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. Document imaging also helps to control large volumes of documents.
The document imaging market is segmented on the bases 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 use, the document imaging market is segmented into government organizations, law firms, physician practice, and educational institutions among others.
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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 handing and analytics in many organizations. Big data technology is a new potential revenue generating source of an organization. Therefore, the demand for document imaging is booming in recent times and is anticipated to witness significant growth during the forecast period.
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.
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By Service the global document imagingmarket has been segmented into cloud and on-premises. On-premises service is initially dominating the global document imaging market. However, cloud service is expected a 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 centralized systems to process large constant data streaming produced across the value chain.
By region the global document imagingmarket 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 digitalized documentation. Europe which includes countries such as Germany, U.K., France, Italy and Rest of Europe captured the second largest market share in 2016. Asia Pacificshowed the fastest growth in 2016 due to its high penetration rateand coupled more high adoption rate of digitalization in document management solutionover the years.
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Document Imaging Market to See New Avenues on Back of Business Process Automation
The proliferation of structured and unstructured date is a key trend spurring SMBs to adopt document imaging solutions. Even small organizations are keen on digitizing their workflow. The trend has motivated manufacturers and vendors of document imaging systems to look for new consumer value propositions in developing regions. They are resorting to innovative and penetrative pricing strategy to gain early mover advantage in some of the emerging markets.
On the other hand, the organizations are looking for wide range of functionalities in ECM with respect to document imaging. The demand for integrated systems in the human resource departments is a notable trend expected to spur the uptake in the overall document imaging market. Big organizations in recent years have been adopting new IT interaction models. This has become more important in recent months when Covid-19 came disrupting the workflows in organizational processes.
The pandemic-led stay at home orders created a robust demand for new ECM. This has also positively impacted the growth dynamics in the document imaging market. End users have become more cautious toward cost-effectiveness of such systems. In coming months, where new trends in workplaces will pick up pace due to disruption that Covid-19 brought, the future outlook seems attractive to players in the document imaging market. Also, new paradigms in business process automation will chart new growth trajectories for players in the market. Manufacturers will try to unlock the advantage of integrated and connected systems to stay afloat in coming years.
