Information & Records Management Services
Description
Companies in this industry store an organization's physical documents and provide related services. Major companies include Exela Technologies, and Iron Mountain (all based in the US); Restore Digital and Williams Lea (both based in the UK); and Wanbishi Archives (Japan).
The global enterprise data management services industry generates about $100 billion in 2023, with a compound annual growth rate (CAGR) of 12.11%, according to Precedence Research. The North America dominates the market for data management services, followed by the UK, China, Japan, and South Korea.
The US specialized warehousing and storage industry, which includes information and records management services, consists of about 2,700 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $7.5 billion.
COMPETITIVE LANDSCAPE
Demand is driven by the needs of business customers to store and manage increasing amounts of data, including satisfying requirements for regulatory compliance. The profitability of individual companies depends on efficient operations. Large companies have advantages in obtaining space in multiple locations and in offering customers a broader product line of integrated services. Small companies can compete effectively by specializing in niche markets, such as health care information management. The US specialized warehousing and storage industry is highly concentrated: the top 50 companies account for nearly 80% of revenue.
Companies face competition from current and potential customers' internal storage and information management capabilities. Many businesses use their own resources rather than hire an outside company for information management services.
PRODUCTS, OPERATIONS & TECHNOLOGY
Information and records management services is included in warehousing and storage services which accounts for about 85% of industry revenue. Services include gathering, storing, and organizing confidential and time-sensitive information, including physical and electronic records related to an organization's business matters or transactions. Other major related services include handling of goods (about 10%) and packing services (less than 5%). Virtually all large companies use offsite storage for records that are either vital to current operations or that are inactive, but must be kept for legal reasons. Information management services include classification and indexing, as well as data protection, recovery, and destruction services such as secure shredding. Digital document management services may involve scanning hard copies into electronic format and implementing systems for receiving and transmitting information electronically.
Companies employ information and records management services to comply with regulations, enable corporate disaster recovery, and better use their information for business advantages. Besides paper documents, physical records include nonelectronic media such as microfilm and microfiche, master audio and videotapes, film, X-rays, and blueprints. Storage rental charges are generally billed monthly on a per storage unit basis. Storage of vital records that contain critical or irreplaceable data may require special facilities, either because of the data they contain or the media on which they are recorded. Enhanced security and special climate-controlled environments for vital records may cost more than typical storage rental.
Data destruction services typically involve either the scheduled pick-up of loose office records, which customers accumulate in specially designed secure containers provided by the company, or the shredding of documents stored in the company's records facilities upon the expiration of scheduled retention periods. A key industry requirement is the leasing or owning of commercial real estate holdings primarily consisting of storage facilities. Other necessary products or materials include warehouse equipment and computers, as well as carton storage systems, tape storage systems and containers, shredding plants and bins, and technology service storage and processing capacity.
The global enterprise data management services industry generates about $100 billion in 2023, with a compound annual growth rate (CAGR) of 12.11%, according to Precedence Research. The North America dominates the market for data management services, followed by the UK, China, Japan, and South Korea.
The US specialized warehousing and storage industry, which includes information and records management services, consists of about 2,700 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $7.5 billion.
COMPETITIVE LANDSCAPE
Demand is driven by the needs of business customers to store and manage increasing amounts of data, including satisfying requirements for regulatory compliance. The profitability of individual companies depends on efficient operations. Large companies have advantages in obtaining space in multiple locations and in offering customers a broader product line of integrated services. Small companies can compete effectively by specializing in niche markets, such as health care information management. The US specialized warehousing and storage industry is highly concentrated: the top 50 companies account for nearly 80% of revenue.
Companies face competition from current and potential customers' internal storage and information management capabilities. Many businesses use their own resources rather than hire an outside company for information management services.
PRODUCTS, OPERATIONS & TECHNOLOGY
Information and records management services is included in warehousing and storage services which accounts for about 85% of industry revenue. Services include gathering, storing, and organizing confidential and time-sensitive information, including physical and electronic records related to an organization's business matters or transactions. Other major related services include handling of goods (about 10%) and packing services (less than 5%). Virtually all large companies use offsite storage for records that are either vital to current operations or that are inactive, but must be kept for legal reasons. Information management services include classification and indexing, as well as data protection, recovery, and destruction services such as secure shredding. Digital document management services may involve scanning hard copies into electronic format and implementing systems for receiving and transmitting information electronically.
Companies employ information and records management services to comply with regulations, enable corporate disaster recovery, and better use their information for business advantages. Besides paper documents, physical records include nonelectronic media such as microfilm and microfiche, master audio and videotapes, film, X-rays, and blueprints. Storage rental charges are generally billed monthly on a per storage unit basis. Storage of vital records that contain critical or irreplaceable data may require special facilities, either because of the data they contain or the media on which they are recorded. Enhanced security and special climate-controlled environments for vital records may cost more than typical storage rental.
Data destruction services typically involve either the scheduled pick-up of loose office records, which customers accumulate in specially designed secure containers provided by the company, or the shredding of documents stored in the company's records facilities upon the expiration of scheduled retention periods. A key industry requirement is the leasing or owning of commercial real estate holdings primarily consisting of storage facilities. Other necessary products or materials include warehouse equipment and computers, as well as carton storage systems, tape storage systems and containers, shredding plants and bins, and technology service storage and processing capacity.
Table of Contents
- Industry Overview
- Quarterly Industry Update
- Business Challenges
- Business Trends
- Industry Opportunities
- Call Preparation Questions
- Financial Information
- Industry Forecast
- Web Links and Acronyms
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