As paperwork or printing work is more time-consuming, most SMBs (small and medium businesses) are investing in paper scanning technology. Document scanning and imaging services can improve speed and agility in workstations. These solutions are becoming an integral part of business entities for big data handling or analytics. According to a Transparency Market Research report, the document imaging market is anticipated to witness significant growth during the forecast period 2017-25. The market is gaining popularity due to several benefits to organizations such as cost-effectiveness, increasing efficiency, and reduced risk of losing documents in transit.
Based on the report, factors that can impact the growth of the market include:
- More advanced products
- Increasing importance of cloud deployment
- Growing trend of document scanning / photocopying
- Rising competition in the managed printing service (MPS), and
- Awareness among target customers
Considering the growth in population and rapid urbanization in several emerging economies, there is an increased demand for digitized documents. The market is segmented on the basis of service, component, and end use. In terms of service, the market for document imaging is segmented into cloud and on-premises. Cloud-based document imaging solutions are now becoming a critical part of an organization to store data and to expedite workflows. The impact of cloud deployment is expected to be high during the forecast period.
By component, the market is segmented into software and hardware. Hardware components include scanners, printers, microfilm, readers and others. Services like microfilm scanning require the use of advanced scanners. End users of the market include government organizations, law firms, physician practices, educational institutions and others.
Key players in the market are Fujitsu Ltd. (Tokyo, Japan), Hewlett-Packard Company (California, U.S.), Canon Inc. (Tokyo, Japan), Kodak Alaris (Hemel Hempstead, U.K.), Xerox Corporation (Connecticut, U.S.), and Qorus Software (Pty) Ltd (Cape Town, South Africa) among others.