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

Market Insights

Document imaging refers to the practice of converting the 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) and is widely used in business for replicating documents. A 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 the edge over others in terms of reduction in paper usage, reduced record storage space, quick and 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 offsite as well.

The trend toward a paperless office is majorly stimulating the demand for document imaging technology in enterprise content management (ECM). With the 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 a central location.

An 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 the low cost of capture software, high-quality scanners, and the evolution of wireless device connectivity that enables cost-effective data transmission across decentralized locations.

The willingness of businesses to invest in advanced document processing in order to reduce overall operational costs also plays a vital role in driving the document imaging market’s growth. Further, the emergence of cloud storage has had a positive impact on the document imaging market as the digital storage space requirement is reduced with enhanced real-time accessibility.

Medical institutions that hold Electronic Health Records (EHR), law firms, and educational institutions dealing with loads of paperwork are some of the key end-users for the document imaging market.

North America is expected to be the dominant region driving the document imaging market’s growth. Early adoption of digitalization and advanced technologies in document management infrastructure, such as browser-based user interfaces, automatic indexing, and scalable architecture, are the key reasons behind the regional market’s growth. Europe is expected to be the second-largest region, leading the document imaging market. The UK government is among the most digitally advanced as it was the first governing body to introduce the Government Digital Services (GDS), a model for the digital transformation of government that is being followed internationally.

This trend of digitalization is accelerating in the rest of the European countries as well, which in turn will lead to the growth of the document imaging market in the region. Similarly, the rapid adoption of digitalization is taking place in the Asia-Pacific region.

Singapore is the most digitally advanced country in the region and ranks second in the International Institute for Management Development (IMD) world digital competitiveness rankings. Technological advancements, combined with digitalization policies in India, China, and Japan, will stimulate the demand for document imaging and drive market growth over 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 and advertising
• Others (construction, manufacturing, etc.)

Geography:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • U.K.
  • Russia
  • Rest of Europe
• Asia-Pacific
  • India
  • China
  • Japan
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

Key players identified in the 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., Converge Pty Ltd., and others