Global Document Shredding Service Market size was valued at US$ XX Bn in 2019 and the total revenue is expected to grow at XX % through 2020 to 2027, reaching US$ XX Bn. The report has covered country-wise Market trends with a competitive landscape.
The report covers an in-depth analysis of COVID-19 pandemic impact on the Global Document Shredding Service Market by region and on the key players’ revenue affected till July 2020 and expected short-term and long-term impact on the market.
Global Document Shredding Service Market
Global Document Shredding Service Market Overview:
Document shredding is the process where an outside vendor is hired to securely destroy company records when they are no longer of value to the company or have been deemed. It is crucial to protect the business by securely shredding the documents to avoid any identity theft and fraud. Document shredding service offers a simple and secured solution for properly destroying sensitive items at the end of their retention period. Along with the paper documents, some document shredding services also have the provision to dispose of electronic documents like hard drives and media drives. On average, a company discards 45% of the documents created every day.
Global Document Shredding Service Market Dynamics:
Increasing privacy concerns regarding security and cybersecurity is the main factor responsible for the growth of the document shredding service market. Furthermore, several regulations such as The Health Insurance Portability and Accountability Act (HIPAA), The Fair and Accurate Credit Transaction Act (FACTA), and The Gramm-Leach-Bliley Act (GLBA) are making documents shredding necessary for businesses across various end-use industries.
Additionally, growing awareness among individuals about identity theft and the escalating levels of race among companies have encouraged the need to protect the confidential data of their businesses which is further boosting the market.
A large share of documents in the shredding industry is due to the heavy usage of paper as it is the most common form of printing information. On the flip side, the recent drive to make paperless work popular worldwide due to environmental concerns and increased digitization has highly hampered the growth of the document shredding service market. For instance, Standard Chartered Bank plc. has reduced print paper consumption by 27 percent in 2019 from a baseline set in 2012. Growing environmental concern regarding paper usage is anticipated to hamper the growth of the document shredding service market to a great extent.
However, shredding paper is much friendly to the environment as it can be recycled after being shredded. Rising awareness about the recycling of paper is anticipated to offer attractive opportunities for the growth of the document shredding service market.
Global Document Shredding Service Market Segment Overview:
The report covers the global document shredding service market segmented by Service Type, Service Location, Document Type, End-use, and Region. By Document Type, the global document shredding service market is further bifurcated into paper-based documents and electronic-based documents. In 2019, paper-based documents held the largest market share of XX % of the global market.
Electronic-based documents are expected to show the fastest growth during the forecast period mainly because of the increasing trend of using digitized documents to reduce the use of paper. By end-use, the market is further segmented into residential and commercial. The residential segment is projected to show a significant growth of XX % due to the growing work-from-home culture raised by the global COVID-19 pandemic.
Global Document Shredding Service Market Regional Insights:
The global document shredding service market is segmented as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America is expected to hold the largest market share of XX % of the global market by 2027. The U.S. is projected to dominate the North American market owing to the strict laws and regulations on businesses regarding document shredding. Europe is expected to come out as one of the promising regions in the document shredding market during the forecast period.
Global Document Shredding Service Market Competitive Landscape:
The MMR reports cover key developments in the Document Shredding Service Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product approvals product launches, and others. Inorganic growth strategies activities witnessed in the Document Shredding Service Market were merges & acquisitions and collaborations & partnerships.
The report also helps in understanding Global Document Shredding Service Market dynamics, structure by analyzing the market segments and projects the Global Document Shredding Service Market size. Clear representation of competitive analysis of key players by end-use, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Document Shredding Service Market make the report investor’s guide.
Scope of the Global Document Shredding Service Market:
Global Document Shredding Service Market1
By Region
• North America:
o US
o Canada
o Mexico
• South America
o Brazil
o Argentina
o Colombia
o Rest of South America
• Europe
o UK
o Germany
o France
o Spain
o Italy
o Sweden
o CIS countries
o Rest of Europe
• APAC
o China
o India
o South Korea
o Japan
o Australia
o Rest of APAC
o ASEAN
Indonesia
Malaysia
Singapore
Philippines
Thailand
Vietnam
• Middle East & Africa
o GCC Countries
o South Africa
o Nigeria
o Egypt
o Rest of MEA
• Latin America
o Mexico
o Brazil
o Rest of Latin America
Global Document Shredding Service Market Key Players:
• American Shredding Inc.
• Cintas Corporation
• Datashredders
• Gilmore Services
• Iron Mountain Incorporated.
• Proshred Security
• Quills UK
• Shredders India
• Shred-X
• Stericycle, Inc. (Shred-it)
• Shred-it
• Shred Station
• Sembcorp
• Secured Document Shredding
• Shreds Unlimited
• Red Dog Shred
• Restore Datashred
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