Overview: 

Document imaging refers to the practice of converting information contained in physical documents into digital images with the use of scanners, special cameras and other electronic transfer processes. Document imaging is a vital part of Enterprise Content Management (ECM), widely used in business for replicating document. Number of document imaging system types include copiers, microfilms, scanners, facsimile machines, archive writers, multifunction printers and Computer Output Microfilm (COM) among others. Organizations that make use of document imaging technology have an edge over others in terms of reduction in paper usage, reduced record storage space, quick & easy access to information and improved information security among others. Similarly, such technology enables data duplication and transfer in digital format to create secure electronic backup media that can be stored off site as well. 

The trend of paperless office is majorly stimulating the demand for document imaging technology in Enterprise Content Management (ECM). With growing adoption of document imaging, reliance on paper documents can be reduced to a greater extent. Distributed capture refers to decentralization in document scanning when there is no reason to ship the paper to central location. Increase in the adoption of distributed capture across organizations is another major factor paving the way for document imaging market growth. This is primarily due to low cost of capture software, high quality scanners, and evolution of wireless device connectivity that enable cost effective data transmission across decentralized locations. Willingness of businesses to invest in advanced document processing in order to reduce overall operational cost also plays a vital role in driving the document imaging market growth. Further, emergence of cloud storage has positive impact on document imaging market as digital storage space requirement is reduced with enhanced real time accessibility. Medical institutions that hold the Electronic Health Records (EHR), law firms and educational institutions dealing with loads of paperwork are some of the key end-users for document imaging market. 

North America is expected to be dominant region for propelling the growth of document imaging market. Early adoption of digitalization and advanced technologies in document management infrastructure such as browser-based user interface, automatic indexing and scalable architecture are the key reasons behind the regional market growth.

Europe is expected to be second largest region leading the document imaging market. The UK government is amongst the most digitally advanced as it was amongst the first governing body to introduce the Government Digital Services (GDS), a model for digital transformation of government that is being followed internationally. This trend of digitalization is accelerating in Rest of the European countries as well which in-turn will lead to the growth of document imaging market in the region.

Similarly, adoption of digitalization at a fast pace is finding its way in Asia Pacific region. Singapore is most digitally advanced country in the region and ranks 2nd in the International Institute for Management Development (IMD) world digital competitiveness rankings. Technological development combined with backing policies for digitalization in India, China and Japan will stimulate the need for document imaging and expected to drive the market growth across the forecast period. 

Drivers
Increasing Demand Across Organizations

• The surging rising demand for big data handing and analytics in many organizations is projected to be the most significant factor driving the growth for this market.

Opportunities
Investments In Innovations And Advancements

The requirement to reduce operating cost through investing in innovative document processing are estimated to generate lucrative opportunities for the market, which will further expand the document imaging market's growth rate in the future.

Restraints

Dearth of Professionals

Document imaging solutions are difficult to use and necessitate the use of trained personnel. Operators must not only be familiar with how to handle the equipment, but also with how to use related programs to alter and save electronic files.Key players identified in Document Imaging market include but are not limited to: 

Navitar, E-consystems, Caliberid, Emage Medical LLC, Courage + Khazaka electronic GmbH, Atys Medical, Longport Inc., Cortex Technology, Canfield Scientific, Inc., tpm – taberna pro medicum GmbH, MetaOptima Technology Inc., DermSpectra and Others.

Some recent key developments:

• 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.
• In March 2020, Hyland has released three updates to its Document Filters product, each with new features. Each release tries to include more file formats to deliver the most comprehensive filtering toolbox capable of processing all of the data that an organization encounters daily. Thanks to recent updates, Hyland currently accepts over 550 file types, including over 75 for high-definition reproductions.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Document Imaging market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Document Imaging market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Document Imaging market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Document Imaging market?
• Which is the largest regional market for Document Imaging market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Document Imaging market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Document Imaging market worldwide?