Global Outsourcing Document Scanning Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Outsourcing Document Scanning Service Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Document scanning is the practice of using scanners to convert paper documents into digital images. Outsourced document scanning is the delegation of non-core operations, such as document scanning, from internal production to an external entity specializing in the management of that operation. More and more companies are using outsourcing document scanning service to scan documents to reduce costs, increase productivity and improve access to their information. By outsourcing scanning project, companies transfer costs, risks and responsibilities to a company with scanning and imaging expertise. From the initial document preparation phase to the final delivery of the digital images, the entire process is handled by dedicated, screened scanning technicians who ensure the documents are scanned quickly and securely with unparalleled quality. In the meantime, as documents are being scanned, companies can continue focusing on growing business.

Market Overview:

The latest research study on the global Outsourcing Document Scanning Service market finds that the global Outsourcing Document Scanning Service market reached a value of USD 1439.44 million in 2022. It’s expected that the market will achieve USD 2233.05 million by 2028, exhibiting a CAGR of 7.59% during the forecast period.

Influence of COVID-19 Outbreak on Outsourcing Document Scanning Service Industry Development

In the specific environment based on the outbreak of COVID-19, the global economy has been significantly affected, resulting in challenges and opportunities for the development status of various industries. Since the COVID-19 virus outbreak in December 2019, the disease has spread to innumerable countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease (COVID-19) are already starting to be felt, and will significantly affect the Outsourcing document scanning service market in 2020. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. During the epidemic, the resumption of work, operations, revenue targets, and industry development of the outsourcing document scanning service industry were all be influenced.

For the outsourcing document scanning service industry, although the impact of the epidemic is not as big as the tourism industry, film industry, fast-moving consumer goods store and other industries, the outsourcing document scanning service industry will also be affected by the overall environment and economic downturn, especially the downstream industry of Outsourcing document scanning service. The industry is greatly affected by the epidemic, which in turn has affected the sales and consumption of outsourcing document scanning service.

Meanwhile, the impact of COVID-19 on the outsourcing document scanning service industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises. Although various industries around the world are gradually resuming work, production and demand will not pick up rapidly and substantially, and will require a certain recovery period.

Nevertheless, in response to the COVID-19 pandemic, outsourcing document scanning service providers are taking special measures to meet the customer demand by enhancing their service offerings. Regular notifications to customers regarding any policy changes caused by the pandemic situation though the web, SMS, phone, and others have been an important part of response to the ongoing pandemic.

Outsourcing document scanning service providers are offering work- from- home options to their employees and maintaining continuity of business operations by implementing a workforce planning assessment. Companies are also offering secure physical and digital storage, sophisticated machine learning software, automated workflow solutions, and consulting services to navigate way out of COVID-19. Vendors are providing digitization, storage, data management and shared services that enable compliance at offices.

Modern Solutions to Traditional Systems of BFSI to be Turning Point for the Market

The BFSI sector has been at the forefront of digitizing its record for quick retrieval of documents when required. Scores of documents generated in the BFSI sector are creating a large need for efficient storing to build scalability and flexibility. Looking at the extent of growth of banking and financial services, the requirement of storage capacity is projected to increase exponentially during the forecast period.

The constant efforts by outsourcing document scanning service providers to help their customers modernize policy administration has given the market a shot in the arm. For instance, feature such as dynamic localization of the index fields or automated classification through optical character recognition (OCR), which helps to counter the effect caused due to document displacement during scanning process are expected to iron out the wrinkles in the documentation processes.

Outsourcing document scanning service have also played a crucial role in improving customer service by quick processing of documents in an error-free manner. Opting for these services has allowed new and legacy brands to enrich their customer onboarding and acquisition, omni channel support, and customer retention.

Over the years, outsourcing document scanning service have engaged in offering intelligence to end users about best strategies for optimizing business decisions and processes. service providers help integrate and optimize business processes and align them with the company’s strategic goals, as they possess knowledge about new regulations and compliance required in the industry that functions on a global scale, which is beneficial to the development of the industry

Wide range of applications

Major industries where outsourcing document scanning service is widely used includes BFSI, healthcare, government, legal and others. Therefore, outsourcing document scanning service may become very useful solution for businesses that require lot of paper documentation or have huge historical data that needs to be digitized. There are many domain specific applications of outsourcing document scanning service. All in all, outsourcing document scanning service has a wide range of downstream applications and a large target audience, which is another powerful driving force for the development of the industry.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (39.91% in 2022).

Company Overview:

The top three companies are Iron Mountain, Royal Imaging Services, Smooth Solutions with the revenue market share of 6.56%, 3.97%, 3.61% in 2021.

Iron Mountain

Iron Mountain Incorporated is a global business dedicated to storing, protecting and managing, information and assets. Iron Mountain Incorporated is a storage and information management company. The Company provides records management, data management solutions, and information destruction services.

Royal Imaging Services

Royal Imaging offers the full spectrum of electronic document management services and software. Royal Imaging offers several levels of document management software along with the consulting, implementation, and training services needed.

Segmentation Overview:

Among different product types, Paper Scanning segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Outsourcing Document Scanning Service market covered in Chapter 3:

Armstrong Archives
Royal Imaging Services
Flatworld Solutions
Smooth Solutions
Advanced Data Solutions
Chicago Records Management
Cube Records Management Services
NexGen Data Entry Services
HITS Scanning Solutions
Access Scanning Document Services
Iron Mountain
ScanningCompany
Filescan Solutions
DRS Imaging
Pacific Records Management
Shoreline Records Management, Inc
Microimage Technologies
The Crowley Company
Blue-Pencil Information Security

In Chapter 4 and Chapter 14.2, on the basis of types, the Outsourcing Document Scanning Service market from 2018 to 2029 is primarily split into:

Paper Scanning
Microfilm Scanning
Monitoring Strip Scanning
Blueprint Scanning
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Outsourcing Document Scanning Service market from 2018 to 2029 covers:

BFSI
Healthcare
Government
Legal
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)