Proofed: Rising healthcare expenditure will boost demand but competition will hinder growth

The Document Preparation Services industry experienced remarkable growth less than a decade ago; however, the industry's growth rate has since slowed considerably. Confronted with decelerating demand from 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 plateau life cycle phase. Moving forward, increasing health expenditure associated with newer healthcare regulations will help boost revenue as demand for transcription services increases. Unfortunately for industry operators, increasing external competition is likely to offset most of this growth opportunity in the long term...purchase to read more.

Industry Statistics & Market Size
Revenue
$5bn
Annual Growth 12-17
-0.5%
Forecast Growth 17-22
Profit
Employment
128,972
Businesses
85,888
Market Share of Companies

Industry Threats & Opportunities

  • Increased computer literacy has driven potential customers to prepare their own documents, hampering demand
  • Self-employed individuals represent the vast majority of industry participants
  • As computer technology is better integrated into everyday business there is an increased capacity to perform tasks in-house
  • Industry Report - Starting a New Business Chapter

    Barriers to entry into the Document Preparation Services industry are low, as evidenced by the large number of small players in this industry. The industry's low level of capital intensity and falling prices for computers and peripheral equipment makes it relatively easy for businesses to enter or exit the industry at will. These factors have caused nonemployers to account for a growing proportion of revenue and enterprises.Due to more user-friendly software programming and advanced technological applications, the desktop publishing and word processing segments have been significantly hurt, while the transcription segment has benefited from these innovations. Sin...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
  • Technology trends
  • 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
  • Profit
  • Wages
  • Purchases
  • Other
  • 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
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of Businesses (2008-2022)

  • 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

    Why buy this report?

    IBISWorld’s Document Preparation Services Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    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

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Document Preparation Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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