How big is the UK Records Management market?

Records management market.

The records management market in the UK is expected to grow in the coming years. According to a research report by MarketsandMarkets, the global records management market is expected to grow from £9.24 billion in 2022

to £12.79 billion by 2025, at a CAGR of 6.9% during the forecast period. This growth is driven by increasing regulations, growing data privacy concerns, and the need to manage and protect sensitive information.

In the UK, the market is expected to be driven by the implementation of the General Data Protection Regulation (GDPR) and the Data Protection Act 2018. These regulations have increased the demand for records management services, as organizations are required to implement appropriate measures for the storage, protection and retrieval of personal data.

In addition, the growing adoption of digitalization and automation in various industries is also expected to drive the market. As more organizations move their records to digital formats, the need for effective digital records management solutions is increasing.

The top sectors that use records management services, they are:

1. Healthcare: The healthcare sector is one of the biggest users of records management services, as it generates a large amount of sensitive patient data that needs to be securely stored and managed.

2. Financial services: The financial services sector is another big user of records management services, as it generates a large amount of financial data that needs to be securely stored and managed.

3. Legal: The legal sector is another big user of records management services, as it generates a large amount of legal documents that need to be securely stored and managed.

4. Government: The government sector is also a big user of records management services, as it generates a large amount of sensitive data that needs to be securely stored and managed.

Records management companies typically offer a wide range of services to their business clients, including:

1. Document storage: This service involves physically storing paper documents, electronic records, and other types of media in secure, climate-controlled facilities.

2. Document scanning: This service involves digitizing paper documents and converting them into electronic formats for easy retrieval and management.

3. Data management: This service involves organizing, cataloging, and indexing electronic records for easy retrieval and management.

4. Secure destruction: This service involves securely destroying paper documents and other types of media in accordance with data protection regulations.

5. Data backup and recovery: This service involves backing up and recovering electronic records in case of data loss or damage.

6. Compliance: This service involves ensuring that records are stored and managed in compliance with industry-specific regulations such as HIPAA, GDPR, etc.

7. Cloud storage: This service involves storing electronic records in a secure and compliant cloud environment.

These services aim to add value by providing businesses with a secure and compliant way to store and manage their records, which can help them to meet regulatory requirements and protect sensitive information. Additionally, records management companies can help businesses to free up valuable space by storing records off-site, and improve efficiency by providing easy access to records through digital retrieval systems. Additionally, by using the services offered by records management companies, businesses can reduce their environmental impact by reducing the amount of paper they store and use, and ultimately reducing their carbon footprint.

It is important to note that the market is also facing challenges such as high costs associated with the implementation of records management systems, and the lack of awareness about records management among small and medium-sized enterprises.

References:

• MarketsandMarkets. "Records Management Market by Component (Software and Services), Deployment Model (On-Premises and Cloud), Organization Size, Vertical (BFSI, Healthcare, Government, and Energy), and Region - Global Forecast to 2025" Research report, 2020.

• ResearchAndMarkets. "United Kingdom Records Management Market - Forecast to 2023" Research report, 2018.