The global document scanning services market was valued at US$ 2,852.8 Million in 2020 and is expected to surpass US$ 5,834.9 Million by 2028, registering a CAGR of 9.6% during the forecast period (2021-2028), according to the Global Document Scanning Services Market Report, By Service Type (Onsite and Offsite Service), by Document Type (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 Other (Survey Scanning, Book Scanning, etc)), By End use Industry (Healthcare, Legal Firms, BFSI, Government, Education, E-commerce and Logistics, Architecture Firms and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The rising adoption of smartphones, smart scanners, and connecting technologies such as Wi-Fi, Bluetooth 5.0, and the internet of things (IoT) is expected to drive market demand during the forecast period. The document scanning services provide maximum efficiency, cost-effective solutions so that organizations can save time and money for transporting documents to the centralized location. Major key players in the market are also focusing on launching new products in order to strengthen their global position in the market. For instance, in September 2018, Canon Inc., a Japan-based company that manufactures cameras, medical equipment, scanners launched the next generation of production scanners such as mageFORMULA DR-G2090, DR-G2110, and DR-G2140 featured with enhanced network connectivity. These scanners offer the best solutions for businesses with maximum volume imaging and scanning needs.
Furthermore, increasing demand for document scanning services in the government sector is also expected to drive market growth during the forecast period. These document scanning services are used in the government sector to minimize the need for paper-based documentation and streamlines the workflow in the organizations. Thus, growing volume of paper-based documentation and adoption of digital services can enable staff to gain high-cost savings. Moreover, telecom, finance, audit, insurance, and consulting segments are also adopting document scanning services, which is expected to fuel the market growth. For instance, according to Stratagem Market Insights analysis, the global digital transformation in BFSI sector is expected to reach US$ 12,170 million by 2025. The increasing need for cost-effective service, secure financial information, and improve compliance are driving the market growth. Moreover, increasing adoption of book scanning services in Europe is expected to drive market growth during the forecast period. Several companies across the region are focusing on developing high-quality scanners, in order to reduce human intervention to an absolute minimum and removes the risk of human error. For instance, in December 2020, iGuana, a Belgium-based company that provides digitization services launched new Qidenus book scanner line powered by Phase One cameras for the digitization market.
Global Document Scanning Services Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. There is a significant impact on the document scanning services market as well. On the other hand, many key players such as VENSO Technologies, Shoreline Records Management, Inc., and others in the market are considering COVID 19 as an opportunity to promote the importance of digitalization of the documents. As many industries such as information technology and others are shifting towards work from home culture, the importance of document digitalization has increased. Furthermore, the companies are willing to invest in new technology such as cloud storage and others by taking into account the long term importance of these technologies. For instance, according to Stratagem Market Insights’ analysis, global cloud spending increased around 41.3% in the first quarter of 2020. Thus, long term impact of COVID 19 pandemic is positive.
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Key Trends and Analysis of the Global Document Scanning Services Market:
- North America held dominant position in the global document scanning services market in 2019 and is expected to retain its dominance throughout the forecast period. The U.S. holds majority of the market share in North America owing to the rising adoption of document scanning services among various end-use industries such as healthcare, BFSI (Banking, Financial Services and Insurance), government, education, etc. For instance, Access Scanning Document Services, LLC, a U.S.-based company, offers flexible on-site and off-site services for document scanning for various applications such as medical records, human resource files, invoices, financial spreadsheets, contracts-agreements, maps, and other oversize documents
- Asia Pacific is expected to show significant growth over the forecast period. Organizations are focusing on taking their operations online and eliminating paper documents that require space. Document scanning offers easy and quick access to digitized documents and reduces the operating costs of maintaining paper documents. For instance, Flatworld Solutions Pvt. Ltd., an India-based company, offers document scanning and data entry services to companies around the world by using high speed OCR (Optical Character Recognition)/ICR (Intelligent Character Recognition) mode scanners combined with manual data entry and quality checks. Additionally, Network Techlab (I) Pvt. Ltd., an India-based company, offers document scanning services for all sizes of document from A0, A1, A2, A3, A4, A5 to A8, legal, full-scale, blueprints, mechanical drawings, maps, books etc.
- Among document type, medical record scanning segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. In medical and healthcare sectors, the popularity of document scanning is growing exponentially with rapid adoption for EMR (electronic medical records) and EHR (electronic health records) systems. The medical sector is paper-intensive in nature. In clinics and hospitals, scanning all of the legacy patient chart information is a bigger challenge, which is encouraging them to go for document scanning services for medical record scanning. Moreover, by using document scanning services, the paper documents can be converted into digital files, and can be easily accessible from a centralized data repository. The centralized records are safer and cannot be misplaced and lost as all the patient information is stored in one digital archive.
- Major players operating in the global document scanning services market include 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
