Global Document Outsourcing Services Market 2023-2030

Global Document Outsourcing Services Market 2023-2030

Global Document Outsourcing Services Market Size, Share & Trends Analysis Report by Service Type (Document Imaging and Scanning Services, Archive and Records Management Services, Content Management Services, and Document Processing Services), by Enterprise Size (Large Enterprises, and Small and Medium Enterprises), by end-user (BFSI, IT and Telecom, Media and Entertainment, Retail and E-Commerce, Healthcare, Government, and Others) Forecast Period (2023-2030)

The global document outsourcing services market is anticipated to grow at a CAGR of 6.3% during the forecast period. The need for cost reduction, enhanced efficiency, and regulatory compliance is a major factor driving the global document outsourcing services market. Various organizations around the world are opting to outsource their document management services to eliminate the time, costs, and inconvenience associated with in-house document management services. Moreover, developing an in-house document management solution also involves the risk of failure, which may increase the costs and time required for its development. To avoid such risks and to enhance the efficiency of the document management process, organizations are readily opting for the outsourcing of document management solutions. For instance, according to a report published by IBM in 2022, the cost of a data breach averaged $4.35 million in 2022. This figure represents a 2.6% increase from last year when the average cost of a breach was $ 4.24 million. The average cost has climbed 12.7% from $3.86 million in the 2020 report. Considering such an increase in the cost of data breaches, organizations globally are looking for reliable outsourcing services. This, in turn, is driving the global document outsourcing market.

The increase in preference for cloud sourcing is another factor supporting the global document outsourcing market. Cloud sourcing is the integration of outsourcing services with cloud computing technology. Companies are outsourcing the deployment and maintenance of specialized cloud products and services to cloud service providers. The gradual shift from traditional data centers to cloud sourcing is expected to drive IT spending during the forecast period. The demand for cloud sourcing will create the need for cloud platforms and online data centers for data storage purposes. Owing to the advantage of cost-saving, cloud sourcing is anticipated to witness an increase in its adoption during the forecast period.

Segmental Outlook

The global document outsourcing services market is segmented based on service type, enterprise size, and by end-user. Based on service type, the market is sub-segmented into document imaging and scanning services, archive and records management services, content management services, and document processing services. By enterprise size, the market is bifurcated into large enterprises and short and medium enterprises. Further, by end-user, the market is sub-segmented into BFSI, IT and Telecom, media and entertainment, retail and e-commerce, healthcare, government, and others. Among these, the healthcare sub-segment accounted for the dominant share of the market during the forecast period owing to the increasing volumes of healthcare documentation and focus on cost reduction.

IT and Telecom Sub-Segment is Anticipated to Hold Prominent Share in the Global Document Outsourcing Services Market

The IT and telecom segment is expected to account for the largest revenue share owing to the increasing technological innovations coupled with the growing demand for document outsourcing services. There is an increase in remote work in the IT sector due to which coordinating and sharing documents in a secure, efficient, and timely manner has become a significant challenge faced by many companies. Document outsourcing services provide a solution to this problem by offering secure, cloud-based platforms for easy access and collaboration. For instance, in December 2021, Adobe’s Document Cloud introduced cloud-based PDF and e-signature solutions which can be integrated into existing processes, systems, and applications. Additionally, the increasing focus on data privacy and cybersecurity in the IT industry will further boost market growth. For example, Xerox Corp. provides Xerox global document services which offer robust security measures, ensuring sensitive information is properly protected and compliant with regulations.

Regional Outlook

The global document outsourcing services market is further segmented based on geography including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, the Asia-Pacific region is projected to expand to a significant CAGR during the forecast period. The factors attributed to the growth of the market include the presence of strong IT infrastructure due to which there is an increased demand for document outsourcing services from IT companies, and the development of large, small and medium-scale organizations.

Global Document Outsourcing Services Market Growth, by Region 2023-2030

Source: OMR Analysis

North America is Anticipated to Hold a Prominent Share of the Global Document Outsourcing Services Market

Among all the regions, North America is expected to account for a larger revenue share among other regional markets during the forecast period. The regional growth is driven by the increasing demand for digitalization, increasing adoption of cloud-based document management solutions, and the presence of several key players in the region which include LasercycleUSA, GRM Information Management, and others.

The North American market has been at the forefront of technological advancements in document outsourcing services, which has further propelled its growth. Major companies are increasingly leveraging artificial intelligence (AI), machine learning (ML), and advanced analytics to provide more efficient and automated document management solutions. For instance, in July 2021, IBM developed and implemented Digital Document Collection services for reading, validating, and extracting the data from the collected document digitally. The solutions eases the customer on-boarding process by using AI.

Market Players Outlook

The major companies serving the global document outsourcing services market include Accenture plc, Apogee Corp. Ltd, Hewlett Packard Enterprise (HPE) Development LP, Integreon, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, funding, collaborations, and new product launches to stay competitive in the market. For instance, in July 2022, Unicon Outsourcing launched a new service named Financial Service 360. The product is a integrated solution developed for maintaining financial and managerial accounting documents and records. The solution is primarily developed for businesses operating in Russia, as the several business operating in the country frequently reports the issues of lacks in consistent income, lack of expanse transparency, cash gaps, persistent fines, and others.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global document outsourcing services market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.