Document imaging plays a key role in day-to-day business operations. Document image involves using devices such as scanners/optical character recognition (OCR), image compression, mass storage devices, laser printers, and indexing/ retrieval software. Document imaging, along with document scanning and data conversion services, offer many benefits such as reducing space needed for file storage, faster and easier access to information, improved data security and reduced paper usage.
According to a recent Data Bridge Market Research report, the global document imaging market is expected to reach USD 144.62 billion by 2027. The market is predicted to witness market growth at a rate of 14.0% in the forecast period of 2020 – 2027.
Key factors that are likely to enhance the growth of the market in the forecast period are –
- Increasing utilization of software and document imaging in various organizations
- Expanding use of programming and record imaging in different associations
- Growing adoption of compliance initiative for decreasing cost
- Growing usages of smartphones, tablets, laptops, and others
- Increasing use of bring-your own device systems
Mobile image capture along with digitization of medical records is also expected to further boost opportunities and also drive growth of the market in the above-mentioned forecast period. However, lack of skilled operators along with complexity issues is expected to restrain the market growth.
The document imaging market is segmented on the basis of component, service, and end use. This segmentation helps analyze niche pockets of growth and strategies to approach the market and determine their core application areas and the difference in their target markets.
On the basis of component, the market has been segmented as hardware and software. The hardware segment has been further classified into microfilm readers, printing, and scanning. Based on service, the market is further segmented into cloud and on-premise. End users of the market are – law firms, government organizations, educational institutions, physician practices, and others.
The countries covered in the document imaging market report include U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Due to the prevalence of improved infrastructure along with adoption of digitization in document management and technological advancement in the region, North America is expected to dominate the document imaging market. Factors such as surging levels of investment for the development of advanced technology in various industrial sectors are expected to drive the growth of the Asia-Pacific market during the forecast period.
The major players covered in the document imaging market report are HP Development Company, L.P., FUJITSU, Canon Business Process Services., Xerox Corporation, Eastman Kodak Company, Qorus Software, CBSL GROUP, Aramex, Epson America, Inc., Newgen Software Technologies Limited, IBM Corporation, Adobe, Toshiba America Business Solutions, Inc., among other domestic and global players.
Providers of document imaging and document scanning services in NYC use advanced technologies to help businesses go paperless and ensure efficient document access and retrieval while saving time and costs.