Paper thin: Automation trends are causing demand to decline in many industry segments

The Document Preparation Services industry is declining due to slowing demand. Demand for many of the industry's services, such as word processing and document proofing, is falling due to technological change. However, steady demand for transcription services, the industry's largest service segment, has limited declines in industry revenue over the past five years. Larger industry players have secured various long-term transcription contracts with government departments and state justice systems, benefiting the industry. These entities have been increasingly outsourcing transcription services due to perceived cost advantages. Despite this positive factor, increasing adoption of speech-to-text and speech recognition technology has constrained growth in non-court transcription services...read more.

Industry Statistics & Market Size
Revenue
$324m
Annual Growth 14-19
-0.4%
Forecast Growth 19-24
Profit
Employment
1,693
Businesses
927
Market Share of Companies

Industry Threats & Opportunities

  • Demand for many of the industry’s services is declining due to technological change
  • Increased competition from automated transcription software has reduced industry demand
  • The continued shift towards offshoring services will place downwards pressure on industry prices
  • Industry Report - Industry Products Chapter

    The Document Preparation Services industry's operators derive the bulk of their revenue from transcription services. These services are typically demanded by large organisations, such as government departments, law firms and courts, and are usually provided on a long-term contract basis. The industry also generates revenue from other services, such as word processing and proofreading. However, demand for these services typically comes from smaller entities, as large companies can often complete these tasks in-house due to the lack of specialised software and equipment required, unlike transcription services.Court and legal transcription servicesCourts and legal proceedings deal with important events, and their outcomes can be used as precedent in future proceedings. Con...purchase to read more.

    Additional Insights for the Document Preparation Services Industry

    IBISWorld has determined the most important Key Success Factors for the Document Preparation Services are:

  • Having a large supply contract
  • Well developed internal processes
  • Highly trained workforce
  • IBISWorld analysts also discuss how external factors such as Demand from legal services and Demand from financial and insurance services 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?

    Industry operators provide services related to preparing documents. This includes services such as typing, word processing, letter or resume writing, editing and proofreading, desktop publishing, and stenographic and transcription services.

    Industry Products
  • Court and legal transcription services
  • Other transcription services
  • Other services
  • Industry Activities
  • Desktop publishing services
  • Document editing or proofreading services
  • Letter writing services
  • Resume writing services
  • Stenographic services
  • Transcription services
  • Typing services
  • Word processing services
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Demand from legal services
  • Demand from financial and insurance services
  • Demand from health services
  • Business confidence index

  • Current Performance
  • Technological change
  • Transcription service
  • Outsourcing overseas
  • Chart: Revenue Growth

  • Industry Outlook
  • Technological change
  • Profit
  • Demand trends
  • 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
  • Newspaper Publishing
  • General Insurance
  • Legal Services
  • Consumers

  • Key Selling Industries
  • Computer and Software Retailing
  • Data Storage Services

  • Products & Services
  • Court and legal transcription services
  • Other transcription services
  • Other services
  • Chart: Document Preparation Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Courts and tribunals
  • Other companies
  • Government agencies
  • Legal firms
  • Small business and consumers
  • 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
  • Rent, utilities and depreciation
  • 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
    FTR Group Pty Ltd,
  • Table: FTR Group Pty Ltd - 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 (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Stenography
  • Transcribing speech using a stenograph machine.
  • Transcription
  • Converting speech into text or written format.
  • Voice Recognition Software
  • A type of software that can transcribe speech into text.
  • What Our Customers Say

    Why buy this report?

    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.

    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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