The global document imaging market size is expected to grow from USD 119.7 Billion in 2022 to USD 267.7 Billion by 2029. The document imaging market is anticipated to grow at a CAGR of 12.2% from 2022 to 2029.
| Attribute | Details |
|---|---|
| 2022 Market Value | USD 119.7 Billion |
| 2029 Market Value | USD 267.7 Billion |
| CAGR% (2022 to 2029) | 12.2% |
| Share of Top 5 Market Players | 25% |
Document imaging accounts for almost 45% market share of the global printing technology market. The global market for document imaging market is anticipated to show significant growth in coming years. This attributes to the increasing adoption of document imaging hardware such as scanners, printers, and document imaging software across various business verticals. The growing adoption of smart scanning systems and wireless printing technology boosts the demand for the document imaging market.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 15.0% |
| H1,2022 Projected (P) | 14.8% |
| H1,2022 Outlook (O) | 14.0% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 80 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 100 ↓ |
The rapid shift of various firm files and data from on-premise computers to cloud storage. Cloud services are critical for document management systems because they provide a platform that allows users to rapidly access their papers, conveniently make comments to differentiate one from another, and precisely categorize each file based on its contents. This eliminates the use of various document imaging hardware like printers, scanners, etc.
According to FMI analysis, the variation between the BPS values observed in the document imaging market in H1, 2022 - Outlook (O) over H1, 2022 Projected (P) reflects a decline of 80 units. The reason behind this is the increasing digitalization in document sharing and editing. The ability to access documents anytime, anywhere with the help of mobile phones is also a reason for the decline in sales of document imaging products. In addition, compared to H1, 2022 (O) over H1, 2021 Actual (A) also reflects a decline of 100 units.
The reason behind this is that there is a decline in the use of document imaging electronics in various government organizations and educational institutions. The government is also promoting the digitization of various documentation processes and discouraging the use of papers in various fields.
The global document imaging market is estimated to be valued at USD 48.7 Billion in 2014. The demand for document imaging is expected to rise at the rate of a CAGR of 11.5% during the period from 2014 to 2021. The growth in North America is supported by rising demand for digitalized documentation across industries, over the years. The document imaging hardware segment is set to register the highest market share 67.5% of the total global document imaging market share in 2022.
Document image processing system used to convert paper documents into bitmaps (digital images) by electronic transfer or scanning process. These digital copies can be organized by index values and indexed with metadata in the document management system. Scanning or printing software helps to start or edit, print, and scan data directly from the computer. Through this software, end users can select pages, color, length, format, and other requirements of that particular scan and print copies.
Principal Consultant
The demand for document imaging is expected to show significant growth in the coming years. This attributes to various factors such as increasing demand for automated workflow, rising adoption of cloud-based document imaging solutions, and going-green initiatives with paperless documents.
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, the demand for automated workflow increases over the manual and it drives the demand for document imaging systems. Moreover, technology like Big Data analytics in document imaging is also driving the adoption of document imaging systems.
The document imaging system also saves hidden costs of a business workflow such as misfiling, labor costs, office and storage space, paper, and other operational expenses. Thus, such factors are expected to drive the growth of the document imaging market.
Currently, the USA market anticipates the largest consumption of document imaging systems in the North American region and is expected to grow at 9.5% CAGR from 2022 to 2029. The USA document imaging market is expected to reach 1.8X by 2029.
The USA market witnessed significant growth in the document imaging market, attributed to the 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 are set to drive the growth of the document imaging market in the USA.
China is set to register exponential growth in the Asian document imaging market with a CAGR of 14.1% from 2022 to 2029. China's market is anticipated to create an absolute dollar opportunity of USD 9,600 Million from 2022 to 2029.
For instance, the China-United Kingdom collaboration on International Forest Investment & Trade (InFIT) and the Chinese Academy of Forestry (CAF) developed their own timber legality standards and frameworks. Through this collaboration, CNFPIA announced timber legality requirements for transport and sales, document management, legality verification for imported and domestic timber, development of a timber legality management system, and trading & processing. Such development in the country helps to reduce manual courier-based and paper-driven documentation processes and it is set to fuel the demand for the document imaging market in China.
The German market is set to report the largest consumption of document imaging systems in the Europe region, and the market size is expected to reach 2.2X by 2029. The German market is anticipated to create an absolute dollar opportunity of USD 5,500 Million from 2022 to 2029.
The demand for document imaging solutions in Germany is driven by the presence of developed infrastructure for advanced technology such as Big Data, adoption of automation, and cloud-based document imaging solutions across the industry. Germany witnesses a large number of emerging start-ups such as Conatix, COI, Tutum, Padrino, Ninox, and others. Thus, the presence of emerging document management startups in Germany spurs the demand for the document imaging market.
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Document imaging hardware segment by component will dominate the document imaging market and is expected to reach 1.5X by 2029. Moreover, the document imaging software segment is set to witness the highest growth rate of 13.5% CAGR from 2022 to 2029.
The demand for document imaging hardware is attributed to the 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 recent years.
On the basis of deployment, the on-premise segment will be a dominating segment. The market size of the on-premise segment is expected to expand up to 2.0X by 2029. Moreover, the cloud segment is set to register the highest growth at the rate of CAGR of 13.8% from 2022 to 2029.
On-premise segment constitutes the highest market share in the global document imaging market. Document imaging solutions help to reduce costly paper handling with intelligent document routing, and save money and time for law firms, medical practitioners, educational institutions, and others. Moreover, the rising adoption of cloud-based document imaging solutions across the globe by many enterprises is supposed to drive the demand for document imaging solutions, during the forecasted period.
The market size of government organizations segment by end user is set to expand up to 2.2X by 2029. Moreover, the law firms segment is set to register the highest growth at the rate of CAGR 13.5% from 2022 to 2029.
Document imaging solutions help government organizations in various tasks such as automatic distribution, document routing, document printing, track printing, customized electronic forms, document barcoding, document control, and other features. Thus, many government organizations started using document imaging solutions to save the cost of paper-based document management. Also rising adoption of digitization in law firms across the globe is expected to drive the demand for document imaging solutions in the law firms segment in coming years.
Many key document imaging system manufacturers are inclined at investing heavily in product innovations to uncover increased applications of document imaging. With the use of printing technology, vendors also try to accelerate their business transformation and growth objectives by increasing their partner base.
| Attribute | Details |
|---|---|
| Market value in 2021 | USD 104.1 Billion |
| Market CAGR 2014 to 2021 | 11.5% |
| Share of top 5 players | Around 25% |
| Forecast Period | 2022 to 2029 |
| Historical Data Available for | 2014 to 2021 |
| Market Analysis | USD Million for Value |
| Key regions covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Middle East and Africa |
| Key countries covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC countries, Turkey, Northern Africa, and South Africa |
| Key market segments covered | Component, Deployment, End-user, Region |
| 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 |
| Report Coverage | Market forecast, company share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, market dynamics and challenges, and strategic growth initiatives |
| Customization & pricing | Available upon request |
The global document imaging market is valued at over USD 104.1 Billion in 2021.
The factors such as the transition towards document automation and digitalization in healthcare, government organizations, educational institutions, and other verticals across the globe are driving the document imaging market.
From 2014 to 2021, demand for document imaging increased at a CAGR of 11.5%.
Sales of document imaging are projected to increase at 12.2% CAGR and be valued at over USD 267.7 Billion by 2029.
The USA, United Kingdom, India, China, and Germany are major demand countries for document imaging solutions.
1. Executive Summary | Document Imaging Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2014 to 2021 and Forecast, 2022 to 2029 6. Market Background 7. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Component 7.1 Software 7.2 Hardware 7.2.1 Scanner 7.2.2 Printers 7.2.3 Microfilm Readers 7.2.4 Others 8. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By End-user 8.1 Government Organization 8.2 Law Firms 8.3 Physician Practices 8.4 Educational Institution 8.5 Others 9. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, By Deployment 9.1 On-premise 9.2 Cloud 10. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2029, by Region 10.1 North America 10.2 Latin America 10.3 Western Europe 10.4 Eastern Europe 10.5 Asia Pacific excluding Japan 10.6 Japan 10.7 Middle East and Africa (MEA) 11. North America Market Analysis 2014 to 2021 and Forecast 2022 to 2029 12. Latin America Market Analysis 2014 to 2021 and Forecast 2022 to 2029 13. Western Europe Market Analysis 2014 to 2021 and Forecast 2022 to 2029 14. Asia Pacific excluding Japan Market Analysis 2014 to 2021 and Forecast 2022 to 2029 15. Eastern Europe Market Analysis 2014 to 2021 and Forecast 2022 to 2029 16. Japan Market Analysis 2014 to 2021 and Forecast 2022 to 2029 17. Middle East and Africa Market Analysis 2014 to 2021 and Forecast 2022 to 2029 18. Emerging Countries Market Analysis 2014 to 2021 and Forecast 2022 to 2029 19. Market Structure Analysis 20. Competition Analysis 20.1 Hewlett-Packard Company 20.2 Epson America Inc. 20.3 Canon Inc. 20.4 Fujitsu Ltd. 20.5 Toshiba Corporation 20.6 Newgen Software Technologies Limited 20.7 Adobe Systems Incorporated 20.8 Xerox Corporation 20.9 IBM Corporation 20.10 Eastman Kodak Company 21. Assumptions and Acronyms Used 22. Research Methodology
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Document Imaging Market
