is under constant pressure from new fintech disruptors. Hence, increasing adoption in the BFSI sector will drive market growth during the forecast period.
The rise in digital mailroom outsourcing services is the primary trend shaping market growth. Digital mailroom solutions are implemented in organizations to manage the high volume of mail coming from different sources. Mailroom management services are used to manage and convert unstructured mail into digital format. Outsourcing the mailroom management process helps to reduce the cost of the in-house management of digital documents.
Moreover, the majority of documents are stored in an unorganized manner in the enterprises, which creates complexities in accessing the documents and sorting them on a real-time basis. Digital document solutions such as personnel records reduce complexities, provide real-time access to critical business data at any point in time, and enhance the efficiency of the business process. Thus, such factors will fuel the growth of the market during the forecast period.
Challenges associated with switching software solutions may impede market growth. An old output management software will have large amounts of archived legacy data and content, which could run into a few Terabytes or Petabytes, depending on the period it has been used. Transferring this data to new systems could take weeks or months. Furthermore, if the legacy data is stored in a physical format, retrieval of data could be more time-consuming. The data may also include vital information, the transfer of which requires special attention.
In addition, another major challenge is identifying the correct software to shift from an old one. The new software should have all the features which are required by the company and should be cost-effective. If the new software does not support the file formats in the older one, more time would be consumed in the conversion process. Thus, such challenges will impede the market growth during the forecast period.
The market share growth by the BFSI segment will be significant during the forecast period. The BFSI sector deals with sensitive and confidential information. It ensures secure handling of documents, compliance with industry regulations, and adherence to data protection standards. BFSI can also attain a better green footprint through a reduction in paper consumption by deploying output management software.
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The BFSI segment showed a gradual increase in the market share of USD 17.80 billion in 2018. Output management software can help companies in the BFSI sector attain a better green footprint through reduced paper consumption. Thus, increasing focus on document security, compliance requirements, ongoing digital transformation, the need for efficient document workflows, personalized customer communication, and cost reduction measures will further fuel the demand in the BFSI industry and, in turn, will boost the growth of the market in focus in BFSI segment during the forecast period.
Cloud-based applications are more accessible and easier to use as they only require a web browser and an Internet connection. End-users can make regular payments instead of a huge one-time investment for cloud-based output management software. Some benefits of using cloud-based output management software solutions are zero lag time, real-time tracking, and less risk of cybersecurity. The key benefits that are driving the demand for cloud-based software solutions such as minimal capital expense, scalability, and ease of use. Therefore, such factors are anticipated to positively impact the growth of the cloud segment of the global market during the forecast period.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to market players is North America. The growth of the BFSI sector in the US is the major reason for the growth of the output 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.
In addition, 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 market. Due to digitization, the need for data mining and analytics has also increased in the healthcare sector in the US.
The Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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In the dynamic and evolving landscape of the information technology industry, Output Management Software (OMS) has emerged as a crucial solution for businesses in various sectors, including financial services and insurance. OMS enables the efficient and secure processing and delivery of system-generated documents, such as invoices, statements, and reports. Web based document processor have revolutionized OMS, allowing for real-time access to data and seamless integration with other IT systems. This is particularly beneficial for large enterprises, which handle vast amounts of data and require robust and scalable solutions. Moreover, OMS plays a pivotal role in facilitating paperless operations, reducing the reliance on traditional printing methods and the associated costs and environmental impact. However, in industries where paper documents are still prevalent, such as healthcare, OMS ensures compatibility with various printing tools and operating systems.
Further, the e-commerce industry also heavily relies on OMS for managing and delivering electronic forms and documents, ensuring software compatibility and maintaining cyber security to prevent data theft. OMS is not only essential for large enterprises but also for small and medium enterprises, offering cost-effective and efficient solutions for managing documents and ensuring data access and security. In conclusion, Output Management Software is a vital component in the modern business landscape, providing solutions for document processing, data access, and cyber security across various industries, including financial services and insurance, healthcare, and e-commerce. In today's digital world, Output Management Software (OMS) has become an essential tool for various industries, particularly in the healthcare sector where clinicians rely on system-generated documents for patient care. OMS enables the seamless printing of documents, including electrical forms, through web-based document processors, ensuring efficient document creation and management.
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Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.22% |
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Market Growth 2024-2028 |
USD 14.74 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.53 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Broadcom Inc., CSG Systems International Inc., DOCPATH DOCUMENT SOLUTIONS SL, HP Inc., ISIS Papyrus Europe AG, kuhn and weyh Software GmbH, Kyocera Corp., LBM Systems LLC, LEVI RAY AND SHOUP INC., Lexmark International Inc., Open Text Corp., Pitney Bowes Inc., Plus Technologies LLC, Ricoh Co. Ltd., Rochester Software Associates Inc., SEAL Systems AG, Stargel Office Solutions, Symtrax, UNICOM Global, and QUADIENT |
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Market dynamics |
Parent market analysis, market forecasting, 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 market forecast period. |
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Customization purview |
If our market report has not included the data you are looking for, you can reach out to our analysts and get customized segments. |
We can help! Our analysts can customize this market research report to meet your requirements.
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
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