By the letter: As customers complete document preparation tasks in-house, industry revenue will decline

The Document Preparation Services industry experienced remarkable growth less than a decade ago; however, the industry's growth rate has since slowed considerably over the five years to 2018 with the introduction of automated systems. Confronted with decelerating demand from small businesses and other key markets, combined with increased pressure to lower prices due to intense competition, the industry has failed to sustain its previous levels of growth and is entering a declining life cycle phase. Increased computer literacy has enabled potential customers to prepare documents using their own computer and software systems, in turn reducing demand for industry services...purchase to read more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23
Market Share of Companies

Industry Threats & Opportunities

  • Increased computer literacy has reduced demand for industry services
  • Longer-term trends suggest that industry participation is decreasing
  • External competition from automated tools has dampened profit for certain industry segments
  • Industry Report - Industry Investment Chapter

    The Document Preparation Services industry as a whole requires a low level of initial capital investment. IBISWorld estimates that for every dollar spent on wages, industry operators will spend $0.06 on capital investments in 2018. Minimal capital costs make this an attractive industry for small players and nonemployers who mostly work on a part-time basis out of their homes. The nature of this industry also leads to significant savings on office space requirements, maintenance fees and rental costs. Furthermore, the falling price of computer equipment and the rapidly diversifying software market have also lowered capital costs for industry operators over the past five years...purchase to read more.

    Additional Insights for the Document Preparation Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Document Preparation Services Industry are

  • Prompt delivery to market
  • Access to quality personnel management
  • Outsourced contracts
  • IBISWorld analysts also discuss how external factors such as Price of computers and peripheral equipment and Total health expenditure in the Document Preparation Services industry impact industry performance..

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    What's in this report

    What is the Document Preparation Services Industry?

    This industry encompasses several services including letter or resume writing; document editing or proofreading; word processing or desktop publishing; transcription or dictation; and other secretarial services. This industry does not include document translation services, graphic design, court reporting, prepress and postpress services or document copying services.

    Industry Products
  • Document preparation services
  • Typing services
  • Printing services
  • Other services
  • Industry Activities
  • Desktop publishing services
  • Medical transcription
  • Dictation services
  • Audio or documental transcription services
  • Editing and proofreading services
  • Letter and resume writing services
  • Word processing services
  • Other secretarial services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Price of computers and peripheral equipment
  • Total health expenditure
  • Percentage of services conducted online
  • Private investment in computers and software

  • Current Performance
  • Rapid technology developments
  • Industry structure
  • Healthcare sector technology
  • Chart: Revenue Growth

  • Industry Outlook
  • Technological innovations present a double-edged sword
  • Healthcare demand and challenges
  • Table: Document Preparation Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Document Preparation Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Commercial Banking
  • Specialist Doctors
  • Hospitals
  • Donations, Grants & Endowment
  • Colleges & Universities
  • Consumers

  • Key Selling Industries
  • Computer & Packaged Software Wholesaling
  • Computer Stores
  • Copier & Office Equipment Wholesaling
  • Design, Editing & Rendering Software Publishing
  • Printing

  • Products & Services
  • Document preparation services
  • Typing services
  • Printing services
  • Other services
  • Chart: Document Preparation Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Healthcare providers
  • Small service-related business
  • Individuals and households
  • Other
  • Federal, state and local government
  • Chart: Major Market Segmentation for the Document Preparation Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Document Preparation Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Document Preparation Services Industry

  • Industry Globalization
    Nuance Communications Inc.,
  • Table: Nuance Communications Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Document Preparation Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Document Preparation Services Industry
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of Businesses (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Electronic Health Record (Ehr)
  • EHR are digitized versions of a patient's medical report that allows any authorized health professional to access and update the patient's information quickly and securely.
  • Optical Character Recognition (Ocr)
  • OCR programs automatically convert scanned images of print documents into editable, electronic documents. Recent improvements in accuracy are increasingly making manual transcription obsolete.
  • Outsourcing
  • To procure goods or services under contract to an outside third-party.
  • Page Layout Software
  • Computer applications with WYSIWYG capabilities that allow users to format and finalize electronic documents in real-time. The present-day industry standards are QuarkXPress and Adobe InDesign.
  • Records Management (Rm)
  • The process through which vital records of a company are identified, organized, archived and retrieved on an as-needed basis. Many firms are migrating from paper RM to paperless (online) RM methods.
  • Spell Check
  • Any computer application that uses algorithms to automatically find, flag and suggest corrections for spelling and grammatical errors in electronic documents.
  • Voice-Recognition Technology (Vrt)
  • Computer software that automatically converts spoken words into text. Also known as Speech Recognition Technology (SRT) or Automated Speech Recognition (ASR), these 3 terms are used interchangeably.
  • Word Processor
  • A computer software application that allows users to compose, edit, format and print electronic documents. The industry standard is 'Microsoft Word', introduced by Microsoft Corporation in 1983.
  • Wysiwyg
  • An acronym for 'What you see is what you get', this term refers to any user interface or page layout software that provides a real-time preview of the finished document while it is still being edited.
  • What Our Customers Say

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    This report on Document Preparation Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Document Preparation Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

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