Document outsourcing market forecast to increase by 5.25% CAGR during 2013 to 2018
Global Document Outsourcing Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-30 08:15:05
Document outsourcing providers are trying to broaden their portfolio of service offerings in order to gain more market share. As companies increasingly depend on business process automation and use data in decision making, the significance of existing contracts are declining. The growing demand for services that provide multi-channel communications and support a mobile knowledge workforce is leaving companies at a loss due to a lack of technology, talent, and time to adopt and manage these systems. Therefore, forward-thinking document outsourcing providers are trying to persuade customers to adopt more effective communication platforms by increasing their offerings based on cutting edge technologies. In addition, in order to reduce complexities, organizations are trying to lessen the number of suppliers they work with as it is easier to add services from an existing supplier rather than having new vendors for additional services.
The growth of the Global Document Outsourcing market is driven by several factors; one such driver is the demand for end-to-end document process outsourcing. Document processing is defined as the transformation of typed and handwritten text on paper-based or electronic-based documents into electronic information. Companies are recognizing the need to streamline their business processes to gain resource efficiencies, and therefore, a number of organizations across the globe are shifting control of their manual document processing to outsourced service providers
Further, one of the key challenges is issues related to the flexibility of SLAs which are extremely important to customers as well as third-party service providers. Customers which are not focusing on future business strategies do not include many relevant clauses in the SLA, whereas service providers do not allow any changes in agreements once the SLAs are formulated. Hence, organizations often face difficulties in altering SLAs if changes are needed during the contract period.
The key players operating in the global document outsourcing market include Hewlett-Packard Co., Lexmark International Inc., Ricoh Co. Ltd., and Xerox Corp.
The global document outsourcing market is forecast to grow at a CAGR of 5.25 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing demand for end-to-end document process outsourcing. The Global Document Outsourcing market has also been witnessing the expansion of services by providers. However, the lack of flexibility with SLAs could pose a challenge to the growth of this market.
Other vendors operating in the market are American Reprographics Co., Canon Inc., Konica Minolta Holdings Inc., Kyocera Document Solution Inc., Pitney Bowes Inc., Toshiba Corp.
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