Document imaging solutions use tools such as scanners, printers, software, and camerato digitize a document. It is a key feature for any business entity as the document imaging process is used for better speed and agility in work stations. Improved and advanced efficiencies lead to a competitive improvement and better customer satisfaction.The document imaging market is gaining popularity due to several benefits to organizations such as cost effectiveness, increasing efficiency, risk reduction of losing documents in transit.
The document imaging market is segmented on the bases of three categories: by service, component, and end use. In terms of service, the market for document imaging is segmented into cloud and on-premises. By component, the market is segmented into software and hardware. Hardware component segment can be further bifurcated into scanners, printers, microfilm, readers and others. In terms of end use, the document imaging market is segmented into government organizations, law firms, physician practice, and educational institutions among others.
The installation of document imaging has dramatically changed due to the rising installation of cloud based document imaging solutions. Cloud deployment is becoming a critical and flexible part of an organization, for storing data and to expedite workflows. Information technology departments are expanding their cloud budgets for its numerous benefits. Quality document-management systems are available on the cloud since the last few years. Almost every business entity has started installing cloud as the most modern deployment solution to store important data. Organizations are always very careful about storing critical documents in a cloud environment, and recently increasing importance of cloud deployment is fueling growth of the document imaging market which is expected to see significant growth during the forecast period.
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The impact of this driver is medium in recent times and is expected to be high during the forecast period. However, Core printing companies are looking for diversification for higher profit generation. Many dealers are trying to expand their business by offering new products and services. In addition, rising competition in the MPS (managed printing service) industry is encouraging dealers to diversify or invest in other business entities.
Although, cost cutting and decreasing price trends are attracting existing dealers and new entities to invest in this industry. Therefore, demand for documents imaging is expected to be high during the forecast period.The impact of this restraint is medium in the current phase and is expected to be high during the forecast period.
Additionally, considering the growth in population and rapid urbanization in several emerging economies, there is an increased demand for digitalized documents. The growth of document imaging is strongly correlated to urbanization, which is compelling government organization, law firms, educational institutions and industries to emphasize on this technology.Such demand for document imaging can be expected to offer good growth opportunities for this market.
In addition, there are various research initiatives undertaken by different companies worldwide to develop document imaging into more versatile products. More advanced products and awareness among target customers are expected to drive future opportunities in the document imaging market both in developed and developing nations. Hence, the customer base is expected to grow, creating a larger market for future businesses.
Currently, people are more focused on print and less on digitalized paper. Paper work or printing work is more time consuming; therefore, most SMBs (small medium business) pay interest on digitalized paper scanning technology. Growing trend of document scanning or photocopying in recent times is predicted to be an opportunity for the document imaging market.