According to Future Market Insights, the global document outsourcing services market will witness high single-digit growth in the coming years. In the U.S., the market is expected to grow at a CAGR of around 3% through 2020. To meet the increasing demand, document outsourcing service providers provide a wide range of solutions including data conversion outsourcing, medical records scanning service and more. Document outsourcing services involve a combination of intelligent character recognition (ICR) and optical character recognition (OCR) methods to convert paper-based documents into electronic information.
This report expects the market to expand at a single-digit CAGR over the next five years. Key factors that drive the growth of this market include:
- Increasing demand for end-to-end document outsourcing services
- Decreasing print volumes
- Increasing demand for new technologies, and
- Focus on reducing operational costs
More and more organizations are realizing the importance of having a seamless solution for business processes, and they are banking on the expertise of third-party service providers for their document processing services. This is considered to be another reason for the growth of the market.
With more business process outsourcing companies broadening their portfolios, it is predicted that there will be an increase in the number of organizations outsourcing their document processing work, and this will lead to healthy growth in the market over the next five years. Technological innovation is a critical factor that makes many organizations become increasingly reliant on third-party vendors for managing their document processing tasks.
The key challenge for the growth of the market comprises issues related to the flexibility of service level agreements (SLAs). Western Europe, the U.S., and the Asia Pacific are the key regions for the growth of the document outsourcing processing market. Some of the important players mentioned in the report include Xerox Corp., Lexmark International Inc., Hewlett-Packard Co., and Ricoh Co. Ltd.