The new research report “Global Document Imaging Market” by Transparency Market Research analyses the document imaging market by service, component and end-user. Revenue predicted to grow at a CAGR 13.8 percent by 2025.
According to Transparency Market Research document imaging services continue to gain popularity across all areas of business as it provides better security and confidentiality of critical information. Document imaging is an information technology solution which uses advanced and modern equipment such as scanners, software, and camera.
The report shows that the document imaging market is segmented on the basis of three categories: by service, component, and end use. In terms of service, the market for document imaging is segmented into cloud and on-premises. By component, the market is segmented into software and hardware. Hardware component segment can be further bifurcated into scanners, printers, microfilm, readers and others. In terms of end-user, the document imaging market is segmented into government organisations, law firms, physician practice, and educational institutions among others.
The report’s analysis says that document imaging solutions are becoming an integral part of a business entity for big data handling or analytics. The document imaging market is anticipated to witness significant growth during the forecast period owing to the rising demand for big data handling and analytics in many organizations. Big data technology is a new potential revenue generating source of an organisation.
The report makes the conclusion that therefore, the demand for document imaging is booming in recent times and is anticipated to witness significant growth during the forecast period. Currently, the impact of this factor has been analysed to be high, and can be expected to remain high during the forecast period.
According to Transparency Market Research, advanced technology such as IT and manufacturing hubs are facing challenges from short supply of skilled operators. Document imaging solutions are complex to handle and require skilled operators. Advanced scanners come with software that makes scanning and saving documents possible. Operators not only require having knowledge about how to operate the equipment, but also know how to operate associated programs in order to modify and store electronic files. These operators usually lack technical education and skills, and hence require specialized training which is time consuming. Rising demand for document imaging due to its benefits, organizations are ready to invest in training the operators. The impact of this restraint is medium in recent times and is expected to be low during the forecast period.
By Service the global document imaging market has been segmented into cloud and on-premises. On-premises service is initially dominating the global document imaging market. However, cloud service is expected to have robust growth during the forecast period and is anticipated to be the largest market share holder in document imaging market. Cloud helps to accommodate large scale information and scanning and printing online data. In addition, cloud deployment better structured than centralised systems to process large constant data streaming produced across the value chain.
By region the global document imaging market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America which includes U.S. and Rest of North America (Canada and Mexico) captured the largest market share in 2016 due to growth in production facilities and rising demand of digitalised documentation. Europe which includes countries such as Germany, UK, France, Italy and Rest of Europe captured the second largest market share in 2016. Asia Pacific showed the fastest growth in 2016 due to its high penetration rate and coupled more high adoption rate of digitalisation in document management solution over the years.
The global market of the document imaging report provides company market share analysis of the various key participants. Key players have also been profiled on the basis of company overview. Global key participants of the document imaging market include Fujitsu Ltd. (Tokyo, Japan), Hewlett-Packard Company (California, US), Canon Inc. (Tokyo, Japan), Kodak Alaris (Hemel Hempstead, UK), Xerox Corporation (Connecticut, US), Qorus Software (Pty) Ltd (Cape Town, South Africa), CBSL Group (Delhi, India), Epson America (California, US), Aramex (Dubai, UAE) and Newgen Software Technologies Ltd (Delhi, India) among others.