Most businesses look to achieve effective document digitization, to expand their presence online and carry out business operations digitally. Document scanning services are now widely used in diverse areas such as healthcare, law, BFSI, government, education, logistics, architecture firms, and others to digitize their documents and store files in the preferred electronic formats. Clinics and hospitals also rely on medical record scanning services to add paper-based patient charts to their Electronic Medical Record (EMR) and Electronic Health Record (EHR) systems.
According to a report from Coherent Market Insights, the global document scanning services market that was valued at US$ 2,852.8 Million in 2020, is expected to exceed US$ 5,834.9 Million by 2028, registering a CAGR of 9.6% during the forecast period (2021-2028). This global market is expected to reach US$ 3,321.3 million by 2022.
Major factors that are driving the market growth during the forecast period include
- increasing adoption of optical character recognition technology and robotics in document scanning services
- increasing adoption of document scanning services in the medical sector
- growing adoption of document scanning services
- the rising adoption of smartphones, smart scanners, and connecting technologies such as Wi-Fi, Bluetooth 5.0, and the Internet of Things (IoT)
Information security and privacy concerns such as data and security breaches, identity theft, sharing of sensitive information, and other threats of cyber attacks are factors that restrain the market growth.
The report segments the market on the basis of service type, document type, end users, and geography.
By service type, the market is divided into Onsite and Offsite Service. The offsite service segment is expected to hold a dominant position in the market during the forecast period. Off-site document scanning involves collecting or shipping documents to the service provider’s secure conversion centers and then scanning operations are performed. Businesses are now looking to digitize entire archives to keep up with their competitors.
The rising need to achieve effective document digitization coupled with reliable and cost-effective document conversion processes offered by off-site document scanning services are expected to drive the market growth. Many organizations choose off-site scanning services to undertake their digitization projects. With offsite scanning, businesses can be assured that their documents are going to be suitably looked after throughout the entire digitization process.
By Document Type, the market is divided into 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 & Others (Survey Scanning, Book Scanning, etc)
End users of the market are – Healthcare, Legal Firms, BFSI, Government, Education, E-commerce and Logistics, Architecture Firms and Others.
Geographically, the market is divided into North America (U.S. and Canada), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), Europe (Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific), Middle East and Africa (GCC Countries, South Africa, and Rest of Middle East and Africa).
North America accounted for the highest market share in the market, owing to the rising penetration of core technologies such as OCR (Optical Character Recognition), ICR (Intelligent Character Recognition), and the presence of technology giants in the region.
Asia Pacific is predicted to exhibit the highest CAGR over the forecast period owing to the increasing adoption of cloud-based document scanning services among various organizations. Properly scanned documents can also be shared on the cloud or local document management system, enabling recovery of important documents in just a simple click.
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Some of the key market players are Access Scanning Document Services, LLC, Ripcord, Inc., Armstrong Archives, LLC, Chicago Records Management Inc., Cube Records Management Services, The Scanning Company, Smooth Solutions Inc., VENSO Technologies, Shoreline Records Management, Inc., Pearl Scan, iGuana, Cleardata UK Ltd., KnowledgeLake, Microimage Technologies Limited, ScanWorld Station Limited, The Apache Software Foundation, Advanced Data Solutions, Inc., Blue-Pencil Information Security Inc., Iron Mountain Inc., Flatworld Solutions Pvt. Ltd., Royal Imaging, Pacific Records Management, DataGuard USA (Record Nations), Scanning America Inc.
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Also Read: How Businesses Can Minimize Paper Documents-related Risk with Document Scanning |
