The Global Document Scanner Market is expected to register a CAGR of approximately 5.2% over the forecast period (2021 - 2026). The rising adoption of digital technologies across various sectors and increasing demand for portable document scanners are expected to drive the growth of the document scanner market across the globe.
- Document scanners convert converts paper documents or text from its paper form into digital images. More businesses are scanning documents as a way to cut costs, increase productivity and improve access to their information.
- As there are various risks associated with paper documents such as floods, fires, and other natural and manmade hazards, the scanning of documents is a useful way to store and secure them under such circumstances. Furthermore, the scanned documents add to the safety of sensitive information as these documents can be backed up, encrypted, and tracked using various systems.
- Furthermore, the electronic documents enable an organisation to easily access any past documents or file with the click of a button instead of rummaging through massive loads of paperwork to find something particular.
- In 2020, lockdown in response to the COVID-19 pandemic forced many people to working from home, which significantly depressed the demand for office equipments such as document scanner. However, demand is on the recovery course as businesses have started to re-open.
- Moreover, the pandemic has also increased the inclination of consumers towards alternative solutions such as mobile based scanning apps. The ease of use and portability are some of key factors behind the growing popularity of such products which may negatively impact the growth of the market in the longer run.
Key Market Trends
Government sector to hold significant market share
- The majority of government offices still rely heavily on paper documents, but they are increasingly transitioning to paperless filing and archives. Sensitive information and a large customer base often make it hard to process those documents in a timely fashion. However, by utilizing high-quality document scanners, top-end Optical Character Recognition (OCR) systems these electronic files can be indexed and searched, stored easier, and accessed and distributed faster cost-effectively.
- Some of the government agencies also outsource a portion of their document scanning and processing work to third-party service providers. For instance, DATAMARK is one such company that offers high-volume document scanning and imaging services globally. Similarly, Cull Paperless Solutions provides both managed services and in-house solutions related to document management to government agencies.
- Major players operating in the market are offering products specifically designed for government agencies. For instance, HP offers a comprehensive range of Sheet-Feed and Flatbed Scanners which delivers high-quality documents, that are compatible with major e-filing systems, to enable government offices keep up with complicated record-keeping and compliance requirements.
- Furthermore, document security is critical for government agencies to protect the documents from falling into the wrong hands. To help customers meet this Canon U.S.A., offers the imageFORMULA ScanFront 400 Common Access Card/Personal Identity Verification (CAC/PIV) networked document to easily capture, convert and distribute sensitive documents. With the threat of data breaches ever growing the demand for such product is expected to increase during the forecast period.
Asia Pacific to Witness Highest Growth
- On account of a notable increase in the number of SMEs in the Asia-Pacific region, the demand for document scanners is expected to increase. Furthermore, the growth is expected to be driven by the rising adoption of digital technologies in developing countries such as India, Indonesia, Taiwan, Singapore, and the Philippines.
- For instance, the govt of India's "Digital India" initiative was started with a vision to transform India into a digitally empowered society. In 2021, the Union Budget was the first-ever paperless budget which was a successful illustration of the strong implementation of digitalization in the country. Furthermore, the growing inclination towards e-documentation across various industry verticals such as education, government, manufacturing, and healthcare are strengthening the expansion of the document scanner market in this region.
- Furthermore, the demand for portable document scanners is expected to gain traction in the Asia-Pacific region owing to the benefits associated with them such as portability, wireless connection feature, ability to scan various types of documents, etc.
- For instance, HP ScanJet Pro 2500 is a portable scanner that can handle up to 40 images at once and perform two-sided scanning. One of its best features, though, is that it’s only slightly larger than a typical piece of paper and is quick to connect to the nearest WiFi connection.
The Global Document Scanner market is highly competitive with the leading players such as HP, Fujitsu, Canon holding significant market share. The major players are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. These activities pave the way for the expansion of the business and customer base of market players. Some of the recent developments in the market include
- January 2021 - Epson announced three new document scanning solutions – the WorkForce ES-580W, ES-500W II, and ES-400 II duplex desktop document scanners for busy workgroups. Ideal for any business or home office workspace, the wireless WorkForce ES-580W and ES-500W II scanners help maximize productivity and allow users to easily scan to a smartphone, tablet, or cloud storage accounts, including Dropbox, Evernote, Google Drive, and OneDrive, from a desktop or mobile device using the Epson Smart Panel app.
- March 2021 - Canon U.S.A., Inc., introduces a new document scanner bundle to help streamline operations for small businesses. The new imageFORMULA DR-C225 II Small Business Edition Powered by Receipt Bank document scanner utilizes Dext's high-quality software to allow users to simply extract data from documents and scan it into accounting and bookkeeping platforms like QuickBooks, Xero, and Sage.
- The market estimate (ME) sheet in Excel format
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Table of Contents
1.2 Scope of the Study
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of the COVID-19 impact on the market
5.1.1 Increasing use of high-speed document scanners
5.2 Market Restraints
5.2.1 Digital transformation solutions(mobile printing) being integrated into the workplace?
6.1.3 IT & Telecom
6.1.4 Educational Institutions
6.1.5 Other Applications
6.2 By Geography
6.2.1 North America
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle-East and Africa
7.1.1 HP Inc.
7.1.2 Canon Inc.
7.1.3 Seiko Epson Corporation
7.1.4 Brother Industries Ltd
7.1.5 Xerox Corporation
7.1.6 Plustek Corp.
7.1.7 Fujitsu Limited
7.1.8 Mustek Systems Inc.
A selection of companies mentioned in this report includes:
- HP Inc.
- Canon Inc.
- Seiko Epson Corporation
- Brother Industries Ltd
- Xerox Corporation
- Plustek Corp.
- Fujitsu Limited
- Mustek Systems Inc.