$5.6bn
$XXX.Xm
247k
215k
$X.Xbn
The industry encompasses a broad range of services that includes letter or resume writing, document editing or proofreading, word processing or desktop publishing, transcription or dictation and other secretarial services. In 2023, industry revenue is expected to decrease as recent developments in automated technology solutions, such as voice recognition technology (VRT) and other artificial intelligence (AI) systems, have increased competition from other industries, posing significant threats to the industry's long-term growth.Industry 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 the industry's 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. Industry revenue is expected to decrease at a CAGR of 0.4% to $5.6 billion while entering 2023, largely a result of poor recent performance, despite a 2.0% growth in 2023.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 the industry's services. This is likely to dampen revenue growth. IBISWorld expects that, over the five years to 2027, industry revenue will grow at a CAGR of 1.9% to $6.2 billion. Industry revenue growth is expected to remain positive because some demand still exists for industry services (e.g., healthcare documents, proofreading), but growth is slower than GDP because of the existence of new technologies crowding out industry services.
Industry revenue has declined at a CAGR of 0.4 % over the past five years, to reach an estimated $5.6bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Nuance Communications, Inc. | 105.6 | 6.4 | 6.1 | |
Anacomp Inc. | 6.9 | 0.4 | 6.3 | |
Planet Depos, LLC | 4.2 | 0.0 | 0.9 |
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Industry revenue is measured across several distinct product and services lines, including Document preparation services , Typing services and Printing services. Document preparation services is the largest segment of the Document Preparation Services in the US.
Many businesses require
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.
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NAICS 56141 - Document Preparation Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
An array of services that help clients prepare written or electronic documents are included in the industry. The rising use of mobile and software-based products has raised c...
Learn about an industry's products and services, markets and trends in international trade.
Editing and proofreading are just two of the services included in the industry, which also includes other services. Before final publication, book and magazine publishers uti...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Similar to how the population is spread in the US, the industry is highly concentrated. Operations in this sector are mostly driven by economic activity levels and closeness ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Price, quality, production speed, and the variety of services provided are the main factors that determine industry competition. In this industry, particularly in the segment...
Learn about the performance of the top companies in the industry.
The industry is highly fragmented, with a large number of small- to medium-sized companies operating in this space. But there are several large players that have a significan...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Medical transcription services are part of the typing sector that's highly regulated, despite the fact that the Document Preparation Services industry as a whole has few regul...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Industry operators have different pricing structures depending on a number of variables. Small operators, for instance, frequently serve as local subcontractors for larger bu...
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Document Preparation Services in the US industry in United States is $5.6bn in 2024.
There are 215k businesses in the Document Preparation Services in the US industry in United States, which has grown at a CAGR of 17.2 % between 2019 and 2024.
The market size of the Document Preparation Services in the US industry in United States has been declining at a CAGR of 0.4 % between 2019 and 2024.
Over the next five years, the Document Preparation Services in the US industry in United States is expected to grow.
The biggest companies operating in the Document Preparation Services market in United States are Nuance Communications, Inc., Anacomp Inc. and Planet Depos, LLC
Desktop publishing services and Medical transcription are part of the Document Preparation Services in the US industry.
The company holding the most market share in United States is Nuance Communications, Inc..
The level of competition is high and increasing in the Document Preparation Services in the US industry in United States.