DUBLIN, IRELAND / ACCESSWIRE / May 26, 2020 / 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.
The FMI study offers near- and long-term growth outlook of the document imaging market. Gain access to FMI’s exclusive COVID-19 tracker here
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