HP Inc, Kyocera, Lexmark and Ricoh were all named in as top output management software providers.
In a press release, market analysts Technavio listed the top seven vendors of output management software from 2017 to 2021, stating that its full report “also lists nine other prominent vendors that are expected to impact the market during the forecast period”. It noted that “the need to reduce the operational costs in IT departments is driving the market for output management software, globally”, with the market expected to see a compound annual growth rate of 2.56 percent.
This market growth, to a value of $56.89 billion (€53.88 billion) from a 2016 value of $50.12 billion (€47.46 billion), will be an “incremental growth” of $6.74 billion (€6.38 billion), and is expected to be driven by “increased demand for printer management and documentation in the BFSI and healthcare sectors”, while the “competitive vendor landscape” means that the global market is “highly fragmented” and “highly competitive”.
The vendors are all “competing to gain more market share” amid “intense competition, rapid advances in technology, and frequent changes in consumer preferences”, all of which Technavio states “constitute significant risk”. Alongside HP Inc, Kyocera, Lexmark and Ricoh in first, second, third and sixth positions were LRS in fourth, Pitney Bowes in fifth and Rochester Software Associates in seventh.
Ishmeet Kaur, Lead Enterprise Application Research Analyst at Technavio, commented: “To survive and succeed in this intensely competitive environment, it is imperative for vendors in the market to distinguish their product and service offerings through a clear and unique value proposition. The development of innovative products by the vendors is expected to help the market grow during the forecast period.”