Document Outsourcing Services Market size was over USD 5.59 Billion in 2023 and is anticipated to reach USD 23.83 Billion by 2036, growing at around 11.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of document outsourcing services is estimated at USD 6.18 Billion. The market is growing owing to the organizations around the globe are demanding to outsource their document management services in order to save time, and inconvenience related to in-house document services. Also, to improve the efficiency and risks associated with the documents, people are determined to outsource document management solutions. In 45% of small enterprises, document management is still done on paper. 11% of small organizations do not use a document management system. For 45% of businesses, it took at least a week to sign a contract. 200 zettabytes of data will be kept on the planet by 2025.
The cost of data breaches in organizations that do not have automatic records management has increased by a forecasted USD 0.73 million worldwide in 2019. In view of this rise in the cost of data breaches, organizations around the world are looking for high-quality outsourcing services. With the increasing cost of data breaches, companies are seeking consistent outsourcing services. Between March 2021 and February 2022, at least 42 million records were exposed due to data breaches.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
11.8% |
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Base Year Market Size (2023) |
USD 5.59 Billion |
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Forecast Year Market Size (2036) |
USD 23.83 Billion |
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Regional Scope |
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Services {On-Site Contracted Services, Statement Printing Services, Document Process Outsourcing (DPO) Services}
The on-site contracted services segment is expected to hold 45% share of the document outsourcing services market. The market is expanding owing to the consistency factor and ease in operational efficiency. The need for advanced on-site document management systems has also been increasing as companies are increasingly adopting process automation and the use of data in order to make informed decisions. In the modern era, 50% of jobs can be automated. At least one function is totally automated in 31% of firms. Every year, 14% more jobs are being automated.
Application (Legal Services, Financial Services, Healthcare Services, Government Services, Education Services, Corporate Offices, Educational Institutions, Research Institutes)
Document outsourcing services market from the corporate offices segment is anticipated to embrace the largest revenue share of about 30% during the forecast period. Outsourcing is being used by companies to reduce labor costs such as wages for workers, overheads, equipment, and technology. A small firm might consider outsourcing its accounting work to an accounting firm, considering that it could be cheaper not to keep the in-house accountant. Corporate culture is now viewed as being extremely important by 40% of employees, up from 37% in 2016. According to 81% of workers, considering the corporate culture before applying for a job is either somewhat or very significant.
Our in-depth analysis of the global document outsourcing services market includes the following segments:
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Services |
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Product/Type |
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Industry |
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Application |
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North America Forecast
North America is experiencing the largest growth for document outsourcing services with a market share of about 32%. The growing numbers of businesses outsourcing business-related tasks, such as document scanning, document conversion, and document storage are propelling the market growth. Also, the increasing demand for document security solutions is also making an impact on the North American document outsourcing services market. Nearly 50% of businesses have adopted cloud computing completely. Nearly 12 million people purchase cloud infrastructure globally. All new products and functionalities are being developed in the cloud by 75% of tech leaders.
Europe Statistics
The document outsourcing services market is on the rise in Europe with about 28% market share. There has also been an increased number of companies offering document outsourcing services in the region, which is making competition more intense and leading to lower prices. Additionally, the number of businesses providing document outsourcing services is growing in the European region, which increases competition and lowers pricing.
Author Credits: Abhishek Verma
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