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Document Imaging Market: Rising Adoptions of Digitalization in Document Management Infrastructure Drives The Market

According to a report just released by Fact.MR, the market for document imaging processing software is predicted to grow at a CAGR of 12.6% between 2022 and 2032, reaching US$ 336.7 billion after the foreseen forecast period. The main factor driving this market’s growth is improvements in technology infrastructure that aim to improve patient outcomes.

Sales of document imaging software increased by 13.5 percent CAGR from 2016 to 2021, reaching US$ 90 billion. The market is anticipated to reach US$ 103.3 billion by 2022. The first quarter of 2020 saw a reduction in growth forecasts due to the reallocation of all healthcare resources to COVID-19 patients. Eventually, correlations between strokes and the diseases caused by the coronavirus led to a rise in the use of post-processing tools.

Important conclusions from the market study

• Document imaging gear will grow at a 12.2 percent CAGR in value.
• Document imaging solutions for on-premises deployment will grow at a CAGR of 9.8%.
• China is another opportune market, predicted to grow at a 13 percent value CAGR; the U.S. is predicted to be a highly lucrative market, positioned to reach US$ 84 billion by 2032
• Dollar prospects in Japan and India are expected to be worth $12.9 billion and $17.2 billion, respectively.

Competitive Environment

Some of the well-known manufacturers of digital imaging software that Fact.MR profiles include Hewlett-Packard Company, Epson, Canon Inc., Fujitsu Ltd., Toshiba Corporation, Newgen Software Technologies Limited, Adobe Systems Incorporated, Xerox Corporation, IBM Corporation, and Eastman Kodak Company. The players mentioned above are enhancing AI skills to provide extremely accurate imaging systems. Important advancements include the following:

The KODAK SMILE instant digital printer and the KODAK SMILE instant print digital camera went on sale in June 2019, according to Eastman Kodak Company. It aids a company’s improvement of its product pipeline for document imaging. To create an integrated system that facilitates compliance in the lending industry, Compliance Systems, and Newgen Software Technologies Limited formed a strategic alliance in May 2019. Solutions for commercial and consumer loan origination developed on the enterprise content management and business process management platform of Newgen.

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