Canon India's Managed Document Services Revenues Set to Double in Next Three Years

Canon's managed document services in India may bring the company up to $17.3 million in revenues over the next three years, doubling last year's revenues. Revenues are being driven by major demand from a variety of vertical industries, including automotive, pharmaceutical and banking, financial services and insurance (BFSI).

The company's managed document services business has grown at around 30 percent annually, with last year's revenues reaching about $8.6 million. Canon has approximately 80 clients for its managed document services, with 15 from the BFSI sector, including three banks.

"There is a strong demand for managed document services in the country," said Alok Bharadwaj, executive VP of Canon India. "This is especially true for the banking, financial service and insurance (BFSI) space."

India's managed document services market totals more than $43 million, with one third being driven by the BFSI segment. According to Bharadwaj, this is because of the large amount of printing and paperwork management required by that industry.

Yes Bank recently made the choice to outsource its entire printing requirements to Canon. The move has helped the bank, a private lender, to streamline and enhance its entire printing infrastructure. Yes Bank has 430 offices and has been a Canon customer for five years.

"The Bank was facing a challenge in consolidating its printing infrastructure, especially in Tier II and III markets," said Bharadwaj. "It has now seen a reduction of 35 to 40 percent in overall printing. Canon facilitated them to reduce costs, provide monitoring capability, enhance efficiency, document security and increase employee productivity."

The company's managed document services offerings include copier MFDs, fax machines, printers, scanners, digital cameras, and cable ID and card printers. Canon India has offices in 10 cities with around 400 primary channel partners and more than 6,000 secondary retail points.