According to a new groundbreaking multi-disciplinary study conducted by IDC, the U.S. imaging and document management outsourcing ecosystem is poised to experience strong growth over the next five years. While certain segments of this market are more mature, the coalescence of advancements in imaging, document management, and services is creating new opportunities, which bodes well for the providers of these services.
IT services and hardcopy document imaging vendors are reinventing their service offerings to address growing imaging and document management needs. In 2003, companies spent nearly $13 billion on imaging and document management activities. Although only a small proportion of companies are currently outsourcing these activities, IDC forecasts that spending on imaging and document management outsourcing will experience a 19.7% compound annual growth rate (CAGR) through 2007.
"Growth in this market is being fueled by the rapid adoption of imaging, document, and content technologies overall, user demand for easy access to documents, as well as the evolving need for imaging and document management within particular vertical segments," said Ron Glaz, director of IDC's digital imaging solutions and services. "In fact, survey participants indicated that the most important factors in choosing an imaging and document management outsourcing vendor is their track record and specific vertical industry expertise."
Key findings from the IDC study reveal many unique characteristics of the finance, insurance, healthcare and manufacturing vertical industry markets. For the healthcare vertical, forms or documents will remain an important part of the document workflow for the foreseeable future. Companies in the insurance and manufacturing verticals are most interested in decentralized scanning. Furthermore, IDC believes the finance, insurance and healthcare industries represent the best target markets for services aimed at paper to digital conversion.
IDC's Imaging and Document Management: Identifying Opportunities in the Document Outsourcing, Software, and Services Ecosystem study presents findings from IDC's U.S. Paper to Electronic Document Processes Survey, which evaluated the needs of medium- and large-sized companies regarding imaging and document management across the document life-cycle. The study delves into the methods U.S. businesses use to convert content contained within paper documents to a digital format. An in-depth assessment of the distinct characteristics and challenges within four vertical industry markets, including finance, insurance, manufacturing and healthcare, is provided. Also included is a market sizing and five-year forecast of the imaging and document management outsourcing market.
For more information, or to purchase this study, call IDC's sales hotline at 508-988-7988 or email [email protected]
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