Global Document Imaging
Market: Snapshot
The global document
imaging market is on a growth trajectory driven by several
factors of which the massive growth of data across industries is a
key one. The large number of document management tools available
today have eased record keeping considerably which was a herculean
task in early document management systems. Document imaging is one
such tool that is gaining popularity due to the high level of
security and data confidentiality that it offers.
Document imaging solutions are
increasingly becoming an integral part of businesses for big data
handling or analytics. Big data analytics is increasingly becoming a
key revenue generating stream for businesses that holds immense
potential for the growth of an organization.
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As per a report by
Transparency Market Research, the global document imaging market is
forecasted to rise at a CAGR of 13.8% between 2017 and 2025 for the
market to reach a valuation of US$153.05 bn by 2025 increasing from
US$48.16 bn in 2016.
Cloud Service Segment to
Surpass On-premises due to Higher Data Handling Capacity
The document imaging market is
studied on the basis of service, component, end use, and geography.
In terms of service, the document imaging market is segmented into
cloud and on-premises. On-premises service segment currently
dominates the market, however, the segment of cloud service is
anticipated to display robust growth and surpass the on-premises
segment in terms of market share by the end of the forecast period in
2025. Cloud helps to accommodate large volume information and
scanning and printing of online data. Moreover, cloud deployment
helps better structuring for constant data streaming than what is
offered by on-premise solutions.
In terms of component, the
segments into which the global document imaging market is divided are
software and hardware. Hardware segment is further sub-segmented into
scanners, printers, microfilm, readers and others.
The segments of the global
document imaging market depending upon end use are government
organizations, law firms, physician practice, and educational
institutions among others. Government organizations display demand
for document management solution as their operations is largely
document-based. Departments such as human resource, records
management, and accounting amongst others are the most paper
intensive that need reliable document management solutions.
The rising demand for
electronic health records (EHR) in hospitals, diagnostic centers,
physician office and other medical institutions is envisioned to
display lucrative opportunities. Law firms that deal with large
volume of paper work is also paving way for the growth of global
document imaging market.
Advancement of Digital
Infrastructure Helps Asia Pacific Exhibit Significant Growth
By geography, North America
held the leading share of more than 38% of the document imaging
market in 2016. The growth in the regional market is mainly powered
by the U.S. due to shift in document management infrastructure
towards digitalization across industry sectors and notable
technological developments in document management solutions.
Europe held the second-leading
share in the global document imaging market in 2016, of which the
Germany held the leading share followed by the U.K.
Asia Pacific comprising India,
China, Japan, and Rest of Asia Pacific is expected to display notable
growth over the forecast period backed by technological developments
across various industry verticals. For instance, India is focusing on
research activities in order to develop advanced document management
solutions. In addition, other emerging economies in the region are
advancing their infrastructure for digitalization of operations.
Key companies operating in the
global document imaging market include Fujitsu Ltd., Hewlett-Packard
Company, Canon Inc., Eastman Kodak Company, Xerox Corporation, Qorus
Software Ltd., CBSL Group, Epson America, Aramex, and Newgen Software
Technologies among others.
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