LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global home and office paper shredders market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global home and office paper shredders market for 2017-2021. The market is segmented based on the product (strip cut, micro cut, and cross cut) and geography (the Americas, EMEA, and APAC).
The acceptance of paper shredders is rapidly increasing due to the increased need for protecting confidential data to combat privacy invasion. The Americas and Europe being developed economies are the major contributors to the industry. APAC has the fastest growth rates due to the developing economies such as China and Japan, showing a positive attitude toward the adoption of the shredding technology. The adoption of paper shredder is backed by affordable price range, advanced features, comfort to end-users, and changing lifestyles motivating the households to use basic shredders. Most importantly, the need to conceal confidential information is driving their adoption among the consumers.
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Technavio research analysts highlight the following three factors that are contributing to the growth of the global home and office paper shredders market:
- Increased need for security to ensure data protection
- Enhanced need for efficient ways of waste management
- Cost advantages of paper shredders
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Increased need for security to ensure data protection
Growing competition among companies has created the need for them to protect confidential data of their businesses by following safe documentation procedures. Similarly, increased instances of identity theft of employees, customers, and clients by accessing personal information of individuals have raised questions about the data security.
Narendra Nandaigiri, a lead research analyst at Technavio, says, “Most businesses consider shredding documents instead of disposing of them as it makes them vulnerable to huge risks. Powerful shredders can effortlessly destroy bulk documents in a fast and safe manner, thereby increasing the accuracy and saving time. These shredders are built with sophisticated technologies that ensure long durability and high performance.”
Enhanced need for efficient ways of waste management
Managing the waste is a growing concern among the households and offices as piled up bundles of paper consume a lot of space and is potentially hazardous. It is just not the environment that is impacted by paper wastage but also the productivity of the employees. Finding effective ways to dispose of the waste helps in maintaining the cleanliness of the space around.
“Disposing of the documents in the trash not only increases the risk of data theft but also consumes a lot of space to accommodate inside the trash bins. The use of paper shredders helps in managing the waste by reducing the volume of paper waste and enables the containers to accommodate more paper waste. Integrating advanced technologies in paper shredders is providing more convenience to the end-users in managing the waste,” adds Narendra.
Cost advantages of paper shredders
Document shredding is relevant for businesses to safeguard their confidentiality. The cost of purchasing a paper shredder is cheaper than the cost of losing valuable information. The average cost of a security breach among the large organizations is estimated to fall between USD 1.99 million and USD 4.29 million. Two ways of achieving a cost advantage in shredding are either to purchase the shredder or to hire the shredding service from a third party.
However, purchasing the shredding machine provides cost advantages to the companies whose shredding frequency is more. Outsourcing the shredding activity each time might result in increased cost of operations. Different varieties of paper shredders are available with a broad range of features, and their price starts from USD 50. Thus, companies are providing end-users with the option to choose the machines within their budget limits to get a cost advantage.
Top vendors:
- ACCO Brands
- AmazonBasics
- Fellowes Brands
- HSM
- Intimus
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