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The data entry outsourcing services market size is estimated to increase by USD 202.3 million and grow at a CAGR of 6.18% between 2023 and 2028. The market is experiencing significant growth due to several key trends and factors. The increasing need for cost-effective solutions to enhance business efficiency is a major driving force, as companies seek to reduce operational costs and improve productivity. Additionally, automation is increasingly being adopted across the data entry services industry, leading to faster data management and processing times and higher accuracy. Artificial intelligence (AI) technologies and automation are driving digital transformation in businesses, leading to increased demand for data entry services. Furthermore, the volume and complexity of data being generated continue to rise, necessitating the outsourcing of data entry tasks to specialized service providers. These trends are expected to fuel market growth in the coming years, as businesses continue to seek efficient and cost-effective solutions for managing their data.
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The market share growth by the e-commerce products segment will be significant during the forecast period. The market is experiencing significant changes due to various factors, both positive and negative. Artificial Intelligence (AI) technologies and automation are driving commercial development by streamlining processes and enhancing productivity. Cloud technology and cloud computing are revolutionizing the industry by enabling BPaaS (Business Process as a Service) and BPS (Business Process Outsourcing) solutions. Consumer buying behavior in e-commerce is influenced by digital transformation, with IoT (Internet of Things) and Edge Computing gaining popularity.
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The e-commerce products segment showed a gradual increase in the market share of USD 144.30 million in 2018 and continued to grow by 2022. Attrition rates are a concern for offshoring companies, leading to the exploration of skilled professionals through freelancing and offshore suppliers. Data Security is a critical issue, with AI and data analytics playing a pivotal role in mitigating risks. Economic and political scenarios significantly impact the market, with wage structures and promotions influencing sales and marketing strategies. Subject-related expert advice is essential for navigating the complexities of this dynamic market. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region offering significant growth opportunities to companies is North America. Evolving consumer demand and rising competition in the market are throwing up the challenge of providing superior products and services at low prices for businesses and enterprises across North America, which ultimately has a negative impact on their overall profit margins.
Moreover, competition from companies in emerging nations such as China and India is fierce for North American businesses, particularly with regard to costs. This is essentially compelling companies in North America to invest heavily in R&D to address the capacity, innovation, and scalability requirements of modern businesses. Therefore, companies are outsourcing many non-core activities such as accounting, administrative tasks, customer support, and data-entry functions. Outsourcing data-entry is an effective way for businesses to reduce their costs of operation, as outsourcing reduces labor and infrastructure costs in a company. As such, many companies in the US and Canada are readily offering data-entry services to meet the growing demand for quality and outstanding data-entry services. Hence, such factors are driving the market in North America during the forecast period.
The market is experiencing significant growth due to the increasing adoption of IoT and AI technologies in various industries. Business Process Services (BPS) and Business Process as a Service (BPaaS) have become popular choices for companies seeking to automate their data entry processes. Automation, artificial intelligence (AI), cloud computing, data analytics, and freelancing platforms are key drivers in the market. IT and telecom, healthcare, and consumer industries are major contributors to the market's growth. AI and machine learning technologies are being integrated into data entry processes to improve accuracy and efficiency. Synthesis of data from various sources is also becoming crucial for businesses to gain insights and make informed decisions. Commercial development in emerging economies and changing consumer buying behavior are also influencing the market. Companies are outsourcing data entry services to reduce costs and focus on core business activities. The market is expected to grow at a steady pace in the coming years, with the integration of advanced technologies and increasing demand for efficient and accurate data processing.
The market is experiencing significant growth, fueled by the increasing need for cost-effective solutions to enhance efficiency. By outsourcing data entry tasks, businesses can streamline operations, reduce turnaround times, and cut costs effectively. This approach enables enterprises to delegate non-core tasks, such as content management, to specialized companies, allowing them to focus on core competencies. Outsourcing data entry operations also reduces the overhead of hiring process executives, resulting in lower labor costs.
As a result, organizations can achieve operational efficiency and cost-effectiveness, driving the growth of the market. With the rise of IoT, AI technologies, and cloud computing, outsourcing data entry emerges as a strategic solution for industries ranging from IT and telecom to healthcare and manufacturing, catering to diverse business process outsourcing (BPO) needs. Hence, such factors are driving the market during the forecast period.
The increasing automation across the data-entry services industry is a key trend in the market. With each passing day, the world is becoming more automated, and automation of data entry processes is also taking place. Automation of data-entry services is expected to be a negative trend for the global market, as it may have an adverse impact on the outsourcing of such services.
Moreover, human data entry is prone to errors, and hence, manual data entry may not be sustainable in the future. Therefore, businesses are adapting to the automation of data entry processes. Automated data entry is highly accurate and eliminates the scope of manual errors. Therefore, during the forecast period, the trend of automation is expected to increase, and companies may stop outsourcing their data-entry requirements, which may hinder the growth of the global market during the forecast period.
Data volume and complexity associated with these services is a major challenge faced by the market. The global market for data entry outsourcing services faces a serious problem with respect to the volume and complexity of data. As businesses accumulate vast amounts of data, service providers must grapple with the task of efficiently processing, organizing, and inputting this information accurately.
Additionally, complex data structures such as unstructured text, images, and diverse data formats, add layers of intricacy to the data entry process. The challenge that requires a mix of human skill and technology support is to ensure accuracy and the preservation of data integrity while dealing with different sources of information. Thus, data volume and complexity associated with the services can pose a major challenge to the growth of the global market during the forecast period.
The Market industry report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
365Outsource- The company offers data entry outsourcing services such as mailing list data entry, database data entry, image data entry, and E-book data entry.
Acelerartech- The company offers data entry outsourcing services such as online data entry, ebook data entry, mailing list compilation, data cleansing outsourcing, and file conversion outsourcing.
Acquire BPO Pty Ltd- The company offers data entry outsourcing services as a back office for clients in the areas of accounting, bookkeeping, administration, image, document processing, and software development.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is experiencing significant growth due to various positive changes in economic, social, political, and technological scenarios. Cloud technology and cloud computing are also playing a crucial role in the market's growth, enabling offshoring and outsourcing abroad. However, the market faces challenges such as attrition, negative changes in consumer buying behavior, and data security concerns. To mitigate these challenges, BPAAS (Business Process as a Service) and BPS (Business Process Services) providers are leveraging AI, data analytics, and IoT to improve productivity and promote sales and marketing. Skilled professionals, freelancing, and telemarketing are also becoming essential for commercial development. Moreover, the integration of edge computing and subject-related expert advice is expected to bring positive changes to the market. Wages and wages-related issues are also significant factors influencing the market's growth. Overall, the market is poised for significant growth, with AI technologies, automation, and cloud computing playing key roles in its development.
Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.18% |
Market growth 2024-2028 |
USD 202.3 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.69 |
Regional analysis |
APAC, North America, South America, Europe, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
India, US, China, Mexico, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
365Outsource, Acelerartech, Acquire BPO Pty Ltd, Arcgate Technologies LLP., ARDEM Inc., Cogneesol BPO Pvt. Ltd., DataMondial, Flatworld Solutions Inc., India Data Outsourcing Services, Invensis Technologies Pvt. Ltd., Keyoung Information Ltd., Magellan Solutions Inc., MicroSourcing International Ltd., Offshore Business Processing Pty Ltd, Oworkers, Perfect Data Entry, Probe CX, Saivion Outsourcing Services Pvt. Ltd., SunTec Web Services Pvt. Ltd., and Trupp Global Technologies Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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