The Document Outsourcing Services Market refers to the market for services that involves outsourcing document management tasks, such as document scanning, conversion, storage, and retrieval to a third-party service provider. These services can help organizations save time and resources by freeing up staff from manual document handling and enabling them to focus on core business activities.
The market for document outsourcing services is growing due to increasing demand from various industries, such as healthcare, legal, financial, and government, among others. The market is expected to continue growing as more organizations adopt digital transformation and seek cost-effective solutions for document management.
The market for document outsourcing services is predicted to be worth roughly US$ 5.25 billion in 2022 and to rise at a CAGR of 6.3% to US$ 11.74 billion by the end of 2030. Cloud-based solutions are the go-to option for document outsourcing services due to the advantages of real-time software updates and upgrades, which will cause the market to grow by 2.5X by 2030. The market for document management systems worldwide now has a 15% share for document outsourcing services.
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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.
List of Key Players Covered in 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
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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.
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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
3.3. Key Success Factors
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