Output management software (OMS), also known as enterprise output management, refers to a collection of computer applications that centralizes and automates document management. This software utilizes a point-and-click designer interface through which standard output is automatically converted into more attractive, functional, and efficient electronic documents.
These documents can then be intelligently distributed over a variety of delivery channels, including print, email, fax, web or document management archive. According to IMARC Group, the global output management software market size reached $53.6 billion in 2019.
The numerous advantages offered by OMS represent one of the major growth-inducing factors. OMS aids in enhancing the efficiency of administrative tasks by integrating workflow management systems and assisting in improving regulatory compliance.
Along with this, the growing information technology (IT) industry and rising need for business process automation have encouraged various business organizations to rapidly adopt OMS.
This enables them to efficiently and cost-effectively manage high-volume business document distribution from virtually any source to any destination across the distributed enterprise, thereby eliminating the requirement for additional printing devices across multiple organizational departments.
Top Output Management Software Companies:
- Broadcom Inc. (CA Technologies)
- DocPath Document Solutions
- Hewlett-Packard (HP) Development Company L.P.
- Kyocera Corporation
- LBM Systems
- LLC, Levi Ray & Shoup Inc.
- Lexmark International Inc.
- Quadient Group
- Plus Technologies LLC
- Ricoh Company
- Ltd. and Rochester Software Associates (RSA) Inc
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Furthermore, OMS finds application in healthcare centers wherein it helps clinicians in gaining convenient access to large amounts of data and ensuring the seamless delivery of system-generated documents to the patients. Moreover, with the advancements in technology, several leading companies are developing advanced software systems.
For instance, DocPath has designed DocManager, a complete document management software that offers the storage of business data and documents in different formats and versions for later, real-time retrieval. Using this mechanism, the company avoids in-house printing and printed mail delivery of documents.
Looking forward, the market is further projected to reach a value of $62.7 billion by 2025, expanding at a CAGR of 2.6% during the forecast period (2020-2025).
Cloud-based IVA accounts for the majority of the market share
The market has been segregated on the basis of the deployment type into cloud-based and on-premise OMS. At present, cloud-based OMS dominates the market, holding the largest market share. This cloud-based software can run in public, private or hybrid cloud environments and also be installed on-premises, thereby enhancing hardware independence.
Solutions exhibit a clear dominance in the global market
Based on the component, the market has been bifurcated into solutions and services. At present, solutions, which includeonline report viewing, flexible report distribution, subject indexing and others, represent the most popular OMS components.
Banking, financial services and insurance (BFSI) represents the largest segment
The market has been categorized based on the application such as:
Amongst these, banking, financial services and insurance (BFSI) represents the largest segment owing to their high demand in automated customer support services.