Industry Analysis & Industry Trends
The Document Preparation Services industry has struggled over the past five years. The weak economy early in the period and increased competition over the past five years are expected to limit revenue growth to a modest compound annual rate of 0.3% over the five years through 2016-17 to reach £990.1 million. The industry's fortunes are largely tied to two economic indicators: business confidence and business capital expenditure. Unfortunately for the industry, both indicators performed poorly following the economic downturn. This caused UK businesses to scale back spending dramatically, leading to a reduction in demand for the industry's services... purchase to read more
Industry Report - Industry Analysis Chapter
The Document Preparation Services industry is heavily influenced by changes in economic activity as it provides services primarily to businesses, the government and the health and legal industries. When economic conditions are good, businesses are often more inclined to outsource non-core activities, especially those provided by document preparation companies. Equally, economic difficulties prompt many businesses to scale back spending, reducing the amount of non-core activities they outsource. Over the five years through 2016-17, IBISWorld expects industry revenue to rise at a compound annual rate of 0.3% to reach £990.1 million. In the current year, industry revenue is forecast to grow by 0.3%.
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