United States, Rockville MD, June 29, 2022 (GLOBE NEWSWIRE) -- Fact.MR’s recently published study on the document Imaging processing software market concludes that the industry is expected to flourish at a CAGR of 12.6% from 2022 to 2032, reaching US$ 336.7 Billion by the end of the said forecast period. Advancements in technology infrastructure to improve patient outcomes is the chief growth driver of this market.
From 2016 to 2021, sales of document imaging software grew at a CAGR of 13.5%, reaching US$ 90 Bn. As of 2022, the market is forecast to reach US$ 103.3 Billion. Initially, growth prospects were dented during Q1 2020, amid reallocation of all healthcare resources to COVID-19 patients. Eventually, linkages between strokes and the coronavirus diseases prompted increased uptake of post processing software.
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The COVID-19 pandemic has had a significant impact on nearly all spheres on the global economy. Due to restricted connectivity during the lockdown, supply-chains, exchange and transfer of essential goods and services and distribution of various commodities have all been affected. Due to factors such as rising adoption of online education and paperless process across various sectors, the demand for imaging documents is set to witness significant growth, over the forecasted period.
Prominent Growth Drivers Influencing the document Imaging Industry
Increasing demand for automated workflow to Propel Market Growth
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, demand for the automated workflow increases over manual and it drive the demand for document imaging systems.
Big Data analytics in document imaging are also driving the adoption of document imaging systems. Document imaging system also saves hidden costs of a business workflow such as misfiling, labor cost, office and storage space, paper and other operational expenses. Thus, such factors are expected to drive the growth for the document imaging market.
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Key Segments Covered in the Document Imaging Industry Survey
- Document Imaging by Deployment
- On-premise Document Imaging
- Cloud Document Imaging
- On-premise Document Imaging
- Document Imaging by Component
- Document Imaging Software
- Document Imaging Hardware
- Scanners
- Printers
- Microfilm Readers
- Others
- Document Imaging Software
- Document Imaging by End Use
- Document Imaging for Government Organizations
- Document Imaging for Law Firms
- Document Imaging for Physician Practices
- Document Imaging for Educational Institutions
- Document Imaging for Other End Uses
- Document Imaging for Government Organizations
Competitive Landscape
Hewlett-Packard Company, Epson, Canon Inc., Fujitsu Ltd., Toshiba Corporation, Newgen Software Technologies Limited, Adobe Systems Incorporated, Xerox Corporation, IBM Corporation, Eastman Kodak Company are some of the prominent digital imaging software providers profiled by Fact.MR. Aforementioned players are strengthening AI capabilities to offer highly precise imaging systems. Prominent developments are as follows:
- 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.
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Key players in the Document Imaging Market
- Hewlett-Packard Company
- Epson
- Canon Inc.
- Fujitsu Ltd.
- Toshiba Corporation
- Newgen Software Technologies Limited
- Adobe Systems Incorporated
- Xerox Corporation
- IBM Corporation
- Eastman Kodak Company
Key Takeaways from Document Imaging Market Study
- By component, document imaging hardware to flourish at a 12.2% value CAGR
- On-premise deployment of document imaging solutions to flourish at a CAGR of 9.8%
- U.S to be a highly lucrative market, poised to reach US$ 84 Billion by 2032
- China to be another opportunistic market, expected to flourish at a 13% value CAGR
- Japan & India to yield dollar opportunities worth US$ 12.9 Billion and US$ 17.2 Billion respectively
About the Technology Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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