Digital imaging services are of great help for any industry to address the challenges posed by voluminous piles of physical documents. A recent report by Transparency Market Research predicts the global document imaging market to reach US$153.05 billion by 2025, which is much higher than US$48.16 bn in 2016. The market is also likely to expand at a healthy 13.8% CAGR between 2017 and 2025.
Rising demand for big data handling and analytics is a key factor that drives the market. Other factors that boost growth are –
- Rising adoption of compliance initiatives
- Distributed capture
- Need to reduce expenses by investing in advanced document processing
Based on service, the market is segmented as cloud and on-premises. Though the on-premises segment currently leads the market, the cloud service segment is expected to display robust growth and surpass the market share of on-premises.
Supported by the growth in production facilities and rising demand for digitalized documents, North America captured the leading share in 2016. However, Asia Pacific displayed leading growth in 2016 due to rapid adoption rate of digitalization solutions over the years. End users of the market include government organizations, law firms, physician practices, educational institutions and others.
Some of the prominent players operating in the global market are Fujitsu Ltd., Hewlett-Packard Company, Canon Inc., Eastman Kodak Company, Xerox Corporation, Qorus Software Ltd., CBSL Group, Epson America, Aramex, and Newgen Software Technologies. While some of these companies target to capture increased market share by investing in research and development pursuits and develop advanced and upgraded document imaging solutions, some others are expanding their market share by entering into strategic alliances and partnerships.
Document scanning does not require huge manpower to scan documents with the additional benefit of reduced risk of loss of documents if transmitted in digital form. An experienced data conversion company uses advanced document scanners that come with software which makes scanning and saving documents possible.