Document Outsourcing Services Market Trends

Growth Drivers

• Increasing Demand for Digitized Documents – As compared to paper documents, digital documents provide various features such as easy storage, manipulation, access from remote locations, and better collaboration of the documents. Moreover, digital data provides much more security than paper documents and can be encoded to protect information. IDC predicts that by 2025, AI technology will be incorporated into at least 90% of new enterprise apps' operations and end products.
• Efficient Document Management - Document management solutions, which can be used for storing documents and organizing them, tracking the versions of documents, or automatically processing document-related tasks, are available to organizations. Organizations can cut down on administrative tasks and enhance document security, as well as streamline their collaboration with external stakeholders through the use of document management solutions. Moreover, document management system can assist organizations in providing better customer services and ensuring compliance while decreasing their risk of data loss.
• Increasing Demand for Cloud-Based Document Services – Many companies around the world are adopting cloud sourcing for the effective incorporation of their business processes. The steady shift from outdated data centers to cloud sourcing is anticipated to drive investment in IT during the forecast period. Benefits such as cost-saving, and cloud sourcing are estimated to propel the market growth in the upcoming years. In comparison to the 55% of respondents who still rely on traditionally maintained on-premises systems, about two-thirds of respondents today operate in a public cloud and 45% utilize a private cloud.

Challenges

• Expensive services of Document Outsourcing – The cost of document outsourcing services is higher than that of traditional printing and document management services. Also, document outsourcing services are frequently provided on a project basis and it is difficult to calculate in advance the costs of these services which would result in an increased cost for customers. The higher prices incurred in document outsourcing services may hamper the market growth.
• Lack of Expertise in Document Sourcing Services
• Growing Competition with Traditional Printing