Document Imaging Market

Global Document Imaging Market Outlook (2022-2032)

The global document imaging market is poised to be valued at US$ 103.03 Billion in FY 2022, and is expected to flourish at a staggering 12.6% value CAGR throughout the 2022-2032 forecast period. By the end of the aforementioned assessment period, the market is poised to be valued at over US$ 336.7 Billion.

Report Attributes	Details
Market Value in 2021	US$ 90.54 Billion
Expected Market Value in 2022	US$ 103.03 Billion
Projected Market Value in 2032	US$ 336.7 Billion
Global Growth Rate (2022-2032)	12.6% CAGR
Growth Rate of the U.S (2022-2032)	12% CAGR
Market Value of China (2032)	US$ 24.9 Billion
Key Companies Profiled	Hewlett-Packard Company Epson Canon Inc. Fujitsu Ltd. Toshiba Corporation Newgen Software Technologies Limited Adobe Systems Incorporated Xerox Corporation IBM Corporation Eastman Kodak Company

As of 2021, the market for document imaging services reached US$ 90.54 Billion. Based on component, document imaging hardware are expected to yield US$ 143.3 Billion of the total revenue by 2032.

Global Document Imaging Market Demand Analysis 2016-2021 vs. Future Market Projections 2022-2032

According to Fact.MR- a market research and competitive intelligence provider- demand for document imaging services experienced a noteworthy increase from 2016 to 2021, registering a CAGR of 13.5%. Rapid advancements in global technology delivery in order to improve patient outcomes have prompted key stakeholders to incorporate technological advancements in various aspects of technology delivery.

Many organizations across the globe are using document imaging system as the document imaging have many benefits over paper or microfilm system. Currently mobile image capture is expected to offer key opportunities in the market as the large scale use of mobile laptops, tablets and smart phones is increasing at an exponential rate. Document imaging transforms paper documents into electronic images. As data imaging tool provide high data confidentiality and more security rise in popularity.

  The COVID-19 pandemic has had a significant impact on nearly all spheres on the global economy. Due to restricted connectivity during the lockdown, supply-chains, exchange and transfer of essential goods and services and distribution of various commodities have all been affected. Due to factors such as rising adoption of online education and paperless process across various sectors, the demand for imaging documents is set to witness significant growth, over the forecasted period.

Prominent Growth Drivers Influencing the document Imaging Industry

Increasing demand for automated workflow to Propel Market Growth

Document imaging solutions with an automated workflow deliver more efficient workflows and helps to reduce costly paper handling with intelligent document routing, which saves money. Therefore, demand for the automated workflow increases over manual and it drive the demand for document imaging systems.

Big Data analytics in document imaging are also driving the adoption of document imaging systems. Document imaging system also saves hidden costs of a business workflow such as misfiling, labor cost, office and storage space, paper and other operational expenses. Thus, such factors are expected to drive the growth for the document imaging market.

Country-wise Analysis

How will U.S. Document Imaging Market Shape up?

Currently, the U.S. market anticipate for the largest consumption of document imaging systems in North America region, and is expected to grow at 12% CAGR during 2022-32. U.S. market witness significant growth in document imaging market, attributed to presence of developed IT infrastructure and emerging large and small & medium scale enterprises in the country.

Rising adoptions of digitalization in document management infrastructure across various industry verticals and technological advancements in document imaging software and hardware by key players in the country, is set to drive the growth for document imaging market in the US.

Why is China a Prominent Market for Document Imaging?

China is set to report of the largest consumption of document imaging systems in the region, expected to surge at a CAGR of 13% during the 2022-2032 forecast period. A market valuation of US$ 24.9 Billion is projected for the said period, along with a dollar opportunity worth US$ 17.5 Billion.

The demand for the document imaging solutions in china is driven by presence of developed infrastructure for advanced technology such as Big Data, adoption of automation and cloud-based document imaging solutions across industry. Germany witness large number of emerging start-ups such as Conatix, COI, Tutum, Padrino, Ninox, and others. Thus, presence of emerging document management startups in Germany spurs the demand for the document imaging market.

 

Category-wise Insights

Demand for Document Imaging Hardware Rising

Document imaging hardware segment by component will dominate the document imaging market. Moreover, document imaging software segment is set to witness highest growth rate of 12.2% CAGR during 2022-32.

The demand for the document imaging hardware is attributed to rising adoption of scanners, printers, and microfilm readers by various end-users such as government, hospitals and other industries, across the globe. Therefore, migration from manual to automated document workflow is contributing to the demand for document imaging hardware segment in the recent years.

Cloud Exhibits High Demand for Document Imaging Market

On the basis of deployment, on premise segment will be a dominating segment. Cloud segment is set to register the highest growth at the rate of CAGR 12.2% from 2022-32.

On-premise segment constitutes highest market share in global document imaging market. Document imaging solutions helps to reduce costly paper handling with intelligent document routing, and saves money and time of law firms, medical practitioners, educational institutions and others. Moreover, rising adoption of cloud-based document imaging solution across the globe by many enterprises is supposed to drive the demand for document imaging solutions, during forecasted period.

Competitive Landscape

Given the increased penetration of technological advancements in the technology domain, prominent document imaging service providers are incorporating the latest virtual technologies to introduce highly sophisticated applications. Besides, extensive R&D activities, collaborations and mergers & acquisitions constitute other expansion strategies of key players. Some notable developments are as follows:

• In June 2019, Eastman Kodak Company, announced the availability of the KODAK SMILE instant digital printer and the KODAK SMILE instant print digital camera. It helps company to enhance their document imaging product pipeline.
• In May 2019, Newgen Software Technologies Limited announced strategic alliance with Compliance Systems to develop an integrated solution that enables compliance in the lending space. Commercial and consumer loan origination solutions built on Newgen’s business process management and enterprise content management platform.

Key Segments Covered in Document Imaging Market Report

• Document Imaging by Deployment

  • On-premise Document Imaging
  • Cloud Document Imaging

• Document Imaging by Component

  • Document Imaging Software
  • Document Imaging Hardware
    • Scanners
    • Printers
    • Microfilm Readers
    • Others

• Document Imaging by End Use

  • Document Imaging for Government Organizations
  • Document Imaging for Law Firms
  • Document Imaging for Physician Practices
  • Document Imaging for Educational Institutions
  • Document Imaging for Other End Uses

• Document Imaging by Region

  • North America Document Imaging Market
  • Latin America Document Imaging Market
  • Europe Document Imaging Market
  • Asia Pacific Document Imaging Market
  • Middle East and Africa Document Imaging Market