The document outsourcing services market, such document conversion, scanning, storing, and retrieval, to an outside service provider is known as the “document outsourcing services market.” By relieving employees of the labor-intensive task of processing documents by hand and allowing them to concentrate on their primary responsibilities, these services can help organisations save time and money.
The need for document outsourcing services is rising across a number of areas, including government, healthcare, legal, and financial. The market is anticipated to keep expanding as more businesses embrace digital transformation and look for affordable document management solutions.
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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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.
About Future Market Insights (FMI)
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