Document Management and Storage Services Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend
LONDON--(BUSINESS WIRE)--Nov 25, 2019--
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.
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SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Document Management and Storage Services Market - Procurement Intelligence Report (Graphic: Business Wire)
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
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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INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT
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