The global document outsourcing services market is anticipated to grow at a CAGR of 6.3% during the forecast period. The BFSI industry has been at the forefront of digitizing records to retrieve papers quickly when required. The vast number of documents generated in the BFSI sector require efficient archiving for increasing scalability and flexibility. The demand for storage capacity is expected to grow exponentially over the forecast period, owing to the level of expansion in banking and financial services.

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The market has been provided with a boost by document outsourcing service providers' ongoing attempts to help their customers modernize policy management. For example, features such as dynamic localization of index fields or automated categorization through optical character recognition (OCR), which serve to mitigate the effect of document displacement during the scanning process, are intended to smooth out the wrinkles in the document process.

With the rising demand for document outsourcing services, market players adopted various strategies including mergers and acquisitions, partnerships, funding, collaborations, and new product launches to stay competitive in the market. For instance, in January 2022, Exela Technologies, Inc. a global business process automation leader expanded a contract with a Global Bank. Exela has augmented the service offering to the bank which currently includes payment clearing, case management, payment fraud detection, and mortgage payments. The expansion includes foreign payment processing, which is subject to complex international rules and regulations.

Global Document outsourcing services Market Report Segment

By Service Type

• Document Imaging and Scanning Services
• Archive and Records Management Services
• Content Management Services
• Document Processing Services

By Enterprise Size

• Large Enterprises
• Small and Medium Enterprises

By End-User

• BFSI
• IT and Telecom
• Media and Entertainment
• Retail and E-commerce
• Healthcare
• Government
• Others

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Document Outsourcing Services Market Report Segment by Region

North America          

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific   

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

·        ABBYY Solutions Ltd.

·        ARC Document Solutions, Inc.

·        Arvato 

·        Invensis Technologies Pvt. Ltd.

·        Iron Mountain Inc. 

·        Konica Minolta, Inc.

·        Kyocera Document Solutions, Inc.

·        Lexmark International, Inc.

·        MaxBPO

·        Nimble Information Strategies Inc.

·        Ricoh Company, Ltd.

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