According to a new report published by Allied Market Research, titled,"Vietnam Hard Document Storage Market by Application and City: Opportunity Analysis and Industry Forecast, 2018 - 2025,"The Vietnam hard document storage market was valued at $19,042.0 thousands in 2017 and is expected to reach $30,679.4 thousands by the end of 2025, registering a CAGR of 6.2% between 2018 and 2025. Document management is a process of storing, tracking, and managing documents in a way that the information can be created, organized, and stored efficiently. In todays world of digitization, storing soft copy of documents is being the most preferred solution for every business, but there is still a place for physical documents. Storage and retention of hard documents is very important for sectors such as law, finance, and healthcare. Even in some industries, it is mandatory to store the documents for more than 5 years. In that case, hard document storage plays an important role. In 2017, BFSI occupied 35% share in B2B sector of Vietnam hard document storage market by application as they are specially designed to support BFSI operations such as secure storage, quick segregation and fast delivery of hard documents requested by customers.
Vietnam is characterized by the presence of large number of small scale companies related to Manufacturing, Construction, BFSI, Real estate, Legal, Healthcare, and other sectors, where the paperwork remains an essential part of management and administration. For these industries, the expense of scanning every document is proportionately cost effective, thus, these organizations cannot afford the electronic document storage In addition, hard document storage provide facilities such as document indexing, off-site media storage, tape & microfilm storage, document archiving, and many others. Thus, there is an increase in the adoption of these services in different industries. The growth in end-use industries is anticipated to drive the demand for hard document storage market in Vietnam.
As the country is investing heavily in the development of various industries such as agriculture, energy, healthcare, BFSI and others the need to store hard document securely has increased. Also the major players such as Crown record management, Royal Cargo Vietnam Co. Ltd, AGS Four winds Vietnam, Asia Tigers Mobility, and others are proactively investing in their businesses regarding infrastructure, transportation, building architecture, and others, which contributes to the growth of hard document storage industry.
Key Findings of the Vietnam Hard Document Storage Market:
The B2B segment was the highest contributor to the hard document storage market in 2017, and is projected to grow at a CAGR of 6.3%.
The BFSI segment accounted for 35.0% of Vietnam B2B hard document storage market in 2017 and is projected to grow at a significant CAGR of 6.7%.
The Telecommunication segment accounted for 20.0% of the Vietnam B2B hard document storage market in 2017 and is projected to grow at a significant CAGR of 6.8%.
In 2017, Ho Chi Minh City accounted for the highest market share accounting approximately for 41% and is estimated to grow at a CAGR of 7.0%.
The local segment accounted for almost 60% Vietnam B2C hard document storage market share in 2017 and is projected to grow at a moderate CAGR of 3.7%.
Some of the key players operating in the Vietnam hard document storage market are Crown Record Management, KINGKHO, Royal Cargo Vietnam Co. Ltd., AGS Four Winds Vietnam, Santa FE, Vietnam Moving Limited Liability Company, Asia Tigers Mobility, Interlink Co., Ltd, Saigon Storage, and Logical Moves.net.