Global Document Imaging Market, By Component (Hardware, Software), Service (Cloud, On-Premise), End Use (Law Firms, Government Organizations, Educational Institutions, Physician Practices, Others) – Industry Trends and Forecast to 2029.
Global Document Imaging Market Analysis and Size
The demand for document imaging has exploded in recent years, and it is expected to continue to do so during the projected period. Also, due to the increased demand for big data handling and analytics in many companies, the document imaging market is expected to rise significantly over the projected period. This factor's current influence has been determined to be high, and it is predicted to continue high during the projection period. Consequently, these factors are projected to aid the market's growth.
- Global Document Imaging Market was valued at USD 6.25 billion in 2021 and is expected to reach USD 17.22 billion by 2029, registering a CAGR of 13.50% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Global Document Imaging Market Definition
Paper documents are converted into electronic images using document imaging. Because of its ability to provide high data secrecy and security, the document imaging tool is gaining in popularity. Document imaging is becoming a critical component of many enterprises, including big data analytics.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Component (Hardware, Software), Service (Cloud, On-Premise), End Use (Law Firms, Government Organizations, Educational Institutions, Physician Practices, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Fujitsu (Japan), Hewlett-Packard Company (U.S.), Canon Inc. (Japan), Kodak Alaris Inc(U.K.), Xerox Corporation (U.S.), QorusDocs Ltd. (South Africa), CBSL Group (India), Epson America Inc., (U.S.), Aramex (U.A.E), Newgen Software Technologies Limited (India), Eastman Kodak Company (U.S.)., Aramex (UAE), IBM (U.S.), Adobe (U.S.), , Toshiba America Business Solutions Inc (U.S.)
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Market Opportunities
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Document Imaging Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
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Increasing Demand Across Organizations
The surging rising demand for big data handing and analytics in many organizations is projected to be the most significant factor driving the growth for this market.
Expanding acceptance of compliance initiatives for cost reduction, data captured and generated using handheld devices, growing usages of smartphones, tablets, laptops, and others, and bring-your-own-device policies are becoming commonplace are some of the factors that would likely boost the growth of the document imaging market in the forecast future. Furthermore, the document imaging delivers a number of benefits over paper or microfilm systems which further fuels the market growth. Also, the penetration of mobile, laptops, tablets, and smartphones is increasing exponentially, which also cushions the market's growth within the forecasted period. The increasing trend of medical records digitalized also acts as a market driver.
Opportunities
- Investments In Innovations And Advancements
The requirement to reduce operating cost through investing in innovative document processing are estimated to generate lucrative opportunities for the market, which will further expand the document imaging market's growth rate in the future. Additionally, the key players are focusing on capturing the maximum share by investing in research and development pursuits and developing advanced and upgraded document imaging solutions, which will also offer numerous growth opportunities.
Restraints/Challenges Global Document Imaging Market
- Dearth of Professionals
Document imaging solutions are difficult to use and necessitate the use of trained personnel. Operators must not only be familiar with how to handle the equipment, but also with how to use related programs to alter and save electronic files. These operators typically lack technical education and abilities, necessitating time-consuming specialized training. Shortages of skilled operators are a problem in sophisticated technology areas such as IT and industrial hubs. This is expected to obstruct market growth.
- Other Complications
Also, the security, privacy and migration complications are anticipated to pose as a challenge for the document imaging market over the forecast period.
This document imaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the document imaging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Post Covid-19 Impact on Document Imaging Market
The document imaging market was immensely impacted by the outbreak of COVID-19. This can be ascribed to severe disruptions in their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns and other limitations imposed by governments all over the world. The worldwide document imaging industry is no exception. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the factors mentioned above are likely to weigh on the worldwide Document Imaging market's revenue trajectory. The global Document Imaging market is likely to revive as regional government agencies begin to lift these enforced lockdowns.
However, the situation is improving owing to decline in COVID cases worldwide and the market is picking up speed and will expand throughout the projection period. Therefore, the market is estimated to grow at a substantial pace post COVID-19.
Recent Developments
- In March 2020, Hyland has released three updates to its Document Filters product, each with new features. Each release tries to include more file formats to deliver the most comprehensive filtering toolbox capable of processing all of the data that an organization encounters daily. Thanks to recent updates, Hyland currently accepts over 550 file types, including over 75 for high-definition reproductions.
Global Document Imaging Market Scope
The document imaging market is segmented on the basis of component, service and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Software
On the basis of component, the document imaging market is segmented into hardware and software.
Service
- Cloud
- On-Premise
On the basis of service, the document imaging market is segmented into cloud and on-premise.
End Use
- Law Firms
- Government Organizations
- Educational Institutions
- Physician Practices
- Others
On the basis of end use, the document imaging market is segmented into law firms, government organizations, educational institutions, physician practices and others.
Document Imaging Market Regional Analysis/Insights
The document imaging market is analyzed and market size insights and trends are provided by country, component, service and end use. as referenced above.
The countries covered in the document imaging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the document imaging market because of improved infrastructure and adoption of digitization in document management, technological advancement within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the factors such as surging levels of investment for the development of advanced technology in various industrial sectors within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Document Imaging Market Share Analysis
The document imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to document imaging market.
Some of the major players operating in the document imaging market are
- Fujitsu (Japan)
- Hewlett-Packard Company (U.S.)
- Canon Inc. (Japan)
- Kodak Alaris Inc (U.K.)
- Xerox Corporation (U.S.)
- QorusDocs Ltd. (South Africa)
- CBSL Group (India)
- Epson America Inc., (U.S.)
- Aramex (U.A.E)
- Newgen Software Technologies Limited (India)
- Eastman Kodak Company (U.S.)
- Aramex (UAE)
- IBM (U.S.)
- Adobe (U.S.)
- Toshiba America Business Solutions Inc (U.S.)
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