COVID-19 IMPACT ANALYSIS ON GLOBAL DOCUMENT SCANNERS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Document Scanners market. In addition, complete analysis of changes on the global Document Scanners market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak has varied. While some industries will experience a decline in demand, many others will remain unaffected and present promising growth opportunities.
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MARKET OVERVIEW- GLOBAL DOCUMENT SCANNERS MARKET
MARKET DRIVERS
The global document scanners market is driven by an increase in demand for innovative and effective office solutions which has accelerated the growth of market globally. High speed, high image quality and efficient paper handling are the features of document scanners driving the growth of the global market. Easy integration and broad compatibility with document imaging applications increases the need for advanced document scanners. Additionally, cloud computing is becoming an essential extension for businesses to store data and boost workflows, which increases employee productivity. The digitized documents would be easily used to store and distribute critical business documents. These factors have positively propelled the growth of the global document scanner market.
MARKET OPPORTUNITY
The market is expected to have growing new growth opportunities with the rise in economic development, increase in per-capita income in the developing nations particularly in the Asia-Pacific region. This has led to a rapid industrial development and overall development of the manufacturing sector. Also, due to a rise in investment in technological and R&D activities by the manufacturers to develop innovative and efficient technical devices, it is expected to create new market opportunities for growth during the projection period.
MARKET RESTRAINTS
The global document scanners market is expected to have market restraints like higher cost of production, growing the inclination of consumers towards mobile-based scanning apps. The increased use of multifunction printers is affecting the growth of the document scanner market. This factor is expected to create hurdles for the market growth during the forecast period.
MARKET GROWTH CHALLENGES
The major growth challenge for the market is initial high cost of Document Scanners. Thus, this factor of providing cost-effective scanners is expected to be a major growth challenge for the market.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global document scanners market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various document scanners in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
MARKET SEGMENTAL OVERVIEW
The global document scanners market comprises of different market segment like type, application and geography.
DOCUMENT SCANNERS MARKET BY TYPE
By type, the document scanners includes key segment of high-speed type, flatbed type and portable type. The high-speed document scanner segment is expected to have the largest market share during the forecast period. Factors attributable to factors such as high speed, high image quality and effective paper handling are driving demand for this segment. High-speed scanners deliver data quickly and accurately to downstream systems, optimize electrochemical processes, and keep operations running as efficiently as possible
DOCUMENT SCANNERS MARKET BY APPLICATION
The document scanners market finds its major applications in government, business, information technology, financial, education, transportation, household, and others. The government application has registered major market and is expected to maintain its dominance over the estimated time period. The government sector has the largest volume of paper documents and it is a challenge to sort, manage and organize documents that are particularly expensive to archive. It is also important to ensure that these government documents cannot be destroyed and kept safe in the event of natural or man-made events, such as fires or floods.
DOCUMENT SCANNERS MARKET BY GEOGRAPHY
The global Document Scanners market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is anticipated to lead in the document scanners market during the forecast period (2022-2028). The region is likely to have growth in technology and manufacturing along with an overall increase in per-capita income which has fuelled the market demand for various technological devices. The massive adoption of document scanners in the banking, education and public sectors and the widespread adoption of document scanners in business, banking, education and government will stimulate the market growth in the APAC region.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of document scanners market is majorly focused on expanding the global growth of document scanners with new product launches, partnership/ agreement and merger & acquisitions which has boosted the market growth at highest pace. Besides, presence of wide range of manufacturers operating in the market offers range of products in different application to fulfill the required demand has further contributed healthy growth in the market.
The key players studied in market are IBM Corporation, Fujitsu Ltd., HP Development Company, L.P., Nikon, Inc, Canon, Inc., Brother Industries Ltd., Panasonic Corporation, Eastman Kodak Company, Image Access GmbH Microtek International Inc., Mustek Systems Inc., Image Access GmbH, NCR Corporation, BenQ Corporation, Seiko Epson Corp., Agfa-Gevaert NV, among others.
RECENT DEVELOPMENT:
March 2021: Canon USA, had introduced the document scanner bundle “Image FORMULA DR-C2225 which was designed for users in order to convert paper documents into digital files. The device is able to scan 25 pages (colour as well as black and white) per minute and has advantages of high-quality images with flexible feeding.
January 2021: Epson had 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.
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