Press release
Document Shredding Service Market Drivers, trends, challenges, competition, and regional analysis
Document shredding services help in saving time, especially when the quantity of documents for shredding is high. These services are ideal for commercial businesses that have bulk quantities of documents.
Key Drivers of the Global Document Shredding Service Market
Increasing privacy concerns is one of the main reasons for the growth of the document shredding service market. Growing awareness among individuals about the danger of theft has resulted in the growth of document shredding services. Additionally, regulations such as FACTA, GLB, and HIPAA are making document shredding compulsory for businesses across various end-use industries.
The residential market for document shredding is another growth driver for the document shredding service industry. Advanced technologies coupled with strong internet penetration helps many well established companies to offer work from home to employees. These employees need to maintain confidentiality of documents even at home. Work from home professionals are not required to spend their own money for document shredding services and this service is provided by the company. This has also resulted in the growth of the document shredding service market.
Increasing Digitization to Hamper the Growth of the Document Shredding Service Market
A major share of documents in the document shredding service industry is due to the heavy usage of paper. Paper is the most common form of printing many confidential as well as unwanted information. However, the recent drive to increase digitization and make paperless work popular worldwide is anticipated to highly impact the growth of the document shredding service market. Demand for paper in various end-use industries is experiencing a decline in share especially in mature markets such as North America and Europe. This decline is driven by individuals and businesses increasingly turning to digital alternatives, which is anticipated to hamper the growth of the document shredding service market to a great extent.
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Increasing Awareness about Proper Policies for Secure Destruction of Confidential and Unwanted Documents to Offer Attractive Opportunities for the Growth of the market
One of the key challenges for document shredding service providers is the lack of proper policies for document shredding in many small and medium sized enterprises. Lack of awareness within organizations coupled with the cost associated with the process are some of the key factors for the lack of such practices. This hampers the growth of document shredding services worldwide. However, rising awareness about the importance of document shredding and implementation of such policies is anticipated to offer attractive opportunities for the growth of the document shredding service market.
Asia Pacific offers growth avenues for the global document shredding service market
Geographically, the global document shredding service market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
North America and Europe are a strong market for document shredding service providers as most of the key service providers are highly concentrated in these regions. Of late, markets in these regions are becoming saturated; hence, companies in these regions are expanding internationally. Asia Pacific is one of the promising regions for document shredding service providers. This is due to the growth of many emerging economies in the region.
Other regions such as South America and Middle East & Africa have strong potential growth opportunity for the document shredding service market.
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Key Players Operating in the Global Market
American Shredding Inc.
Cintas Corporation
Datashredders
Gilmore Services
Iron Mountain Incorporated.
Proshred Security
Quills UK
Shredders India
Shred-X
Stericycle, Inc. (Shred-it)
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