Document Preparation Services in the US
The Document Preparation Services industry experienced remarkable growth less than a decade ago; however, the industry's growth rate has since slowed considerably over the five years to 2018 with the introduction of automated systems. Confronted with decelerating demand from small businesses and other key markets, combined with increased pressure to lower prices due to intense competition, the industry has failed to sustain its previous levels of growth and is entering a declining life cycle phase. Increased computer literacy has enabled potential customers to prepare documents using their own computer and software systems, in turn reducing demand for industry services. Moving forward, increasing health expenditure associated with newer healthcare regulations will help boost revenue as demand for transcription services increases from the healthcare sector. Unfortunately for industry operators, increasing external competition from user-friendly software solutions is likely to offset most of this growth opportunity over the five years to 2023, weakening industry demand.
This industry encompasses several services including letter or resume writing; document editing or proofreading; word processing or desktop publishing; transcription or dictation; and other secretarial services. This industry does not include document translation services, graphic design, court reporting, prepress and postpress services or document copying services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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