India Output Management Software market revenue is projected to reach over $74 million by 2022- 6Wresearch
In the last few years, India’s Output Management Software for SME market has registered significant growth. Output management solutions can be categorized as – on-premise and cloud (hosted), wherein the former segment dominates in revenue terms. India being one of the potential markets for output management solutions is witnessing growth in demand owing to large presence of small and medium enterprises, growing adoption of Social, Media, Analytics and Cloud (SMAC) solutions and digitization initiatives in the country.
According to 6Wresearch, India Output Management Software market revenue is projected to reach over $74 million by 2022. India’s output management software market is poised to register a key growth due to several factors predominantly adoption of 3rd platform solutions such as cloud, mobility, big data & social business, convergence of communication channels, growing SME IT spending and regulatory compliances regarding the privacy of the documents.
Apart from this, India’s rising internet penetration and increasing adoption of cloud solutions have also spurred the market for output management solutions in the country. With more than 7 million SMEs in the country, SME IT spending increased to 43% in 2015, reaching a total of $2 billion in 2015 from 38% in 2011. Additionally in global SME SaaS (Software-as-Service market), India’s market share of SMEs SaaS is likely to increase from 3% in 2015 to 7% in 2025.
According to Prijo Samuel, Senior Research Analyst – IT & Electronics, Research and Consulting, 6Wresearch, “On-premise solutions occupied the majority share of the market owing to cost advantages and ease of installation and low confidence over the adoption of cloud solutions due to rising security concerns.”
“However, with Software as a Service (SaaS) market in India estimated to grow at around 30% year-over-year by 2020 to reach over $1 billion, the market for cloud solutions is likely to register a healthy growth over the forecast period. Additionally, cloud management vendors are focusing more on security and cost aspects of the cloud based model, which would further likely to fuel the demand for cloud solutions in the coming years,” Samuel further added
According to Rishi Malhotra, Research Associate – IT & Electronics, Research and Consulting, 6Wresearch, “Demand for output management software in SME vertical was primarily driven by factors such as increasing adoption of cloud, convergence of document delivery channels due to rising customer preference for document delivery, soaring volumes of data captured at customer end and businesses need to reduce costs and workload of business processes.”
“Hindrance in output management software market in SME vertical has been borne by the challenges such as budget constraints, low awareness among the enterprises and lack of technical expertise.”
Additionally, “further, in the cloud segment, private cloud solutions enjoyed a healthy share as compared to public cloud solutions on the back of inconsistencies caused in the business processes by public cloud solutions,” Rishi further added.
The major companies in India Output Management Software Market for SME segment include- Newgen Software, Pitney Bowes, Konica Minolta, Ricoh India and KYOCERA Document Solutions.
“India Output Management Software Market (2016-2022)” provides in-depth analysis with 20 figures covered in more than 96 pages. The report estimates and forecast overall India Output Management Software market by revenue, software type, deployment type, and regions. The report also gives key insights on competitive landscape, player’s ranking by companies, company profiles, market trends, market drivers and restraints.