LONDON–(BUSINESS WIRE)–#DocumentScannerMarket–The global document scanner market size is poised to grow by USD 1.28 billion during 2020-2024, progressing at a CAGR of about 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
Security is one of the major challenges observed in paper-based systems as they can be easily damaged, replicated, lost, or stolen. Placing and storing these confidential paper documents in cabinets leaves them vulnerable to tampering. The is leading to an increase in the demand for data security enhancement. It can be enhanced by scanning the papers to not only encrypt and track the documents but also maintain a backup. Sharepoint, account package, HR system, and customer relationship management (CRM) allow secured sharing of these scanned papers among authorized users. Thus, the data security enhancement obtained by document scanners will boost the growth of global document scanner market during the forecast period.
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- The major document scanner market growth came from the government segment in 2019, and it is expected to witness the fastest growth during the next five years.
- APAC was the largest document scanner market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the rising adoption of high-level automation across industries and the increasing awareness to improve the operational efficiency for driving business process productivity.
- The global document scanner market is fragmented. Avision Inc., Brother Industries Ltd., Canon Inc., Fujitsu Ltd., HP Inc., Image Access GmbH, Microtek International Inc., Mustek Systems Inc., Panasonic Corp., and Seiko Epson Corp. are some of the major market participants. To help clients improve their market position, this document scanner market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global document scanner market 2020-2024 is expected to have Neutral & At Par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: www.technavio.com/report/document-scanner-market-industry-analysis?
Growing Need for Data Recovery will be a Key Market Trend
Document scanners are gaining prominence in various end-user industries as they enable data recovery during disasters such as floods and fires or manmade disasters. Organizations are adopting e-vaulting solutions as they can electronically protect these scanned documents or copies. The scanned documents can also be backed up in clouds or hard drives. Thus, the benefits of maintaining scanned copies is leading to the adoption of document scanners, which is expected to showcase a positive outlook for the market during the forecast period.
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Document Scanner Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist document scanner market growth during the next five years
- Estimation of the document scanner market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the document scanner market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of document scanner market vendors
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- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application placement
- Government – Market size and forecast 2019-2024
- BFSI – Market size and forecast 2019-2024
- IT – Market size and forecast 2019-2024
- Healthcare – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver – Demand led growth
- Volume driver – Supply led growth
- Volume driver – External factors
- Volume driver – Demand shift in adjacent markets
- Price driver – Inflation
- Price driver – Shift from lower to higher-priced units
- Market challenges
- Market trends
- Vendor landscape
- Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Avision Inc.
- Brother Industries Ltd.
- Canon Inc.
- Fujitsu Ltd.
- HP Inc.
- Image Access GmbH
- Microtek International Inc.
- Mustek Systems Inc.
- Panasonic Corp.
- Seiko Epson Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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