The global output management software market is expected to grow by USD 7.10 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Output Management Software Market 2020-2024 (Graphic: Business Wire)
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The healthcare industry is one of the major end-users of output management software. Modern-day EMR systems consist of a high amount of medical data. Output management software helps to reduce the cost of delivering clinical and back-office records and helps in streamlining and automating downtime reporting. Output management software could also be used for improved security and compliance in the data delivery sections. Moreover, output management software companies are establishing partnerships with EMR software providers, which has helped hospitals to provide medical documents to the patients easily. Thus, the use of output management software is increasing in the healthcare industry, which will drive the growth of the market.
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As per Technavio, the higher efficiency for IT department will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Output Management Software Market: Higher Efficiency for IT Department
The higher efficiency for IT departments is one of the major factors driving the growth of the output management software market. With proper output management software, the printing aspect of a company will have the least interference with the infrastructure of the company. Output management software helps to improve the flexibility of the IT department and helps the team to take active decisions. The IT department can make decisions quickly, which leads to reduced costs and better end-user efficiency. Output management software also makes it easier to extend the network of the printer with the expansion of the workplace.
“Other factors such as the reduction in total cost of printer ownership, and the rapid growth of BFSI sector will have a significant impact on the growth of the outdoor management software market value during the forecast period,” says a senior analyst at Technavio.
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Output Management Software Market: Segmentation Analysis
This market research report segments the output management software market by end-user (BFSI sector, Healthcare sector, Manufacturing sector, and Other sectors) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the output management software market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growth in the BFSI sector, and the increasing use of output management software to digitize the workflow and abide by the required regulatory compliances.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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