About the Document Outsourcing Market
In the era of digitalization and information economy, organizations adopt IT solutions for the effective management of large volumes of unorganized enterprise documents. Document management solutions are designed to manage routine files and paper-based documents through digital ECM systems. organizations require quick access to enterprise files and information to streamline workflow and remain competitive in the domestic and international markets. Document management outsourcing services are gaining popularity in the document management business as many firms face difficulties to manage in-house document management software solutions. In-house document management systems require upfront investment to install software and hardware to run document management applications. Organizations also need to spend on IT department such as skilled IT professionals and IT support services to manage in-house document management systems.
Technavio’s analysts forecast the global document outsourcing market to grow at a CAGR of 5.5% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global document outsourcing market for 2016-2020. To calculate the market size, we consider revenue generated from the following document management outsourcing services:
Technavio Announces the Publication of its Research Report – Global Document Outsourcing Market 2016-2020
Technavio recognizes the following companies as the key players in the global document outsourcing market: Canon, HP, Lexmark International, Ricoh, and Xerox.
Other Prominent Vendors in the market are: ABBYY, Accenture, American Reprographic Company (ARC) Document Solutions, Cirrato, Cortado, Epson, Hyland, Konica Minolta, Levi Ray and Shoup, Swiss Post, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “A trend that will propel market growth is the rise in digital mailroom outsourcing services. Digital mailroom solutions are implemented in organizations to manage high volume of mails coming various sources. Mailroom management services helps organizations to manage their unstructured mails into digital format with the help of document capturing and scanning technology. Outsourcing of mailroom management process reduces cost of in-house management of digital documents. Digital mailroom solutions reduce in-house overhead costs through automated process and increases operational workflow in the enterprises.”
According to the report, a key growth driver for the document outsourcing market is the cost reduction and efficiency offered by third parties. One of the primary reasons of document outsourcing is cost reduction as organizations frequently outsource their document management systems to third parties, primarily to reduce in-house cost of IT services and to boost operational efficiencies. Firms doing their multi-businesses in industry verticals are befitted from innovative technologies offered by document management solution providers. IT outsourcing solutions reduce expenses on maintenance of in-house IT department and provide a competitive IT solution to client firm. Organizations need to adhere with regulatory norms and compliance guidelines such as Health Insurance Portability and Accountability Act of 1996 (HIPPA) to protect personal data stored in database management systems.
Further, the report states that one challenge that could restrict market growth is the concern most companies have about data privacy and security risks.
Canon, HP, Lexmark International, Ricoh, Xerox, ABBYY, Accenture, American Reprographic Company (ARC) Document Solutions, Cirrato, Cortado, Epson, Hyland, Konica Minolta, Levi Ray and Shoup, Swiss Post, Toshiba.
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