Augmented Revenues To Be Witnessed By Document Imaging Market By 2024

Global Document Imaging Market: Overview

Owing to the availability of various document management tools, the task of record keeping has eased considerably, which was considered as one of the tedious tasks in previous document management systems. Document imaging tool is rapidly gaining popularity mainly due to its ability to provide high data confidentiality and security level. It is becoming an essential part of various businesses in every field particularly for or big data analytics. Big data analytics is swiftly becoming a major stream of revenue generation for businesses that show tremendous potential for the organization’s growth.

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Global Document Imaging Market: Growth Factors

Increasing adoption of compliance initiatives, the necessity to reduce expenses through investing in advanced document processing, and distributed capture are some of the factors boosting the global document imaging market. This is mainly due to the major benefits, such as cost and time savings, provided by the installation of document imaging. In addition, less man power needed to scan documents along with the supplementary advantage of reduced loss of documents risk in a case transferred in digital form are also contributing to the high demand of this solution all around the world. Furthermore, increasing trend of medical records digitalized impacts the global market in a positive way. Electronic health records (EHR) maintenance in the medical sector is entirely paperless and is done by scanning documents. In addition, law firms dealing with huge volumes of paperwork are also contributing to the growth of the global document imaging market.

Document Imaging Market: Segmentation

The global document imaging market is segmented on the basis of service, component, and end-use. The service segment is further sub-segmented as on-premise and cloud. The component segment of the global market is sub-segmented as hardware and software. The hardware is categorized as microfilm readers, printing, and scanning. The end use segment has law firms, government organizations, educational institutions, and physician practices sub-segments.

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Global Document Imaging Market: Regional Analysis

North America is anticipated to be the dominating player in the global document imaging market. The growth of this region is mainly attributed by the U.S. owing to the rapid adoption of digitalization in document management infrastructure in various industrial sectors. In addition, technological advancements in document management solutions also play an important role in propelling the growth and demand in the global market. The high-growth trend is followed by Europe and further by Asia Pacific. India, Japan, China, and Rest of Asia-Pacific are anticipated to experience considerable growth in the near future mainly due to technological advancements in various industry sectors. This, in turn, reflects the Asia Pacific growth.

Global Document Imaging Market: Competitive Players

Some of the major companies in the global document imaging market are Hewlett-Packard Company, Fujitsu Ltd., Canon Inc., Xerox Corporation, Eastman Kodak Company, and Qorus Software Ltd. Other key companies dominating the global market include CBSL Group, Aramex, Epson America, and Newgen Software Technologies.

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