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Document Imaging Market: Growth, Future Prospects & Competitive Analysis, 2019 – 2027

Overview: 

Document imaging refers to the practice of converting information contained in physical documents into digital images with the use of scanners, special cameras and other electronic transfer processes. Document imaging is a vital part of Enterprise Content Management (ECM), widely used in business for replicating document. Number of document imaging system types include copiers, microfilms, scanners, facsimile machines, archive writers, multifunction printers and Computer Output Microfilm (COM) among others. Organizations that make use of document imaging technology have an edge over others in terms of reduction in paper usage, reduced record storage space, quick & easy access to information and improved information security among others. Similarly, such technology enables data duplication and transfer in digital format to create secure electronic backup media that can be stored off site as well. 

The trend of paperless office is majorly stimulating the demand for document imaging technology in Enterprise Content Management (ECM). With growing adoption of document imaging, reliance on paper documents can be reduced to a greater extent. Distributed capture refers to decentralization in document scanning when there is no reason to ship the paper to central location. Increase in the adoption of distributed capture across organizations is another major factor paving the way for document imaging market growth. This is primarily due to low cost of capture software, high quality scanners, and evolution of wireless device connectivity that enable cost effective data transmission across decentralized locations. Willingness of businesses to invest in advanced document processing in order to reduce overall operational cost also plays a vital role in driving the document imaging market growth. Further, emergence of cloud storage has positive impact on document imaging market as digital storage space requirement is reduced with enhanced real time accessibility. Medical institutions that hold the Electronic Health Records (EHR), law firms and educational institutions dealing with loads of paperwork are some of the key end-users for document imaging market. 

North America is expected to be dominant region for propelling the growth of document imaging market. Early adoption of digitalization and advanced technologies in document management infrastructure such as browser-based user interface, automatic indexing and scalable architecture are the key reasons behind the regional market growth. Europe is expected to be second largest region leading the document imaging market. The UK government is amongst the most digitally advanced as it was amongst the first governing body to introduce the Government Digital Services (GDS), a model for digital transformation of government that is being followed internationally. This trend of digitalization is accelerating in Rest of the European countries as well which in-turn will lead to the growth of document imaging market in the region. Similarly, adoption of digitalization at a fast pace is finding its way in Asia Pacific region. Singapore is most digitally advanced country in the region and ranks 2nd in the International Institute for Management Development (IMD) world digital competitiveness rankings. Technological development combined with backing policies for digitalization in India, China and Japan will stimulate the need for document imaging and expected to drive the market growth across the forecast period. 

The global Document Imaging market is segmented on the following basis:

Deployment Model:

  • On-premise
  • Cloud-based

Offering:

  • Hardware
    • Microfilm Readers
    • Scanners
    • Printers
  • Software

Industry Verticals:

  • Government Organizations
  • Law Firms
  • Medical Institutions
  • Educational Institutions
  • Banks, Financial Services and Insurance (BFSI)
  • Marketing & Advertising
  • Others (Construction, Manufacturing; etc.)

Geography:  

  • North America
    • U.S
    • Rest of North America
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • South Asia
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Latin America
    • Middle East & Africa (MEA) 

Key players identified in Document Imaging market include but are not limited to: 

Xerox Corporation, Canon Inc., Fujitsu Ltd., Eastman Kodak Company, Hewlett-Packard Company, CBSL Group, Epson America, Inc., Newgen Software Technologies Ltd., Qorus Software Pty Ltd., Converga Pty Ltd. and others.

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