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Document Preparation Services in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Document Preparation Services Market Research Report | NAICS 56141 | Jul 2016

Proofed: Expansion of online services and rising healthcare expenditure will boost demand

IBISWorld’s Document Preparation Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$5bn
Annual Growth 11-16
0.3%
Annual Growth 16-21
Annual Growth
Profit
Profit
Employment
130,576
Businesses
87,975
Industry Threats & Opportunities
  • Increased computer literacy has allowed potential customers to prepare their own documents, hampering demand
  • Self-employed individuals represent the vast majority of industry participants
  • Internet-based proofreading establishments will attract new customers and grow
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Industry Analysis & Industry Trends

Although industry growth took a hit during the recession, revenue is expected to continue climbing steadily over the current five-year period as healthcare expenditure and technology rise. Advancements in technology and telecommunications may constrain domestic growth, though, since the pervasive nature of the internet allows the industry's services to be conducted almost anywhere in the world. Therefore, price-based competition will remain high and industry operators will have to set themselves apart from overseas operations in the next five years. However, sustained developments in healthcare records technology will provide industry operators a chance to continue developing voice-to-text systems... ... purchase to read more

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 $0.03 on capital investments in 2016. 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. Indeed, 95.2% of all participants in this industry are nonemployers, almost all of whom work from home. 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 in 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... purchase to read more

     


    Industry ProductsRelated Reports

    What is the Document Preparation Services Industry?

    This industry encompasses several services: 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 servicesPrinting servicesOther services
     
    Industry Activities
    Desktop publishing servicesMedical transcriptionDictation servicesAudio or documental transcription servicesEditing and proofreading servicesLetter and Resume writing servicesWord processing servicesOther secretarial services


    Table of Contents
    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    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 developments in technology
  • 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
  • Products & Markets
    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
  • Other services
  • Printing services
  • Chart: Document Preparation Services Industry Products and Services Segmentation
  • Demand Determinants
    Major Markets
  • Healthcare providers
  • Other
  • Small service-related business
  • Federal, State and Local Government
  • Individuals and households
  • Chart: Major Market Segmentation for the Document Preparation Services Industry
  • International Trade
    Business Locations
  • Chart: Business Locations by State
  • Competitive Landscape
    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
    Major Companies
    Nuance Communications Inc.
  • Table: Nuance Communications Inc. - financial performance
  • Operating Conditions
    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
    Key Statistics
  • Table: Industry Data for the Document Preparation Services Industry
  • Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Number of Businesses (2007-2021)
  • Table: Annual Percentage Change for Key Industry Data
  • Table: Key Ratios for Industry Key Data
  • Table: Industry Financial Ratios
  • Jargon & Glossary
    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.

  • Why Buy this Report?
    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 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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