Document Preparation Services in the US

Over the past five years, document preparation servicers continue to endure high competition, volatile economic conditions and a growing advance of do-it-yourself (DIY) services by downstream consumers. The proliferation of automated technology solutions, such as voice recognition technology (VRT) a...

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Format: Market Research
Language:English
Subjects:
Dictation services
Document preparation services
Editing and proofreading services
Letter and resume writing services
Medical transcription
Printing services
Typing services
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Summary:Over the past five years, document preparation servicers continue to endure high competition, volatile economic conditions and a growing advance of do-it-yourself (DIY) services by downstream consumers. The proliferation of automated technology solutions, such as voice recognition technology (VRT) and other artificial intelligence (AI) systems, have increased competition from other industries, harming core revenue streams and encouraging adoption of these technologies to maximize output. Over the past five years, revenue slipped at a CAGR of 0.3% to an estimated $5.8 billion, including an anticipated 1.5% boost in 2024. Operators have become increasingly reliant on computer technology to facilitate their work. Rapid advancements in VRT and AI have challenged services previously provided, specifically in the MTS segment, which has historically been operators' primary revenue generating market. Although automated service offerings have the potential to boost profit through reducing labor costs, it has not yet been perfected. In many cases, customers still prefer traditional offerings. This has improved demand from operators in the healthcare industry that require clear and accurate document transcriptions for their practice. Moving forward, as more customers adopt VRT, AI, character-recognition solutions and other types of technology, it will be easier for companies and individuals to prepare documents themselves, thus reducing demand for operators' services. This is likely to slow down revenue growth. However, some larger servicers with economies of scale can incorporate these technologies into their workflow, which will offset competition and accelerate efficiency. Revenue is poised to continue growing, albeit at a slower rate, as demand still exists for operators' services (e.g., healthcare documents, proofreading), but growth is slower than GDP because of the existence of new technologies crowding out these services. Over the next five years, revenue is expected to grow at a CAGR of 1.0% to an estimated $6.0 billion.