Document Scanner Market to grow by USD 4.5 billion between 2022 to 2027; Use of high-speed document scanners boosts the market growth – Technavio

NEW YORK, Jan. 15, 2024 /PRNewswire/ — The document scanner market by application (government, BFSI, healthcare, IT, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and the Middle East and Africa) – Forecast and Analysis 2023-2027 report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the document scanner market between 2023 and 2027 is USD 4.5 billion. 

The use of high-speed document scanners drives market growth. Scanning a large volume of records can be a labor-intensive and cumbersome process, placing a strain on an enterprise’s resources and disrupting the flow of business operations. Industries such as BFSI, dealing with extensive paperwork in their daily operations, may experience a slowdown in operational speed and an increase in data collection errors if the scanning and uploading of these documents to systems are implemented

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Market Challenge – 

The increase in capital and operational expenditure is a major challenge hindering the market. In order to enhance the efficiency of business processes, document scanners assist enterprises in generating a digitized copy of all their documents. In addition, maintaining a backup of digital documents through investments in cloud-based storage solutions incurs additional operational costs for organizations. Businesses are also obligated to cover the expenses associated with updating both software and hardware to effectively store their digital documents. Hence, such factors hinder the market growth.

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The document scanner market has been segmented by application (government, BFSI, healthcare, IT, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

1st Segment – 

The market share growth by the government segment is significant during the forecast period. Governments worldwide grapple with managing an extensive volume of paper records, posing challenges in sorting, preserving, and organizing these documents, which incur significant expenses for storage. Furthermore, in the event of any man-made or natural disaster, such as fire or flooding, it is imperative to ensure the safety of these government documents, minimizing the risk of damage. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

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Key Companies in the Document Scanner Market:

Avision Inc., Best IT World India Pvt. Ltd., Brother Industries Ltd., Canon Inc., FUJIFILM Corp., Fujitsu Ltd., Hanwang Technology Co. Ltd., HP Inc., Image Access GmbH, Kodak Alaris Inc., Microtek International Inc., Mustek Systems Inc., Panasonic Holdings Corp., Plustek Inc., Primax Electronics Ltd., Scan-Optics LLC, Scantron Inc., Seiko Epson Corp., SPECKTRON, and UMAX

The Document Scanner Market offers a diverse range of scanning solutions, including Flatbed Scanners, Sheet-fed Scanners, Handheld Scanners, Portable Scanners, and Drum Scanners. Key features such as Optical Character Recognition (OCR), Multi-Feed Detection, and Automatic Document Feeder (ADF) enhance efficiency. With Cloud Integration, Wireless Connectivity, and Mobile Scanning Apps, these scanners adapt to modern needs. Industry giants like Fujitsu Ltd., Canon Inc., Epson America, Inc., HP Development Company, L.P., and Kodak Alaris dominate the market. Advanced technologies such as Barcode Recognition and integration with Enterprise Content Management (ECM) systems signify the market’s evolution. Applications span from Paperless Trends to Healthcare Document Scanning and Financial Services Compliance, with a growing role of Artificial Intelligence (AI) in scanning.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio