Document Management Services in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: September 2024
NAICS OD5044Revenue
$7.3bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
58,317
Businesses
1,164
Wages
$X.Xbn
Document Management Services in the US industry analysis
Document management service providers have performed well during the current period, although there's been some volatility. In 2020, COVID-19 resulted in a temporary economic downturn, hindering downstream demand from many businesses. Despite this trend, elevated investment from the public and healthcare sectors kept revenue afloat amid the pandemic. Revenue declined again in 2021 as the end of COVID-19 caused government investment to plunge. The industry has performed better over the past few years as the surging price of paper has enabled providers to pass on high costs to recycling companies, enhancing an important revenue stream for document management companies. Against the backdrop of all of these trends, the industry is relatively immune to economic downturns because of regulations requiring their services and various service offerings. Overall, revenue for document management service companies is expected to creep upward at a CAGR of 0.4% during the current period, reaching $7.3 billion in 2024. This includes a 2.1% increase in revenue in that year.
Trends and Insights
- Revenue has been somewhat volatile during the current period. The industry's performance has been influenced by corporate profit, government spending and the price of paper.
- Records management services have expanded. The growing need for better ways to archive electronic records for legal, regulatory and compliance reasons as well as support for ongoing business operations has increased demand.
- The Southeast has seen significant economic growth over the past few decades, making it a prime location for growing businesses. The Southeast's high population has also spurred downstream demand for the industry's services.
- Document management service companies are highly fragmented and competitive. Major companies can achieve economies of scale and meet customer demand for more sophisticated, technology-based solutions.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.4 % over the past five years, to reach an estimated $7.3bn in 2024.
Trends and Insights
Corporate profit has been a major driver of the industry's performance
- Since elevated corporate profit gives businesses more funds for investment in document management services, shifts in this driver significantly affect the industry's performance. Fluctuating economic conditions have influenced corporate profit, enhancing revenue volatility over the past few years.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Stable economic growth will benefit document management service companies
- As the economy recovers from challenges related to rising interest rates, high inflation and recessionary fears, US GDP will expand significantly during the outlook period.
Biggest companies in the Document Management Services in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Iron Mountain Inc. | 1,582.2 | 248.0 | 15.7 | |
Stericycle, Inc. | 664.8 | 85.5 | 12.9 | |
Esquire Deposition Solutions LLC | 73.1 | 3.7 | 5.1 |
To view the market share and analysis for all 6 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Records management services , Data protection and recovery services and Data destruction . Records management services is the largest segment of the Document Management Services in the US.
Trends and Insights
Records management services form the backbone of the industry's offerings
- Records management services encompass long-term storage of archival records. This storage adheres strictly to relevant laws, regulatory guidelines and best practices for record-keeping and preservation. Storing records over a long period of time is an essential function of this industry, so these services comprise more than half of revenue.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Document Preparation Services in the US
- Finance and Insurance in the US
Complementors
- Freight Packing & Logistics Services in the US
- Specialized Storage & Warehousing in the US
- Management Consulting in the US
- Business Service Centers in the US
International industries
- Recycling Facilities in Canada
- Cloud Storage Services in Australia
- Office Administration and Document Preparation Services in New Zealand
- Document Preparation Services in the UK
Table of Contents
About this industry
Industry definition
Document management service providers include companies that store information and records for business and government clients. The services involve records management, secure document destruction, data protection and recovery services. Businesses in this industry are solely focused on storing existing documents instead of preparing them.
What's included in this industry?
Providing records management servicesOffering data protection and recovery servicesProviding data deconstruction servicesCompanies
Iron Mountain Inc.Stericycle, Inc.Esquire Deposition Solutions LLCPurchase this report to view all 6 major companies in this industry.
Related Terms
RECORDS MANAGEMENT SERVICESDATA PROTECTION AND RECOVERY SERVICESDATA DESTRUCTIONPHYSICAL RECORDSELECTRONIC RECORDSIndustry Code
NAICS 56141 - Document Management Services in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Revenue has been somewhat volatile during the current period. The industry's performance has been influenced by corporate profit, government spending and the price of paper.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Records management services have expanded. The growing need for better ways to archive electronic records for legal, regulatory and compliance reasons as well as support for ...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Southeast has seen significant economic growth over the past few decades, making it a prime location for growing businesses. The Southeast's high population has also spur...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Document management service companies are highly fragmented and competitive. Major companies can achieve economies of scale and meet customer demand for more sophisticated, t...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Iron Mountain is a public company headquartered in Massachusetts with nearly 25,000 employees that operates in this industry. They have market shares in the specialized stora...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Iron Mountain Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Stericycle, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Esquire Deposition Solutions LLC's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 3 additional companies
Detailed analysis
- Description and key data for Iron Mountain Inc., and factors influencing its performance in the industry
- Description and key data for Stericycle, Inc., and factors influencing its performance in the industry
- Description and key data for Esquire Deposition Solutions LLC, and factors influencing its performance in the industry
- Description, key data and performance trends for 3 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Document management services don't receive specific government assistance. Still, various government regulations that mandate record storage create demand for the industry's ...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Labor is the industry's largest expense. Wage costs haven't kept pace with rising employment as certain higher-wage positions have been automated.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Document Management Services in the US industry in United States in 2024?
The market size of the Document Management Services in the US industry in United States is $7.3bn in 2024.
How many businesses are there in the Document Management Services in the US industry in 2024?
There are 1,164 businesses in the Document Management Services in the US industry in United States, which has declined at a CAGR of 1.1 % between 2019 and 2024.
Has the Document Management Services in the US industry in United States grown or declined over the past 5 years?
The market size of the Document Management Services in the US industry in United States has been growing at a CAGR of 0.4 % between 2019 and 2024.
What is the forecast growth of the Document Management Services in the US industry in United States over the next 5 years?
Over the next five years, the Document Management Services in the US industry in United States is expected to grow.
What are the biggest companies in the Document Management Services in the US market in United States?
The biggest companies operating in the Document Management Services market in United States are Iron Mountain Inc., Stericycle, Inc. and Esquire Deposition Solutions LLC
What does the Document Management Services in the US in United States include?
Providing records management services and Offering data protection and recovery services are part of the Document Management Services in the US industry.
Which companies have the highest market share in the Document Management Services in the US in United States?
The company holding the most market share in United States is Iron Mountain Inc..
How competitive is the Document Management Services in the US industry in United States?
The level of competition is high and increasing in the Document Management Services in the US industry in United States.
