Scope of the report
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Technavio has announced its latest market research report titled Global Document Outsourcing Market 2020-2024 (Graphic: Business Wire)
This report provides a detailed analysis of the document outsourcing market by outsourcing services (onsite contracted services, statement printing services, and DPO services) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ABBYY Solutions Ltd., Accenture Plc, Canon Inc., HP Inc., Konica Minolta Inc., Levi, Ray & Shoup Inc., Lexmark International Inc., Ricoh Co. Ltd., Toshiba Corp., and Xerox Corp. Need for automated and centralized document management solutions is a key trend in the global document outsourcing market which will lead to significant market growth. The growing complexity of operations and the lack of expertise in document management have compelled organizations to look for specific solutions related to document handling. These solutions help organizations ensure the smooth flow of digital documents across all functional departments. All these factors are leading to a positive outlook for the document outsourcing market.
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Document Outsourcing Market: Segmentation by Geography
The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. North America was the largest market for document outsourcing in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 34% of the market’s growth will originate from North America during the forecast period. This is due to the rapid adoption of advanced technologies such as cloud computing, AI, and RPA by businesses in the region. Also, the rising number of outsourcing contracts by companies in the region is increasing the demand for document outsourcing solutions. The US is the key market for document outsourcing in North America.
Document Outsourcing Market: Segmentation by Outsourcing Services
The document outsourcing market is segmented into three segments based on solutions comprising of onsite contracted services, statement printing services, and DPO services. The onsite contracted services segment emerged as the leading segment during 2019. The growing adoption of business process automation has increased the generation of data, which has enabled organizations to extract useful information for the decision-making process. This has increased the demand for advanced onsite document management systems among organizations. These factors are creating significant growth potential in the segment.
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Document Outsourcing Market: Growth Drivers
Need for cost reduction, enhanced efficiency, and regulatory compliance will drive market growth. Developing in-house document management solutions are often associated with the risk of failure. Also, it utilizes significant costs and time for the organization. To avoid such risks, organizations are increasingly opting for the outsourcing of document management solutions. This helps them enhance the efficiency of the document management process while saving costs and time. These factors are contributing to the growth of the global document outsourcing market.
Document Outsourcing Market: Market Overview
The document outsourcing market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. ABBYY Solutions Ltd., Accenture Plc, and Canon Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, data security issues in outsourcing will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)
Document Outsourcing Market: Parent Market Overview
Technavio categorizes the global document outsourcing market as a part of the global data processing and outsourced services market within the global IT services market. The parent global IT services market covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing (BPO) services, infrastructure services, and Internet services. The global data processing and outsourced services market covers providers of commercial electronic data processing and/or BPO services. It also includes companies that provide services for back-office automation.
Growth in the global data processing and outsourced services market will be driven by the rapid adoption of new technologies by BPO service providers.
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