Rapid adoptions of advanced technology will create a huge opportunity for the document reader market globally
The global Document Reader market size is projected to reach approximately USD 40.52 Billion by 2030, at a CAGR of 7.29% from 2021 to 2033. The Document Reader market refers to the industry that provides technologies and solutions for the automated recognition, processing, and analysis of printed or handwritten documents. These technologies include optical character recognition (OCR), intelligent character recognition (ICR), barcode recognition, and other advanced algorithms that enable computers to interpret and extract information from various types of documents, including invoices, passports, driver’s licenses, identity cards, and other official documents. The Document Reader market serves a wide range of industries, including government, finance, healthcare, retail, transportation, and more, where document processing is a critical component of their business processes. The market includes a variety of vendors, ranging from large multinational corporations to small and medium-sized enterprises that specialize in document processing solutions.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the Document Reader market, with many businesses and organizations shifting towards digitalization and remote work to adapt to the new normal. As a result, there has been an increased demand for document processing solutions that can enable businesses to continue operating while complying with social distancing and remote work requirements. Moreover, the pandemic has also led to an increased focus on contactless document processing solutions. With the need for social distancing and the risk of infection transmission, many businesses have turned to contactless document processing technologies that enable them to scan and process documents without physical contact. Document readers with advanced OCR and ICR technologies have been used to scan and process documents such as passports, driver’s licenses, and identity cards without the need for human intervention.
The Document Reader market is driven by the increasing adoption of renewable resources, technological advancements such as 3D printing technology and laser processing, and also emerging new application areas for metal-air batteries will create opportunities for market growth.
Ø Increasing use of document readers in banks, airports, and retail stores
The major driver for the Document Readers Market is the growth in several end-use applications such as Banks and Airports. The document readers are used in retail points of sales, airports, banks, health care, education, security and government, and transportation. It is used to display data to customers in the retail industry. In retail point of sales, for instance, customers have to wait in long queues during rush hours, and the document reader displays the customer information, helps the customer to enter the bill amount, add, delete, or change the item, and prints the bill, thus, reducing the customer wait time. Document readers are extensively utilized in the banking sector. Several types of documents are read, including cheques, bank statements, W-9 forms, and other personal identification documents. Across the globe, the number of bank branches is increasing rapidly as depicted in the chart above, this brings in more demand for document readers. Similarly, these readers are abundantly used in airport security. Airport security staff are required to scan and read several documents and authenticate before allowing travelers to enter the secured area. This increases the need for electronic solutions that can help them scan, read and analyze documents. Moreover, the popularity of Online retail has increased the demand for document readers. E-commerce companies are using document readers to scan all types of documents including insurance policies, bank statements, credit cards, and invoices.
- High initial costs
The most significant obstacle challenging the document readers’ market growth is the device cost. The price can be prohibitive for buyers and prevent them from investing in such a device in sufficient quantity to drive growth in this market. In addition, consumers value portability and durability as well as reading capabilities when making their purchase decisions and often seek lower prices if a given product meets all of their other requirements. Furthermore, users require a relatively reliable firewall when storing documents digitally. There is always the potential security risk of all sensitive information being stolen, which poses a problem for end-users. The obtaining of these networks adds to the overall cost of the project and thus makes document readers unattractive for most businesses in the long run.
- Rapid adoptions of advanced technology
As advancements in technology continue to make document readers smaller and more compact, these devices are becoming more accessible than ever before. One of the best things about this trend is that the increased portability helps people remain connected on the go without having to crack open their laptops. The need for handheld devices and lightweight devices is helping the market to create new technological features in document readers. The latest technological advancements for document readers such as no application installation, high performance, compact designs, easy to use, and multifunction are helping the market to grow. Furthermore, numerous more features have been added to these readers, making them more appealing for the users, for instance, the ability to directly scan and save as .pdf balances the image quality with data file size. It also makes the text in the document searchable and read-only. This helps in keeping the record locatable and secure. Another important addition is the contactless scanning attribute of these readers, this has become very useful amidst the pandemic. Interpreting handwritten documents is also another vital advancement that will bring more growth to the market.
Based on the Type, the global Document Reader market has been segmented based on Desktop Document Readers and Mobile Document readers. The Desktop Document Readers segment is expected to be the largest in the global Document Reader market.
Based on the Application, the global Document Reader market has been segmented based on Airlines and Airports, Security and Government, Hotels and Travel Agencies, Banks, Train and Bus Terminals, and Others. The Security and Government segment is expected to be the largest in the global Document Reader market.
Global Document Reader Market Share, by Segmentation
By region, the global Document Reader market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. The North American region holds the largest market for the Document Reader business.
The Asia Pacific region is projected to grow with a high CAGR in the Document Reader market. The growth in the Asia Pacific region can be attributed to several factors, such as the increasing adoption of digitalization, the growing need for efficient and secure document processing solutions, and the increasing government initiatives towards e-governance.
North America Market
North America is the largest region in the Document Reader market. The North American market for document readers is driven by several factors, including the increasing adoption of digitalization across various industries, the growing need for secure and efficient document processing solutions, and the presence of a large number of government agencies and private organizations that require document processing services. The government sector in North America is a significant contributor to the Document Reader market. Various government agencies, such as the Department of Homeland Security (DHS) in the U.S. and the Canada Border Services Agency (CBSA) in Canada, require advanced document processing solutions for border control and immigration purposes. In addition, the private sector in North America, including industries such as healthcare, finance, and retail, also requires document processing solutions for various applications such as identity verification, KYC (Know Your Customer), and invoice processing.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as Thales Group (Gemalto), Desko, Adaptive Recognition, Access IS, and Regula, lead the global Document Reader business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- Thales Group (Gemalto)
- Adaptive Recognition
- Access IS
- BioID Technologies
- November 2021: Thales Group (Gemalto) announced the offering of highly accurate biometric authentication and identification methods.
- May 2021: Desko announced the expansion of its software portfolio ID Collect. These will help to capture the most difficult data group on ID cards and passports.
Scope of the Report
Global Document Reader Market, by Type
- Desktop Document Reader
- Mobile Document Reader
Global Document Reader Market, by Application
- Airlines and Airports
- Security and Government
- Hotels and Travel Agencies
- Train and Bus Terminals
Global Document Reader Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2032: $ 40.52 Billion|
|CAGR||7.29% CAGR (2021-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Thales Group (Gemalto), Desko, Adaptive Recognition, Access IS, Regula, IDEMIA, Veridos, Prehkeytec, Grabba, BioID Technologies, Winstone|
|Key Market Opportunities||Rapid adoptions of advanced technology|
|Key Market Drivers||Increasing use of document readers in Banks, Airports, and Retail Stores
Soaring need for Data Digitization
The growing trend of the mobile workforce
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Document Reader market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Document Reader market historical market size for the year 2021, and forecast from 2021 to 2033
- Document Reader market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Document Reader market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Frequently Asked Questions (FAQ)
- What is the study period of this market?
- The study period of the global Document Reader market is 2021 – 2033
- What is the growth rate of the global Document Reader market?
- The global Document Reader market is growing at a CAGR of ~ 29% over the next 7 years
- Which region has the highest growth rate in the global Document Reader market?
- Asia Pacific is expected to register the highest CAGR during 2021-2033
- Which region has the largest share of the global Document Reader market?
- North America holds the largest share in 2021
- Who are the key players in the global Document Reader market?
- Thales Group (Gemalto), Desko, Adaptive Recognition, Access IS, Regula, IDEMIA, Veridos, Prehkeytec, Grabba, BioID Technologies, and Winstone are the major companies operating in the global Document Reader
- Do you offer Post Sale Support?
- Yes, we offer 16 hours of analyst support to solve the queries
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- Yes, we provide regional as well as country-level reports. Other than this we also provide a sectional report. Please get in contact with our sales representatives.