Global Document Scanner Market Size Valued US$ 1298 million in 2021 is reach US$ 1627 million by 2026 and is expected to grow 5.8% CAGR in terms of revenue during the Forecast period 2021-2026.
Document scanners are unified with advance image augmentation software that assists in adjusting automatic contrast and image for original papers that are faded or worn out. As far as image processing is concerned Kofax’s virtual rescan (VRS) is widely used and popular document scanner software. It can be installed in computer and connected with the scanner which helps in reducing improving the document’s image quality. There is an increasing demand for handheld documents which is anticipated to help the expansion of document scanner market worldwide. Some of the widely accepted handheld scanners are the Wolverine, C-pen, VuPoint, Ectaco and Taotronics. Document Scanner is a device that converts a document or text from its paper form into digital data. It usually consists of hardware, software and signal lines or power lines.
The document scanner industry concentration is relatively high. The four leader brands, i.e. Fujitsu, Canon, HP, Epson take above 60% of global production.
Global giant manufactures mainly distributed in U.S. and Japan. The manufacturers in U.S. have a long history and unshakable status in this field. Manufacturers such as HP and Kodak have relative higher level of product's quality. As to Japan, Fujitsu has become as a global leader. Most of Chinese manufactures locate in Beijing and Shanghai cities.
The key consumption markets locate at developed countries. The United States takes the market share of 29%, followed by EU with 23%. China's consumption market has a quicker growing speed of CAGR 9.21%.
Top Key players in the Document Scanner Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Document Scanner Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes Fujitsu, Canon, HP, Epson, Brother, Plustek, Kodak, Panasonic, Uniscan, MICROTEK, Founder Technology, Hanvon, Avision, Visioneer (Xerox) and others.
High speed, high image quality and effective paper handling are features of document scanner which is driving the growth of market globally. Ease of integration and high compatibility with document imaging applications are fuelling the need for advance document scanners. Moreover, cloud computing is becoming an important extension to enterprises for data storage and accelerates workflows which increases productivity of employees. Scanned documents would preferably be used for storage as well as distribution of critical-business documents.
However, multifunction printers are negatively impacting the growth of document scanner market. Many companies or office already own multifunction printers and are comfortable in using them. This may hinder the adoption rate of document scanner over multifunction printers.
Document Scanner Market is segmented based on the type, applications, companies and regions.
Representing the developed world, the United States will maintain a 12.3% growth momentum. Within Europe, which continues to remain an important element in the world economy, Germany will add over US$177.1 Million to the region’s size and clout in the next 5 to 6 years. Over US$145.9 Million worth of projected demand in the region will come from Rest of European markets. In Japan, Flatbed Scanners will reach a market size of US$225 Million by the close of the analysis period. As the world’s second largest economy and the new game changer in global markets, China exhibits the potential to grow at 17.9% over the next couple of years and add approximately US$1.1 Billion in terms of addressable opportunity for the picking by aspiring businesses and their astute leaders. Presented in visually rich graphics are these and many more need-to-know quantitative data important in ensuring quality of strategy decisions, be it entry into new markets or allocation of resources within a portfolio. Several macroeconomic factors and internal market forces will shape growth and development of demand patterns in emerging countries in Asia-Pacific, Latin America and the Middle East. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
The report offers in-depth assessment of the growth and other aspects of the Document Scanner Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2021-2026. The report presents the analysis of Document Scanner Market for the historical period of 2017-2021 and the forecast period of 2021-2026.
The key insights of the report have been presented through the frameworks of Major Mergers & Acquisitions, Technological Innovations, and Role of Manufacturers during COVID19 Pandemic. Additionally, the major opportunities, trends, drivers and challenges of the industry has been analyzed in the report.
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Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.