Document Shredding Service Market: Introduction
Document shredding service helps to shred documents in the form of paper or an electronic device. Government organizations, businesses, and private individuals use shredders to destroy private, confidential, or sensitive documents permanently in a secure and safe manner. One of the methods of shredding is to use “mobile shredding trucks,” constructed as a box truck with an industrial-size paper shredder mounted inside and space for storage of the shredded materials. It also offers the shredding of CDs, DVDs, hard drives, credit cards, and uniforms, among others. Some companies outsource their shredding to shredding services. These companies either shred on-site with mobile shredder trucks or have off-site shredding facilities. A paper shredder is a mechanical device used to cut paper into either strips or fine particles. Paper shredding services benefit a business in both ways – by disposing incumbent documents and also reducing waste production.
Key Drivers of the Document Shredding Service Market
The residential market is a growth driver for the document shredding service market. Advanced technologies coupled with strong internet penetration helps many well established companies to offer work from home to employees. These employees need to maintain confidentiality of documents even at home. Work from home professionals are not required to spend their own money for document shredding services and this service is provided by the company. This has also resulted in the growth of the document shredding service market.
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Mergers and Acquisitions Creating Opportunities in the Document Shredding Service Market
Mergers and acquisitions have created new opportunities for the product in the market. In 2019, a new association called I- sigma was formed by the merger of National Association for Information Destruction (NAID) and PRISM International. This marked the beginning of a new era for shredding companies. Rise of smartphones and explosion of personally identifiable information (PII) have led to the need for document shredding services. Electronic data will continue to take forms one can never imagine or predict. Paper shredding will continue its existence even with less paper to shred and so will electronically-stored PII. In the coming years, the only shredding companies existing will be the ones that realize a simple fact that it is the PII that matters most, not the medium it is stored on.
Leakage of Personal Information a Restraint of the Document Shredding Service Market
Sectors such as government, law, public services, or an individual may have highly confidential documents to be shredded in the form of paper or electronic-based. There are high chances of leakage of such information from the shredded documents if the document shredding service does not maintain complete safety. Especially documents to be concerned about are those related to personally identifiable information (PII). This could be a name, address, phone number, social security number, credit card, account number, and more. Such factors can hamper the growth of the market.
North America the Dominant Market
The U.S and Canada are the largest markets for document shredding service. North America is a strong market for document shredding service providers as most of the key service providers are highly concentrated in this region. Of late, markets in this region are becoming saturated; hence, companies in this region are expanding internationally.
Key Players Operating in the Global Market
Companies are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the document shredding service market are:
- American Shredding Inc.
- Cintas Corporation
- Datashredders
- Gilmore Services
- Iron Mountain Incorporated
- PROSHRED Security
- Quills UK
- Shredders India
Document Shredding Service Market: Research Scope
Document Shredding Service Market, by Product Type
- Strip cut
- Crosscut
Document Shredding Service Market, by Document
- Paper-based documents
- Electronic-based documents
- Hard Drives
- Media Drives
- Others
Document Shredding Service Market, by Application
- Residential
- Commercial
- Government & Public Service
- Financial Service
- Healthcare
- Real Estate
- Others
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