How big is the Document Scanner Market?

The Document Scanner Market size is expected to reach USD 6.40 billion in 2024 and grow at a CAGR of 5.09% to reach USD 8.20 billion by 2029. Read More

What is the current Document Scanner Market size?

In 2024, the Document Scanner Market size is expected to reach USD 6.40 billion. Read More

Who are the key players in Document Scanner Market?

HP Inc., Canon Inc., Seiko Epson Corporation, Xerox Corporation and Brother Industries Ltd are the major companies operating in the Document Scanner Market. Read More

Which is the fastest growing region in Document Scanner Market?

Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Document Scanner Market?

In 2024, the South America accounts for the largest market share in Document Scanner Market. Read More

What years does this Document Scanner Market cover, and what was the market size in 2023?

In 2023, the Document Scanner Market size was estimated at USD 6.07 billion. The report covers the Document Scanner Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Document Scanner Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Document Scanner Market Trends

Statistics for the 2023 & 2024 Document Scanner market trends, created by Mordor Intelligence™ Industry Reports. Document Scanner trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Document Scanner Industry

BFSI Segment Dominates Application Landscape

Market size and growth projections: The BFSI sector leads the application landscape, accounting for 21.90% of the market in 2021. With revenues reaching USD 1.20 billion in 2021, the sector is forecast to grow at a CAGR of 7.12%, hitting USD 1.74 billion by 2027.
Key drivers: Digital transformation initiatives are a major factor behind the sector’s growth, as financial institutions continue to adopt document scanners to improve operational efficiency and data management.
Automation in accounting: For example, Canon’s scanners integrate with QuickBooks Online, automating receipt processing for over 5 million users globally.
Regulatory compliance and security concerns: The BFSI sector’s strict regulatory environment drives the demand for robust document management systems.
Data protection laws: Document scanners with features like optical character recognition (OCR) and encryption are crucial in ensuring compliance with stringent data protection and audit requirements.
Security-enhancing technology: Manufacturers like HP provide scanners such as the ScanJet Enterprise Flow N9120 FN2, equipped with cloud capabilities and advanced security features.
Technological advancements enhancing functionality: Ongoing innovation is key to meeting the evolving needs of the BFSI sector.
Enhanced features: HP’s enterprise-level scanners offer automatic document enhancement features, improving both accuracy and workflow efficiency for financial institutions managing sensitive data.
System integration: Document scanners that integrate with enterprise resource planning (ERP) systems and popular financial software streamline document processing, gaining adoption in financial institutions.

Document Scanner Market :Scan Speed (pages/minute or ppm) of HP Flatbed Scanners, 2023

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Latin America: Fastest-Growing Regional Segment

Latin America is set to become the fastest-growing regional segment in the document scanner market, with a projected CAGR of 7.85% from 2021 to 2027.

Infrastructure investments: The region’s growth is driven by significant investments in digital infrastructure, both from governments and the private sector, aimed at advancing digitalization.
SME sector demand: A rising number of small and medium-sized enterprises (SMEs) in Latin America are adopting document scanners to boost operational efficiency.
Technological advancements and product innovations: Document scanner manufacturers are launching region-specific innovations in Latin America to address the growing demand for digital tools.
Kodak Alaris innovation: In July 2022, Kodak Alaris introduced an enhanced version of its Capture Pro software, offering improved security and third-party application integration to cater to Latin American markets.
Sector-specific solutions: Healthcare institutions in the region are adopting specialized scanners capable of managing various document types, from insurance cards to medical records.