"There is a strong demand for managed document services in the country. This is especially true for the banking, financial service and insurance (BFSI) space.
"Last year, our revenue from managed document services was about Rs 50 crore and in the next three years, we expect it to cross Rs 100 crore," Canon India Executive VP Alok Bharadwaj said.
The managed document services business was growing at about 30 per cent annually and the company has around 80 clients. Of these, about 15 are from the BFSI sector, including three banks, he said.
Yes Bank is one of the clients which has outsourced its entire printing requirements to Canon. This has helped the private lender streamline and enhance printing infrastructure across its 430 offices. Yes Bank has been a Canon customer since last five years.
"The Bank was facing a challenge in consolidating its printing infrastructure, especially in Tier II and III markets. It has now seen a reduction of 35 to 40 per cent in overall printing... Canon facilitated them to reduce costs, provide monitoring capability, enhance efficiency, document security and increase employee productivity," Bharadwaj said.
The managed document services market in India is worth about Rs 250 crore, of which one-third is contributed by the BFSI segment, given its huge requirement of printing and managing paperwork, he added.