By the end of 2027, the global service bureau market is projected to bring in US$ 97,042.4 million, up from US$ 50,690.6 million in 2017. According to Future Market Insights, this translates into a 6.7% compound annual growth rate (CAGR) in terms of value from 2017 to 2027. The ongoing introduction of new services to the global market might be connected to this rising income increase.
Future Market Insights has released a new study named “Service Bureau Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)”. Future Market Insights offers a comprehensive analysis of the worldwide service bureau market in this book, covering the ten-year period from 2017 to 2027.
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North America to lead the global service bureau market in terms of value share
Of all the regional service bureau markets, North America is anticipated to be the largest, with an estimated market revenue to the tune of about US$ 33 Bn by the end of the forecast period in 2027. The North America service bureau market is estimated to witness a CAGR of 8.0% in terms of value during the forecast period. The increasing digitalization of documents across North America is the main factor driving regional market revenue growth.
Western Europe is the second largest market with market revenue projected at around US$ 16 Bn by the end of 2027. The APEJ service bureau market stands at third place with an estimated revenue of about US$ 13 Bn by 2027 end. APEJ is a major market for service bureaus owing to the rapid adoption of such solutions for business automation processes across the region.
Differentiating Strategies of Key Players
- New innovations in products are expected to remain the main strategy for key players in this market to increase their sales growth
- Long-term contracts with business partners help increase business revenue and new innovation strategy enabling service bureau solution vendors to reach new potential customers in emerging markets
Future Market Insights Recommendations
- Evaluation of managed service concepts is helping users focus on their business rather than focusing on document storage and safety
- Increasing service bureau concept in various developing countries is creating opportunities for scanning and printing hardware providers for maintaining an effective value chain
- Service bureaus can focus on expanding their businesses across countries such as India and Australia, where the governments are offering investment opportunities and where setting up a business is less costly
- Service bureau services are expected to witness substantially high demand due to the presence of large corporations that are working to gain opportunities to enter the competitive market
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Global Service Bureau Market: Segmentation & Forecast
The global service bureau market is segmented on the basis of Services into Document Scanning, Photocopying, and Others (Printing & Fax); on the basis of End Users into Government, Education, BFSI, Healthcare, Law Firms, Others (Retail & Telecommunication); and on the basis of Region into North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, MEA.
- By Services, the Document Scanning segment is expected to dominate the global service bureau market over the forecast period, estimated to be valued at about US$ 19 Bn by the end of 2017.
- On the basis of End Users, the Government segment is projected to be the most attractive in the global service bureau market during the forecast period, registering a CAGR of 5.6% during the forecast period. The BFSI segment is expected to register high Y-o-Y growth rates throughout the forecast period and is expected to expand at a CAGR of 6% in terms of value during the forecast period.
- Among the Regional markets, North America is expected to dominate the global service bureau market, with an estimated market revenue to tune of about US$ 15 Bn by the end of 2017. The market in North America is anticipated to exhibit high market attractiveness index over the forecast period.
Global Service Bureau Market: Vendor Landscape
The report features company profiles of some of the key players operating in the global service bureau market such as :
- Iron Mountain Incorporated
- Hyland Software
- Rhenus Office Systems GmbH
- Kofax
- OSG Record Management
Market Taxonomy
By Services:
- Document Scanning
- Photocopying
- Others (Printing & Fax)
By End User:
- Government
- Education
- BFSI
- Healthcare
- Law Firms
- Others (Retail & Telecommunication)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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