The global document outsourcing services market is anticipated to expand at a single-digit CAGR over the next five years.
Valley Cottage, NY -- (SBWIRE) -- 05/30/2018 -- Document outsourcing involves the outsourcing of document processing to a third-party service provider. Document processing service providers convert typed and handwritten text into paper-based electronic documents by using intelligent character recognition (ICR), data entry techniques, and optical character recognition (OCR).
Global Document Outsourcing Services Market Will Witness High Single-Digit Growth Through 2020
The global document outsourcing services market is anticipated to expand at a single-digit CAGR over the next five years. Increasing demand for end-to-end document outsourcing services is projected to be the key factor for the growth of this market. Other key factors for the growth of this market include decreasing print volumes, increasing demand for new technologies, and a focus on reducing the operational costs.
Globally, organisations are understanding the importance of having a seamless process for business processes so that they can get maximum productivity from their resources. Organisations around the world are banking on the expertise of third-party service providers for their document processing services and this is projected to be another reason for the growth of the global document outsourcing services market.
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On the other hand, document outsourcing services providers are trying their best to capitalise on the opportunities provided to them and they are offering a variety of document processing services to their clients. As more service providers broaden their portfolios, it is forecasted that there will be an increase in the number of organisations outsourcing their document processing work, and this will lead to a growth in the market over the next five years.
Technological innovations have brought dramatic changes in the whole process of document processing and due to this many organisations have become increasingly reliant on third-party vendors for managing their document processing services. Furthermore, most organisations don't have the time or resources to train their employees on new tools and systems. This is where document processing service providers are stepping and helping the organisations with end-to-end solutions. These factors are further projected to contribute to the growth of the global document outsourcing services market through 2020.
Challenges for the Global Document Outsourcing Market
Issues related to the flexibility of service level agreements (SLAs) are projected to be the key challenge for the growth of the global document outsourcing services market. Document processing service providers do not allow any changes in the document processing SLA once the key points have been agreed upon and this creates problems for the the companies as they are not able to customise the services according to their requirement. It is projected that the rigidness in SLAs could be the key challenge for the growth of the global document outsourcing market in the future.
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Key Regions for the Global Document Outsourcing Services Market
Western Europe, the U.S., and Asia Pacific are the key regions for the growth of the document outsourcing processing market. The document outsourcing services market was estimated to be worth US$ 30 Bn in 2014, and it is projected that the market will reach a valuation of around US$ 35 Bn by 2020. The document outsourcing services market in the U.S. is expected to witness a CAGR of around 3% through 2020. As discussed before, the focus of clients to decrease the operational costs will be the key driver for the growth of this market in these regions.
Key Players in the Global Document Outsourcing Services Market
Xerox Corp., Lexmark International Inc., Hewlett-Packard Co., and Ricoh Co. Ltd., are the key players in the global document processing market.
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