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).

The Japan document scanning services market generated a revenue of US$ 175.8 Mn in 2020 and is expected to reach US$ 390.2 Mn by 2028, with a CAGR of 10.7% over the forecast period (2021-2028) according to the Global and Japan 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 the 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. Key players in the market are also focusing on launching new products in order to strengthen their global position.  For instance, in September 2018, Canon Inc., a Japan-based company that manufactures cameras, medical equipment and 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.

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 remove the risk of human error as well. 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.

The increasing demand for document scanning services in the logistics sector in Japan is expected to drive the market growth during the forecast period. Logistics document scanning services help transport companies to digitize and organize documents in such a way that will improve operational efficiency. These services are used by both small and medium enterprises (SMEs) and large enterprises to keep track of their workflow. For instance, in September 2020, Ripcord Inc., a U.S.-based leading robotics digitization company, announced joint venture with Fuji Xerox Co., Ltd., a Japan-based company, which manufactures xerographic and document-related products and services, in order to bring digital transformation technologies in Japan and the APAC region. Through this joint venture, Ripcord Inc. and Fuji Xerox help their customers to streamline operations, accelerate digitization, reduce costs, reduce labor costs associated with digitizing, and improve customer experiences.

Global and Japan Document Scanning Services Market: Recent Developments

  1. Key companies in the market are focused on partnership, in order to gain a competitive edge in the market. For instance, in September 2020, Ripcord, Inc. and Fuji Xerox entered into a partnership to accelerate digital transformation initiatives in business process outsourcing services & document management solutions with their FUJIFILM RIPCORD venture
  2. Major players are involved in service launches, in order to enhance the market presence. For instance, in May 2010, Shoreline Records Management, Inc. launched scanning services for Microsoft Sharepoint. Sharepoint is a web-based collaborative platform developed by the Microsoft Corporation, a U.S.-based technology company.
  3. In September 2020, Iron Mountain Inc., one of the global leaders for storage and information management services announced a strategic partnership and the launch of their Digitization-as-a-Service offering with Aligned Capital Partners Inc., as the first client. Aligned Capital Partners Inc. is an investment dealer providing a broad range of investments and wealth management products to clients throughout Canada.

Market Restraint

Information privacy and security is a major concern as there are many possible vulnerabilities present in managing the document services. The vulnerabilities such as data and security breaches, identity theft, sharing of sensitive information, and other threats of cyberattacks will damage the reputation of the organization and eventually hamper the confidence of people who is running the business. This in turn, may create liability to lawsuits and criminal penalties. Important information is stored in cloud and databases, which enable cybercriminals to disrupt valuable company data and use it to enter unlawful dealing. Besides, data privacy, crucial document management security concern, and need for huge investment are expected to hamper the market growth during the forecast period.

To know the latest trends and insights prevalent in the Global and Japan Document Scanning Services Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/global-and-japan-document-scanning-services-market-4972

Global and Japan 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.

Key Takeaways:

  • The global market was valued at US$ 2,852.8 Mn in 2020 and is forecast to reach a value of US$ 5,834.9 Mn by 2028 at a CAGR of 9.6% between 2021 and 2028. This is owing to growing use of document scanning services by end-users
  • The medical record scanning segment in global document scanning services market was valued US$ 676.5 Mn in 2020 and is expected to witness a CAGR of 9.9% over the forecast period, owing to growing use of document scanning in medical sector to scan medical records

Key Takeaways:

  • The Japan document scanning service market was valued at US$ 175.8 Mn in 2020 and is forecast to reach a value of US$ 390.2Mn by 2028 at a CAGR of 10.7% between 2021 and 2028. This is owing to growing use of Optical Character Recognition (OCR) technology in Japan.
  • The medical record scanning segment in Japan document scanning services market was valued US$ 38.3 Mn in 2020 and is expected to witness a CAGR of 11.8% over the forecast period, owing to growing use of document scanning in medical sector in Japan.

Browse 150 market data tables* and 90 figures* on ‘Document Scanning Services Market’- Global and Japan forecast to 2028

Key Trends and Analysis of the Global and Japan Document Scanning Services Market:

  • North America held dominant position in the global document scanning services market in 2020 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 2020 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 and Japan 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..
  • Growing adoption of Optical Character Recognition (OCR) technology in various industries in Japan such as government and legal firms to scan different types of documents, checks, receipts, and to convert all the information into a digital form is expected to drive the market growth. For instance, FUJIFILM Business Innovation Corp, a subsidiary of FUJIFILM Corporation, a Japan-based company that manufactures manufacturer of photographic films offer EzeScan, a powerful tool that automates information capture activities within an organization to increase workflow efficiency.  This is due to the adoption of advanced data recognition technologies such as optical character recognition allows EzeScan to read and recognize computer-generated characters and intelligent character recognition allows EzeScan to read and recognize handwritten characters.

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