Intensifying Trend of Paperless Offices Propels Document Imaging Market, Says FMI

VALLEY COTTAGE, N.Y. – The need for enhanced security of documents has been head of the line for almost four decades. With implementation of HIPAA (Health Insurance Portability and Accountability Act of 1996) for data privacy and security facility to shield medical insights, the document imaging market has been growing significantly since 1995. As the world is inching towards paperless offices, document imaging constitute a major portion of the transformation. Although electronic documents are commonplace in workplaces, some are yet to embrace the paperless revolution.

The market of document imaging is observing robust growth on grounds of rising adoption of automated workflow, distributed capture and cost reductions by investing in advanced document processing. Stakeholders are eyeing North America and Western Europe for lucrative opportunities on grounds of amplifying shift towards paperless documents. In its new market intelligence report, FMI finds that the global document imaging market reached ~US$ 70 Bn in 2018, and is anticipated to grow robustly at a CAGR of ~13% over forecast period (2019-2029).

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Surging Adoption in Government Organizations and Law Firms

FMI reveals that adoption rate of document imaging in government organizations is burgeoning at ~13%. Running government organizations is a herculean task as the field of work influences their components. Government organizations land first among the leading consumer of paper globally. To enhance their workflow in tandem with delivering better facilities for masses, government organizations are migrating into paperless environment with document imaging.

Despite surging adoption of document imaging in government organizations, law firms are exhibiting fastest growth in employing document imaging solutions, finds FMI. Efficiency of law firms linearly depends on how well their documents are organized. A majority of law firms complain of data surplus, with average file cabinet burdened with greater than 10,000 high-priority documents.      

Preview Analysis of  2019 Analysis and Review of Document Imaging Market by Component – Software and Hardware for 2019 – 2029 :

On-Premise Prevails Throughout, Cloud Accelerates

Developed and developing regions across the globe prefer on-premise document imaging, which generates revenue almost twice that of cloud document imaging, at present. On-premise document imaging offers customization features according to enterprises’ requisites, particular niche businesses. In addition, on-premise document imaging are suitable for large-scale industries owing to high initial investments.

On the other hand, small and midsize enterprises (SME) prefer cloud document imaging in light of low initial investments. FMI finds that majority of businesses leverage cloud-sourced solutions or system framework. Furthermore, with cloud document imaging, users can access data easily irrespective of their location, which is paramount for flexible working surroundings.  

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Analysts at FMI opine that “To tackle the issue of handling chunks of papers, various official settings are turning to document imaging solutions. As data breach remains center of gravity, document imaging ensures increased confidentiality of information within specified boundaries.”

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