During the projected period, it is anticipated that the increasing need for document imaging services in the medical sector would propel the market's expansion. Numerous clinics and hospitals are using paperless management systems and medical records due to technological breakthroughs like optical character recognition (OCR). Every business must complete a significant amount of data entry job, which also involves a significant number of paperwork, just like in the medical sector. Hospitals and clinics can also add paper patient records to electronic medical record (EMR) and electronic health record (EHR) systems with the use of medical record scanning services. Medical records scanning services are in higher demand as more healthcare organisations, including VENSO Technologies, deploy EMR and EHR systems. Paper-based records require a high level of administration from medical secretaries, doctors, and medical records employees since moving paper between different locations increases the risk of loss and misplacing. During the projection period, data management and the need to reduce paper use to lower operating expenses and storage difficulties are anticipated to drive market expansion.
Coherent Market Insights projects that between 2021 and 2028, the market for Document Scanning Services is projected to increase at a CAGR of 9.6%, with a market value of US$ 2,852.8 Mn in 2020.
Leading Companies in the Document Scanning Services Industry:
1. Ripcord, Inc.
The company was founded in 2015 and is based in Hayward, California, United States. The company Ripcord Inc. is a robotics digitising business. The business provides a platform that integrates hardware and software robots for processing and digitising paper-based records. Ripcord purchased LearningPal, a Silicon Valley-based company, in April 2022.
2. Chicago Records Management Inc.
The business was founded in 1988 and is located in Franklin Park, Illinois, United States. The business provides answers to customers' needs for offshore data management and record storage. The business provides services such document imaging, online data backup, consultancy, record and media storage, as well as pickup and delivery. State of Illinois clients are served by Chicago Records Management.
3. Smooth Solutions Inc.
The firm was started in 1997 and has its main office in Lodi, New Jersey, United States. A modest company called Smooth Solutions, Inc. is committed to offering high-quality, high-volume document scanning and converting services. The business provides services for paper documents, microfilm, microfiche, book scanning, newspaper, magazines, pictures, and film, as well as technical instructions, aperture cards, and cloud hosting.
4. VENSO Technologies
The company was started in 2017 and is based in Thoraipakkam, Tamil Nadu. Networking solutions for communications are offered by Verso Technologies, Inc. The business creates hardware, software, and softswitch-based converged packet solutions. For small businesses, startups, and major corporations, Venzo provides comprehensive software solutions.
5. Pearl Scan
The business was founded in 2003 and is located in Manchester, United Kingdom. Insurance-related goods and services are offered by Pearl Group PLC. Continuous savings, home, treatment, travel, and business insurance are among the services the company provides. Pearl Scan invested in the most recent microfiche and aperture card scanning and digital conversion equipment in June 2022.
6. Microimage Technologies Limited
The company was started in 1991 and is located in Richmond Hill, Ontario, Canada. Various business services are among the company's core competencies. The business created a device that uses lasers to identify bacteria. The apparatus can recognise shigella, salmonella, listeria, staphylococcus aureus, escherichia coli, and other dangerous bacteria.
7. Iron Mountain Inc.
The company was founded in 1951 and is based in Boston, Massachusetts, United States. Iron Mountain India offers solutions for data centres, document management, safe shredding, and records management. The company acquired Infofort, a Middle East, North Africa, and Turkey (MENAT) region provider of information management systems, in February 2021.
*Definition: The process of converting paper documents into usable, accessible digital files in formats like PDF, TIFF, JPEG, and others is known as document scanning. Ordinary paper documents are transformed into usable, searchable digital files through document scanning.
