Dubai, U.A.E, June 30, 2020 /PRNewswire/ — Prominent market research company Future Market Insights infers that the global document outsourcing services market shall 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.
Download Sample Copy with Table of Contents: https://www.futuremarketinsights.com/reports/sample/rep-gb-256
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.
Document Outsourcing Services Market Taxonomy:
Document Imaging & Scanning Services
Archive & Records Management Services
Content Management Services
Document Processing Services
Small and Medium Enterprises
Banking, Financial Services & Insurance (BFSI)
Media & Entertainment
IT & Telecom
Others (Food & Beverage, Real Estate, etc.)
Region & Country
Rest of Latin America
BENELUX (Belgium, Netherlands & Luxembourg)
Rest of Europe
South Asia and Pacific
Rest of South Asia and Pacific
Middle East and Africa
Rest of MEA
Request Report Methodology: https://www.futuremarketinsights.com/askus/rep-gb-256
Get Valuable Insights into the Document Outsourcing Services Market
In its latest report, Future Market Insights offers an unbiased analysis of the global document outsourcing services market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. To understand opportunities in the document outsourcing services market, the market is segmented on the basis of services (document imaging & scanning services, archive & records management services, content management services, document processing services, others), enterprise size (small and medium enterprises, large enterprises), and industry (BFSI, manufacturing, legal, media & entertainment, government, retail, healthcare, IT & Telecom, others), across six major regions.
Explore Extensive Coverage of FMI’s Electronics, Semiconductors and ICT Market Studies
Mobile Money Market: FMI’s recent study projects the mobile money market to expand impressively, registering a double-digit growth across the forecast period 2020-2030. Explore the report to gain detailed insights into the prominent growth dynamics influencing this market expansion.
Smart Railways Market: A comprehensive 360-degree outlook on the smart railways market, FMI, through its exhaustive report, covers the vital dynamics expected to shape the upcoming growth trajectory, taking into account prominent drivers, restraints and opportunities of key segments across multiple regions.
Hyper Converged Systems Market: The hyper converged systems market is expected to represent a US$ 50 billion opportunity by the end of the forecast period 2020-2030, according to FMI’s recent report on the subject.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Mr. Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: email@example.com
For Media Enquiries: firstname.lastname@example.org
Press Release Source: https://www.futuremarketinsights.com/press-release/document-outsourcing-services-market
View original content:http://www.prnewswire.com/news-releases/businesses-are-increasingly-leveraging-document-outsourcing-services-during-covid-19-pandemic-to-streamline-daily-operations-fmi-301085919.html
SOURCE Future Market Insights