Technavio, a tech-focused market research firm, has published a new report on the global document scanner market, which is expected to experience substantial growth with a CAGR of close to 14% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global document scanner market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global document scanner market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global document scanner market for 2015 (market share %)
|
Americas |
40.60% |
|
APAC |
38.40% |
|
EMEA |
21.00% |
Source: Technavio
The Americas: largest revenue generating region for document scanners
The Americas was the largest revenue generating geographical segment of the global document scanner market during 2015. The sale of document scanners in the Americas accounted for almost 41% of the overall market share. The growth of the market is driven primarily by the increased demand for document scanners from the Latin American market, where growing economies are simplifying their labor-intensive and costly paper processes and operations. Other key revenue generating regions in the document scanner market in the Americas include the US and Canada. The increase in the number of service providers that offer maintenance and wholly owned services from scanners to after-sales services in these countries creates immense scope for growth.
According to Sunil Kumar Singh, a lead analyst at Technavio for computing devices, “The global market for document scanners is likely to witness increased demand from cost-effective customers. The customers are likely to make their purchase decisions based on the cost and price of end-products and the available alternatives. This is expected to emerge as a major trend in the market as low-cost products with features similar to their existing counterparts are being developed in emerging markets such as China. This is expected to enable vendors to develop products relevant to their respective target segments and multiple usage limits.”
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Document scanner market in APAC
The document scanner market in APAC accounted for almost 39% of the overall market share during 2015 and is expected to experience significant growth over the next four years. The market’s growth is likely to be fueled by factors such as low penetration rate for single-function scanners in houses and businesses. Growing economies such as India and China, with their high-growth sectors like real estate, banking, and IT, will create enormous scope for new players to venture into this market space. Countries such as Japan are driving the market with consumers in the region purchasing small and low-end units for homes and small offices. The growing service sector in APAC and rising popularity of BYOD policies in the region are propelling the demand for document scanners during the forecast period, resulting in the growth of the document scanner market in APAC.
Document scanner market in EMEA
EMEA registered the slowest growth out of all the geographical segment of the global document scanner market in 2015. The market in this region accounted for around 21% of the overall market share of the global market. Sluggish economic growth in EMEA coupled with factors such as uncertain demand and usage for scanners are leading to the decline of the market in the region. Sectors in the EMEA, such as IT, wherein the demand for document scanners are higher, are stagnant in terms of growth and hence, are slowing the market’s growth. The usage of scanners and increasing digitization in sectors such as enterprise, advertising, and government, however, is expected to continue to fuel the demand for document scanners in EMEA over the forecast period.
The top leading vendors operating in the global document scanner market are:
- Canon
- Epson
- Fujitsu
- HP
Other prominent vendors in the market include BancTec, i2S DigiBook, Kodak, Mustek Systems, Plustek, Panasonic, Protronics Digital, Scan-Optics, Scantron, Specktron, UMAX, Image Access, Visioneer, and Xerox.
A more detailed analysis is available in the Technavio report titled, ‘Global Document Scanner Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Flexible Display Market 2015-2019
- Global Large-Area LCD Display Market 2015-2019
- Global OLED Display Market 2015-2019
- Global 3D Display Market 2015-2019
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