Document outsourcing market: Key market research findings
- Need for cost and operational efficiency and adherence to regulatory standards drives market growth
- The Americas dominate the market geographically
- Key vendors—Canon, HP, Lexmark, Ricoh, and Xerox
Technavio’s market research analysts predict the global document outsourcing market to grow at a CAGR of almost 6% between 2016 and 2020. The market is driven by the increasing need for cost reduction, efficiency, and adherence to compliance and regulatory standards. Organizations outsource their document management systems to the third parties in an attempt to minimize the in-house IT services expense and boost their operational efficiencies. During 2015, the Americas dominated the global document outsourcing market by accounting for over 45% of the market share. Document solutions with customization and workforce mobility enhancements provided by established as well as new vendors are likely to boost growth in the document outsourcing market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the document outsourcing segments based on services.
“The rise in digital mailroom services is an ongoing trend in the document outsourcing market across the globe. Organizations implement digital mailroom solutions to manage a high volume of mail coming from various sources. Such services enable organizations to manage their unstructured mail into a digital format with the aid of document capturing and document scanners. Digital document management software, minimize complications and provide real-time access to critical business data at any point of time and enhances the efficacy of the business process,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
The onsite contracted services segment occupied almost 55% of the market space to become the dominant shareholder in the global document outsourcing market. Vendors provide onsite contracted services to help clients manage the document management solutions installed in their information and communications technology (ICT) infrastructure. This is carried out by evaluating the client’s IT architecture and implementing document management solutions based on the type of industry verticals, the size of the business, and competitive factors. The improvement in economic conditions in developed and developing nations and the increased adoption of digital content management solutions among enterprises are expected to contribute to growth in the global onsite contracted document outsourcing market by 2020.
The key vendors in the market are Canon, HP, Lexmark, Ricoh, and Xerox. Due to the entry of a number of start-up firms and existing IT outsourcing firms into the market, the level of vendor competition is fierce. Since there is a radical shift among organizations to transform their document management systems entirely, vendors will have a tremendous opportunity to augment their hold over the market. This will lead to the market witnessing the entry of several new document outsourcing companies, which will further intensify the level of vendor competition in the market.
A more detailed analysis is available in the Technavio report, Global Document Outsourcing Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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