Market Research Reports Search Engine (MRRSE) has been acting as an impressive data source when it In order to study the various trends and patterns prevailing in the overall market Document Imaging, Market Research Reports Search Engine (MRRSE) has included a new report titled “Document Imaging Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.
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Some of the prominent names operating in the global document imaging market are Fujitsu Ltd., Hewlett-Packard Company, Canon Inc., Eastman Kodak Company, Xerox Corporation, Qorus Software Ltd., CBSL Group, Epson America, Aramex, and Newgen Software Technologies. While some companies are targeting to capture increased market share by investing in research and development pursuits and develop advanced and upgraded document imaging solutions, some others are expanding their market share by entering into strategic alliances and partnerships.
the global document imaging market is likely to expand at a healthy 13.8% CAGR between 2017 and 2025. Progressing at this rate, the market is estimated to become worth US$153.05 bn by 2025 increasing from US$48.16 bn in 2016.
Rising Digitalization has Pushed Asia Pacific to Top Slot in 2016
The segments of the global document imaging market depending upon service are cloud and on-premises. While currently on-premises leads the market, the segment of cloud service is expected to display robust growth over the market and surpass the market share of on-premises.
The global document imaging market classified based upon region are North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America which is segmented into the U.S. and Rest of North America captured the leading share in 2016 backed by the growth in production facilities and rising demand for digitalized documents. However, Asia Pacific displayed the leading growth in 2016 due to rapid adoption rate of digitalization solutions over the years.
Economic Benefits coupled with Reduced Risk of Loss of Documents Augments Growth
The growth of the global document imaging market is driven by several factors, of which rising demand for big data handling and analytics is a key one. The impact of this driver is currently high and is expected to be significant over the forecast period. Big data analytics is a new revenue generating stream that holds massive growth potential for an organization.
Besides this, rising adoption of compliance initiatives, distributed capture, and need to reduce expenses by investing in advanced document processing are some other factors that the document imaging market is benefitted from. This is because installing document imaging has significant benefits in terms of cost savings and time savings. This solution does not require huge manpower to scan documents with the additional benefit of reduced risk of loss of documents if transmitted in digital form. While the impact of this driver is moderate currently, it is expected to be high over the forecast period.
The rising trend of digitalization of medical records holds immense potential for the growth of this market. The maintenance of Electronic health records (EHR) in medical institutions is totally paperless and is dependent on scanning of documents. Law firms that deal with large volume of paper work is also paving way for growth of document imaging market globally.
Furthermore, customers are ready to spend premium amounts to receive robust document imaging solutions. Dealers are aware about customers’ demand for holistic solutions for document imaging. This factor is furthering the demand for document imaging solutions worldwide. Educational institutions that deal with large volume of documents related to registration documents, admission documents and notices amongst others is providing a fillip to the global document imaging market.
Additionally, considering the growth in population and rapid urbanization in several emerging economies, there is an increased demand for digitalized documents. The growth of document imaging is strongly correlated to urbanization, which is compelling government organization, law firms, educational institutions and industries to emphasize on this technology.Such demand for document imaging can be expected to offer good growth opportunities for this market. In addition, there are various research initiatives undertaken by different companies worldwide to develop document imaging into more versatile products. More advanced products and awareness among target customers are expected to drive future opportunities in the document imaging market both in developed and developing nations. Hence, the customer base is expected to grow, creating a larger market for future businesses.
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Currently, people are more focused on print and less on digitalized paper. Paper work or printing work is more time consuming; therefore, most SMBs (small medium business) pay interest on digitalized paper scanning technology. Growing trend of document scanning or photocopying in recent times is predicted to be an opportunity for the document imaging market.
The global market of 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, U.S.), Canon Inc. (Tokyo, Japan), Kodak Alaris (Hemel Hempstead, U.K.), Xerox Corporation (Connecticut, U.S.), Qorus Software (Pty) Ltd (Cape Town, South Africa), CBSL Group (Delhi, India), Epson America (California, U.S.), Aramex (Dubai, U.A.E) and Newgen Software Technologies Ltd (Delhi, India) among others.
Global Smart Grid Security market can be segmented as follows;-
Global Document Imaging Market, by Service
Global Document Imaging Market, by Component
- Microfilm Readers
Global Document Imaging Market, by End Use
- Government Organization
- Law Firms
- Physician Practices
- Educational Institution
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