Thursday, November 19th, 2020 - Future Market Insights

Data management equipment is experiencing a sudden slump since the beginning of Q1 2020, as businesses and research organizations are compelled to alter operations or shut down in response to lockdowns and stay-at-home orders. The rapid spread of the COVID-19 outbreak is projected to increase the importance of centralized, online data bases, which will drive the demand for document imaging systems towards the latter half of 2020.

According to a recent report by Future Market Insights (FMI), the global document imaging market is forecast to progress at a stupendous CAGR of 13% between 2019 and 2029. The market is expected to expand exponentially through 2029 as a growing number of enterprises go paperless. However, manufacturers and service providers will face a number of obstacles during 2020 in terms of lack of access to new equipment, and maintenance infrastructure. The lockdown and supply chain issues will adversely impact document imaging operations for the short term.

On-premise Deployment to Remain Highly Sought-after; Cloud Gathers Pace

Despite the pandemic, on-premise document imaging deployment is a primary source of revenue for the market. However, cloud deployment has been projected to gain notable traction in the near future. As work from home culture is mainstreaming, the viability of using cloud-based document imaging services is more likely to become popular among end-use organizations. In addition, the lower costs associated with cloud will make document imaging more accessible to small and medium enterprises, which will be leveraged by market players in the long term.

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"In a bid for higher levels of information security, governance, and collaboration, businesses are adopting a paperless approach to operations. Document imaging is being viewed as a reliable means to enable this transition. Government entities, law firms, educational institutions, and other industries remain primary end users of this technology. However, the sudden and rapid spread of the pandemic has resulted in major disruptions for document imaging as a non-essential service, remaining a deterrent to market growth," says the FMI analyst.

North America and Europe Hold Lead, to be Upstaged by APEJ in Near Future

North America, closely followed by Europe account for majority revenue share in sales, which will remain a major influencer for service providers. Prior to the pandemic, the demand for effective solutions to paper disposal by major organizations in the United States had been a major contributor. Also, the adoption of electronic data interchange for paperless trade in Europe has also influenced the market. The trade will continue even after the outbreak subsides.

On the other hand, Asia Pacific excluding Japan region has been projected to surpass the North American and European markets by the end of 2023. Annual exports of the region could widen by US$ 250 Bn in the coming years. However, the growth is likely to be interrupted during the COVID-19 pandemic, followed by a steady period of recovery in a couple of years.

For Information On The Research Approach Used In The Report, Request [email protected] https://www.futuremarketinsights.com/askus/rep-gb-10675

Table Of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Product Roadmap

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. Key Success Factors

    4.1. Product Adoption / Usage Analysis

    4.2. Product USPs / Features

    4.3. Strategic Promotional Strategies

5. Global Document Imaging Market Demand Analysis 2014-2018 and Forecast, 2019-2029

Download Complete TOC Of this Report @ https://www.futuremarketinsights.com/toc/rep-gb-10675

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Keywords

2019 Analysis and Review of Document Imaging Market by Component - Software and Hardware for 2019 - 2029

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