Dubai, U.A.E, June 30, 2020 /PRNewswire/ — Prominent market research company Future Market Insights infers that the global document outsourcing services market will expand at a CAGR of 3% between 2020 and 2030.
The COVID-19 outbreak has compelled business organizations to institute remote working arrangements, requiring remote communication, preparation of paperless documents, tax filings and payroll processes. All these procedures have compelled companies to shift to virtual platforms, resulting in an uptake of document outsourcing services.
Besides the pandemic, a general requirement to streamline business operations has prompted small, medium and large scale corporations to invest a major chunk of their revenue in document outsourcing services. All these factors are acting as growth catalysts for the market during the forecast period.
The banking, financial services and insurance (BFSI) sector has effectively adopted document outsourcing services, owing to the voluminous nature of its operations. Looking at the nature of its operations, adoption of document outsourcing services has risen exponentially in the past, and will continue to do so across the forecast period.
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.
Document Outsourcing Services Market: Key Trends
- Document outsourcing has resulted in guaranteed 10% cost savings on print production and 25% in translation and authoring costs.
- Technological advancements such as dynamic localization of index fields and automated classification of records have helped reduce documentation anomalies across the banking sector.
- The coronavirus pandemic has pushed vendors to enhance their service offerings through regular notifications to customers by virtue of SMS, online updates and phone calls.
- Customer satisfaction is an important variable driving the design of integrated document outsourcing solutions.
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.
Document Outsourcing Activities Market: Competitive Analysis
The document outsourcing activities market is composed of a handful of players, which include: Symcor, Hewlett-Packard Co., Max BPO, Lexmark International, Inc., Ricoh Co. Ltd., Fuji Xerox Co., Ltd. and Iron Mountain Incorporated.
The abovementioned market players concentrate on developing and launching new solutions. This is primarily driven by the BFSI industry. Besides, they are also forging partnerships with cloud service providers in the wake of the pandemic crisis to offer remote working solutions. For example, Indigenous Link and Symcor are jointly providing to monitor, track and calibrate document management process in real-time across Canada while collecting data of the indigenous population.
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