Leading market research firm Future Market Insights predicts that between 2022 and 2030, the global market for document outsourcing services will grow at a CAGR of 6.3 percent.
| Document Outsourcing Services Market Size (2022) | US$ 5.25 Bn |
| Revenue Forecast (2030) | US$ 11.74 Bn |
| Global Market Growth Rate (2022-2030) | 6.3% CAGR |
| Asia Pacific Market Share | 35.9% |
Business companies have been forced to implement remote working arrangements as a result of the COVID-19 epidemic, necessitating remote communication, the creation of paperless documents, tax filings, and payroll procedures. All of these procedures have forced businesses to switch to online platforms, which has increased demand for document outsourcing services.
In addition to the pandemic, a general need to simplify business processes has led small, medium, and large-scale enterprises to devote a significant portion of their income to document outsourcing services. During the anticipated term, all of these variables will serve as market growth accelerators.
Due to the volume of its operations, the banking, financial services, and insurance (BFSI) sector has efficiently utilised document outsourcing services. The use of document outsourcing services has increased tremendously in the past and will continue to do so during the projection period when considering the nature of its operations.
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List of Key Players Covered in the Document Outsourcing Services Market are:
- Ricoh Co. Ltd.
- Fuji Xerox Co. Ltd.
- Iron Mountain Incorporated
- Max BPO
- Symcor
- Hewlett-Packard Co.
- Lexmark International Inc.
- Invensis Technologies Pvt. Ltd.
- Suma Soft Private Limited
- Nimble Information Strategies Inc
Key Takeaways from FMI’s Document Outsourcing Services Market:
- By service type, document processing shall gain traction by 1.5x until 2030.eed for greater regulatory compliance across key industries such as healthcare and insurance is leading to an uptick in demand for document processing.
- BFSI segment shall dominate the global document outsourcing market. However, healthcare is witnessing a rapid surge in document outsourcing services adoption due to COVID-19.
- Small and medium enterprises are effectively leveraging the document outsourcing services platform, given the need to enhance operational efficiencies.
- North America will remain the market hegemon throughout the forecast period while East Asia and Europe shall generate lucrative growth opportunities.
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Document Outsourcing Services Market: Key Trends
- Document outsourcing has resulted in guaranteed 10% cost savings on print production and 25% in translation and authoring costs.
- Technological advancements such as dynamic localization of index fields and automated classification of records have helped reduce documentation anomalies across the banking sector.
- The coronavirus pandemic has pushed vendors to enhance their service offerings through regular notifications to customers by virtue of SMS, online updates and phone calls.
- Customer satisfaction is an important variable driving the design of integrated document outsourcing solutions.
Document Outsourcing Services Market: Region-wise Analysis
- North America enjoys the lion’s share, with the United States accounting for more than 60% of the share. Mushrooming small and medium enterprises and startups is driving increased adoption of document outsourcing services in the region.
- In January 2020, the Canadian government collaborated with Ricoh Canada, Inc. to provide enhanced delivery of printing technologies and services across business organizations.
- India and China are key document outsourcing service providers, with more than 40% of it being utilized by American companies.
- Indonesia is another important outsourcing provider to the American market, due to the absence of a language barrier. Over 70% of Indonesians are fluent in English.
Document Outsourcing Activities Market: Competitive Analysis
The document outsourcing activities market is composed of a handful of players, which include: Symcor, Hewlett-Packard Co., Max BPO, Lexmark International, Inc., Ricoh Co. Ltd., Fuji Xerox Co., Ltd. and Iron Mountain Incorporated.
The abovementioned market players concentrate on developing and launching new solutions. This is primarily driven by the BFSI industry. Besides, they are also forging partnerships with cloud service providers in the wake of the pandemic crisis to offer remote working solutions. For example, Indigenous Link and Symcor are jointly providing to monitor, track and calibrate document management process in real-time across Canada while collecting data of the indigenous population.
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Key Segments of Document Outsourcing Services Industry Survey
Document Outsourcing Services Market by Service:
- Document Imaging & Scanning Services
- Archive & Records Management Services
- Content Management Services
- Document Processing Services
- Others
Document Outsourcing Services Market by Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
Document Outsourcing Services Market by Industry:
- Banking, Financial Services, & Insurance (BFSI)
- Manufacturing
- Legal
- Media & Entertainment
- Government
- Retail
- Healthcare
- IT & Telecom
- Others (Food and Beverage, Real Estate etc.)
Document Outsourcing Services Market by Region:
- North America Document Outsourcing Services Market
- Latin America Document Outsourcing Services Market
- Europe Document Outsourcing Services Market
- East Asia Document Outsourcing Services Market
- South Asia & Pacific Document Outsourcing Services Market
- Middle East & Africa (MEA) Document Outsourcing Services Market
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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