Bulk document scanning and imaging is increasing in relevance, with more and more businesses considering paperless options. Document imaging solutions use tools such as scanners, printers, software, and camera to digitize documents. These solutions help businesses with fast and safe document retrieval while ensuring time and cost savings.
According to a research report from Transparency Market Research, the global document imaging market is projected to expand at a healthy 13.8% CAGR between 2017 and 2025. Progressing at this rate, the market is estimated to become worth US$153.05 bn by 2025, increasing from US$48.16 bn in 2016. Based on this report, along with cost savings and time savings, other factors that boost the market growth include rising adoption of compliance initiatives, distributed capture, and need to reduce expenses by investing in advanced document processing.
Natural Disasters – A Serious Concern
In May 2018, Forecasters at The National Oceanic and Atmospheric Administration (NOAA) predicted a 70% likelihood of 10 to 16 named storms to occur this year, of which 5 to 9 could become hurricanes (winds of 74 mph or higher), including 1 to 4 major hurricanes. An average hurricane season produces 12 named storms, of which 6 become hurricanes, including 3 major hurricanes.
With such warnings still existing, along with the 2018 Atlantic hurricane season, the demand for document imaging will increase, because digitization is the right option to protect personal as well as official documents from flood and inclement weather. A savvy use of technology could help companies prepare for the worst and speed up their recovery after the storm clears. Reliable document scanning services are available to convert valuable documents into electronic form and store it in the cloud.
What Else Drives the Document Imaging Market?
An article published in Ingram Micro Advisor points out certain important factors that drive the document imaging market.
Big Data
Big Data refers to the data as well as the set of technologies that capture, store, manage and analyze large and variable collections of data. The report from Research and Markets for the forecast period 2018-2030 predicts the big data market investment to account for over $65 Billion in 2018 alone and to grow at a CAGR of approximately 14% over the next three years.
Businesses such as banks and insurance agencies that deal with reams of paper documents and files can consider document scanning and conversion solutions to scan and convert their paper documents into digital format. The digital format being more secure, risks such as fraud can be prevented. Scanned documents are being used as part of big data analytics, no matter whether the content is converted using optical character recognition or as an image. The OCR software can recognize the text and data within the document, allowing the document to be electronically edited, searched, stored, and managed.
Moving to the Cloud
Most organizations are now investing in cloud storage to store more data and expedite workflows. Image capture services will be ingreat demand for these firms to get their data digitized for cloud storage. The global cloud security market size is expected to reach USD 12.63 billion by 2024, according to a new report by Grand View Research, Inc., progressing at a CAGR of 13.9% during the forecast period. Growing number of targeted cyber attacks and increasing investments in cloud infrastructure are anticipated to trigger the growth of the market. Enterprise content management (ECM) also fits nicely in the cloud. With cloud ECM, there should be little software to install and maintain on site.
C2 Systems, LLC, a leading developer of cloud-based, automated credit application decision support technology recently released its new cloud-based loan origination solution, Covalent, which processes both consumer and business banking credit requests, from point-of-sale through e-contracting. Along with an intuitive customer-facing digital experience that captures credit requests on the financier’s website, it also features Core Integration – using connectors to widely used loan servicing and document imaging solutions.
Mobile data capture – Mobile Data Capture is a document imaging and processing scenario where mobile devices are used as data scanners. With increase in the number of mobile workers, smartphones, tablets and laptops are popularly used for data input. In addition, the Bring Your Own Device (BYOD) trend is becoming popular as well. Data captured using these handheld devices are becoming very significant for business organizations.
Images captured using mobile devices are growing in importance when it comes to business functions such as inventory management, medical record management and so on. The images captured will have to be managed and processed.
While choosing your document imaging provider, make sure to verify their experience and expertise, as well as the company’s quality checking guidelines.
