Enterprises Squeezing Documentation Time by Availing Outsourcing Services - a New Approach to Enhance Organizational Efficiency

Jun 18,2020 | Technology

The constant need to upgrade operational efficiencies has prompted large, small, and medium enterprises to make serious investments in document outsourcing in recent years. Multitude of organizational benefits such as flexibility, scalability, and efficiency has created a fertile ground for the growth of these outsourcing services.

Document Outsourcing Services Market

A recent market study published by Future Market Insights on the document outsourcing serv...

Document Outsourcing Services Market

Seamless shift from on-premise servers to cloud-based solutions has given the end users an incredible advantage of secured access to tall piles of documents. With dedicated service providers and expert guidance, players in the global document outsourcing market are personalizing the services to save the turnaround time for their customers.

The critical task of managing lengthy and complex documents across verticals such as government, financial services, publishing, and research has been reformed with document outsourcing services. This has been a pivotal turning point for the players in contributing towards digital transformation of sectors, fueling the demand for efficient document outsourcing services.

Future Market Insights states that the global document outsourcing services market is expected to rise steadily at a CAGR of 3% during the forecast period of 2020 to 2030.

“Document outsourcing service providers are offering a complete turn-key scanning solution on-site. Mobile on-site scanning unit provides its services for all levels of legal, pharmaceutical, financial, and educational sectors. On-site team brings with it an expert team led by certified document imaging architects. In addition, the production facility provides on-line chat, video resources and many other features that assures success of the project,” says an FMI analyst.

Key Takeaways of Document Outsourcing Services Market Study

  • The document processing services segment to grow 1.5x of the current market value by the end of 2030
  • SMEs to show higher interest in deploying document outsourcing service as efficiency and transparency remain integral to cost savings
  • Healthcare sector to witness adoption of document outsourcing services up by 1.4x of current market value by end of 2030 as it records tremendous volume of new document generation amidst COVID-19 pandemic
  • North America document outsourcing services market to surge at a CAGR of 2.7% during the forecast period of 2020-2030

COVID-19 Pandemic Impact Analysis

Remote working amidst the COVID-19 crisis has prompted higher uptake of document outsourcing services. Companies have had to make massive shift in operations overnight as nationwide lockdowns were announced. Paperless operations, remote communication, payroll processes, and tax filings amongst others have been moved to a virtual space, making it critical for companies to maintain their documentation accurately in these unprecedented times.

These factors are projected to drive the document outsourcing cloud-based solutions segment at a growth rate of 1-2% in the coming period. Need to streamline core functions for businesses is projected to push them to opt for document outsourcing services that are cost-effective in the long run.

Currently, the greater demand to focus on delivering seamless services to consumers, achieving great quality, and enhancing processing time is expected to make SMEs and new entrants towards document outsourcing services.

Accredited Conformity Assessment Ensure Reliability Prompting Adoption

The usage of accredited conformity assessment and quality standards is increasingly required in different sectors such as supply chain, manufacturing, and others, which are often seen in tender documents.

Many companies require their service providers to maintain management system standards such as ISO 27001, ISO 9001, and others. Some industry sectors have even created their own management system standards such as TL 9000 for telecommunications sector and AS9100 for aerospace. Such specificity is has worked in favor of service providers who ardently strive to up their game to offer improved solutions

As per a survey conducted it is found that non-compliance with regulations and standard costs companies two to three times more than proactively spending to stay in compliance.

Thus, document outsourcing service providers approve quality standards and give purchasers the confidence about the safety and reliability of products as well as their ability to meet certain specifications. These accredited conformity assessment and quality standards operate with international standards and mutual recognition accreditation agreements. In the long term this facilitates trade through the reduction of potential transactional costs and creates new opportunities by removal of technical barriers to trade.

More Valuable Insights on document outsourcing services Market

In its latest report, Future Market Insights offers an unbiased analysis of the global document outsourcing services market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. To understand opportunities in the document outsourcing services market, the market is segmented on the basis of services (document imaging & scanning services, archive & records management services, content management services, document processing services, others), enterprise size (small and medium enterprises, large enterprises), and industry (BFSI, manufacturing, legal, media & entertainment, government, retail, healthcare, IT & Telecom, others), across six major regions.

About Technology Division at Future Market Insights

The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.