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Output Management Software Market Overview and Growth Opportunities 2024
Output Management Software Market Overview
According to The Business Research Company's, The output management software market size has grown strongly in recent years. It will grow from $9.01 billion in 2023 to $9.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to technological advancements, increased demand for efficiency, regulatory compliance requirements, globalization of businesses, growth in adoption of cloud computing.
The output management software market size is expected to see strong growth in the next few years. It will grow to $11.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to digital transformation, cloud adoption, remote work trends, increasing data volumes, demand for document security. Major trends in the forecast period include cloud integration, mobile optimization, AI-driven automation, enhanced security features, scalability for SMEs.
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Market Drivers and Trends:
The rising focus on digital transformation is expected to propel the output management software market going forward. Digital transformation involves integrating digital technologies into business operations to revolutionize how organizations operate and serve customers. The rising focus on digital transformation is due to technological changes, boosted efficiency, and meeting evolving customer demands. Output management software digitizes document workflows, enabling seamless integration with digital systems, mobile devices, and online platforms, supporting digital transformation efforts. For instance, in June 2023, according to a report published by Skift, a US-based travel industry intelligence platform company, in partnership with Amazon Web Services, Inc., a US-based cloud computing company, over 80 % of executives increased their digital transformation budgets compared to 2022. Further, approximately one-third (31%) indicated that their budget had increased by more than 5% year over year. Therefore, a rising focus on digital transformation will drive the growth of the output management software market.
Major companies operating in the output management software market are focused on the continual evolution and enhancement of production print workflow software such as QDirect to meet the evolving needs of businesses for streamlined and efficient document management and printing processes. QDirect is a print output management and workflow software solution that streamlines the end-to-end workflow, from job submission and prepress preparation to printing, finishing, and delivery. For instance, in October 2022, Rochester Software Associates, a US-based provider of software solutions for the print and graphics industry, launched a new version of QDirect with significant advancements, including improved mailing insertion, increased accuracy, and better print-job tracking capabilities. The QDirect is designed to enhance customer communication management (CCM) operations, providing digital print providers with more efficient and streamlined processes for managing print jobs and ensuring higher accuracy in document handling and tracking.
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Major Key Players of the Market:
HP Development Company, Broadcom Inc., Canon Solutions America, The Ricoh Company Ltd., Kyocera Corporation, Konica Minolta Business Solutions, Xerox Corporation, Fujifilm Business Innovation Corporation, Lexmark International Inc., Pitney Bowes Inc., Open Text Corporation, Unisys Corporation, Nuance Communications, Quadient, Levi Ray & Shoup Inc., BCC Software, Docpath Corporation, Stargel Office Solutions, Barr Systems LLC, Solimar Systems Inc., UNICOM Global, Rochester Software Associates Inc., Symtrax Corporation, DocuMatrix, Plus Technologies LLC, SEAL Systems AG
Output Management Software Market 2024 Key Insights:
• The output management software market size is expected to see strong growth in the next few years. It will grow to $11.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Output Management Software In The Era Of Digital Transformation
• Evolution Of Production Print Workflow Software In The Output Management Market
• North America was the largest region in the output management software market in 2023
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