The market for document outsourcing services is estimated to be worth roughly US$ 5.25 billion by the end of 2030, growing at a CAGR of 6.3%. Cloud-based solutions are the preferred choice for document outsourcing services due to the benefits of real-time software updates and upgrades, which will cause the market to grow 2.5X by 2030. Document outsourcing services currently account for 15% of the global market for document management systems.
The Document Outsourcing Services Market refers to the market for services that entail outsourcing document management duties to a third-party service provider, such as document scanning, conversion, storage, and retrieval. These services can help firms save time and money by relieving employees of manual document handling and allowing them to focus on vital business functions.
The market for document outsourcing services is growing due to increased demand from a range of businesses, including the government, legal, financial, and healthcare sectors, among others. As more firms embrace digital transformation and seek cheap document management solutions, the market is expected to grow.
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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.
- The 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.
The 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
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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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