Press release
Document Scanning Services Market Expansion Continues, with Forecast Valuation of $7.53 Billion by 2029
Document Scanning Services Market
Document Scanning Services Market Size Growth Forecast: What to Expect by 2025?
Recent years have seen a swift expansion in the market size for document scanning services. It is meant to surge from $4.67 billion in 2024 to $5.16 billion in 2025, resulting in a compound annual growth rate (CAGR) of 10.6%. The historical expansion can be traced back to digitization efforts, advancements in scanning technology, cost savings, compliance obligations, and optimization of business processes.
How Will the Document Scanning Services Market Size Evolve and Grow by 2029?
The market size of document scanning services is anticipated to witness robust growth in the upcoming years, expanding to a value of $7.53 billion in 2029, with a compound annual growth rate (CAGR) of 9.9%. Factors contributing to this growth forecast include the increasing amount of digital documents, surging demand for cloud-based solutions, emphasis on data security and privacy, the rise of AI and automation, and trends related to the remote workforce. The forecast period also points to significant trends such as the growing acceptance of AI and machine learning, the increasing popularity of cloud-based solutions, focus on security and compliance, integration with enterprise content management (ECM) systems, and the proliferation of mobile scanning solutions.
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What Drivers Are Propelling the Growth of Document Scanning Services Market Forward?
The document scanning services market is projected to grow due to the increasing use of electronic health records (EHRs). EHRs are digital medical records that contain an extensive range of health and medical history details, such as diagnosis, medications, treatment plans, vaccination dates, allergies, lab test outcomes, and other pertinent information. The use of EHRs is rising due to the growing incidence of chronic diseases, the reduction of healthcare costs, and the escalating demand for patient care quality and safety. Document scanning for electronic health records involves the transformation of paper-based medical records like patient charts and lab findings into digital format, enhancing efficient storage, retrieval, and data sharing within EHR systems. As per the UK's Department of Health and Social Care, by December 2023, it is projected that 90% of NHS trusts will have implemented EHRs, and complete adoption in all trusts is stipulated by March 2025. As a result, the increasing implementation of electronic health records is boosting the growth of the document scanning services market.
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What Trends Will Shape the Document Scanning Services Market Through 2029 and Beyond?
Major players in the document scanning services industry are leveraging cutting-edge technologies such as high-volume intelligent document processing tools to stay ahead in the competition. This technology refers to a sophisticated system capable of efficiently managing massive loads of documents such as invoices, purchase orders, checks and other business-related documents. It's equipped with sophisticated features that enable swift document sorting, classification, extraction, and stamping. For example, in April 2023, a US software firm, Imaging Business Machines LLC (ibml), launched the FUSiON HD High Volume Document Scanner. This device was designed to satisfy the stringent imaging quality standards of the Federal Agencies Digital Guidelines Initiative (FADGI) 3 star. This state-of-the-art scanner provides a leading throughput of 122 pages per minute at 600 DPI, facilitating fast digitization of high-quality documents while adhering to stringent archival needs. With its built-in ibml Capture Suite software and FADGI Verification module, operators can maintain consistent image quality without compromising productivity.
What Are the Key Segments in the Document Scanning Services Market?
The document scanning services market covered in this report is segmented -
1) By Service Type: Onsite Service, Offsite Service
2) By Document Type: Medical Record Scanning, Legal Document Scanning, Blueprint And Map Scanning, Proof Of Delivery Scanning, Human Resources Document Scanning, Newspaper And Magazine Scanning, Accounts Payable and Accounts Receivable Document Scanning, Other Document Types
3) By End-Use Industry: Healthcare, Legal Firms, BFSI (Banking, Financial Services, And Insurance), Government, Education, E-commerce And Logistics, Architecture Firms, Other End Users
Subsegments:
1) By Onsite Service: Manual Document Scanning, Automated Document Scanning, Mobile Or Remote Document Scanning
2) By Offsite Service: Bulk Scanning, Document Digitization And Indexing, Cloud-based Scanning Services
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Who Are the Key Players Shaping the Document Scanning Services Market's Competitive Landscape?
Major companies operating in the document scanning services market are International Business Machines Corporation, Fujitsu Limited, Iron Mountain Incorporated, Nikon Inc., Agfa-Gevaert NV, Nuance Communications Inc., Eastman Kodak Company, Flatworld Solutions Private Limited, BenQ Corporation, Chicago Records Management Inc., Smooth Solutions Inc., KnowledgeLake, Microimage Technologies Limited, Pearl Scan Solutions Ltd., DataGuard USA LLC, The Apache Software Foundation, Armstrong Archives LLC, VENSO Technologies Pvt Ltd., Pacific Records Management, Digiscribe International LLC, Document Imaging Solutions LLC, Royal Imaging Services LLC, Cleardata UK Ltd., Blue-Pencil Information Security Inc., Ripcord Inc.
What Geographic Markets Are Powering Growth in the Document Scanning Services Market?
North America was the largest region in the document scanning services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the document scanning services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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