Document Scanner Market to Grow at a CAGR of 14.29% during 2018-22

by | Published on Oct 24, 2018 | Document Conversion / Scanning Services

Document scanning solutions, no doubt, when done using high speed, advanced scanners provide clear digital files that can be converted to any desired format. According to the latest report from Research and Markets, the global document scanner market is expected to grow at a CAGR of 14.29% during the period 2018-2022. Scanned and digitized documents can enhance security to a great extent. While paper documents can be easily stolen or damaged, scanned documents can be encrypted, tracked and backed up, thus ensuring their security and confidentiality.

Document Scanner

Key factors that boost this market growth include:

  • Data security enhancement provided by scanned documents
  • The need to adhere to industry sustainability standards

Major factors hindering the growth of this market are the increase in capital and operational expenditure for some enterprises due to digitization of documents and refurbished and counterfeit products. Backup of digital documents can be maintained by investing in cloud-based storage solutions, which in turn increase the operational costs for businesses. Companies also have to bear the expenses of updating hardware and software to store its digital documents on site.

The report divides the market on the basis of image sensor, type and industry application. While the market segmentation by image sensor includes CCD and CIS, market types include flatbed mechanics and document scanner.

Key vendors operating this market include Brother Industries, Canon, Fujitsu, HP and Seiko Epson. Based on geography, the market is divided into segments such as Americas, APAC and EMEA.

The trend of integrating document scanners with the cloud will drive the market growth during the forecast period. The increasing demand for cloud storage has prompted vendors to offer products that can connect with cloud storage. Advanced scanners such as Dropbox Business, CamScanner, Scanbot and Genius Scan allow transferring important documents to the cloud in a quick and easy manner. Professional document scanning companies use such scanners to meet their client requirements. Other market trends include growing demand for handheld document scanners and introduction of new products in the market.

According to another research report from Technavio, owing to their increasing popularity, most vendors are focusing on innovating and adding new functionalities and features such as translations, definitions, and reading printed text aloud to handheld document scanners. Also, it is expected that in the future, a feature to store and send scanned content to systems will also be added to these scanners.

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