Scanner Market Research, 2032
The global scanner market was valued at $5.2 billion in 2022, and is projected to reach $8.7 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.
Scanners are used to digitize documents, receipts, photos, and other materials, making it easier to store, share, and access them electronically. Modern scanners are available in a variety of sizes and types, from handheld and portable models to large-format scanners used for scanning architectural and engineering drawings.
The growing demand for faster document processing and high-speed scanning has become a top priority. Manufacturers are introducing scanners with faster scanning speeds to meet this demand, and some models can scan up to 100 pages per minute. With the rise of mobile devices and remote working, wireless connectivity has become an essential feature. Many modern scanners come with Wi-Fi and Bluetooth connectivity, allowing users to scan documents and images from their smartphones, tablets, or laptops.
The surge in preference for new technology necessitates the development of an innovative solution that integrates the entire process of transitioning to a digitized society. This, in turn, is expected to drive the scanner market growth. Furthermore, the rising preference of consumers, particularly companies, for becoming paperless and digitizing paper documents is expected to fuel the growth of the market. Another significant factor driving the market is the increasing number of international logistics service providers.
Furthermore, the efficiency and effectiveness of logistics operations given by scanners, resulting in practically error-free inventory tracking, is propelling the scanner market. Another important element driving the market demand is the reduction of critical time spent tracking inventory in logistical operations. The scanner market outlook is segmented into End-User and Type.
On the basis of type, market is categorized into flatbed scanner, sheetfed scanner, handheld scanner, and drum scanner. In 2022, the flatbed scanner segment dominated the scanner market share, in terms of revenue.
As per end-user, market is fragmented into individual and commercial. The commercial segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032.
Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific accounted for the highest market share in 2022, owing to expansion of the e-commerce and logistics industries. North America was the second largest contributor in 2022, in terms of revenue and is expected to witness significant growth during the forecast period owing to a rise in demand for flatbed scanners.
Country-wise, the U.S. acquired a prime share in the scanner industry in the North American region and is expected to grow at a significant CAGR during the forecast period of 2023-2032.
In Europe, Germany, dominated the scanner industry, in terms of revenue, in 2022 and is expected to follow the same trend during the forecast period. However, the UK and the rest of Europe are expected to emerge as the fastest-growing country in Europe's scanner with a CAGR of 4.85% and 5.54%, respectively.
In Asia-Pacific, India is expected to emerge as a significant market for the scanner industry, owing to a significant rise in investment by prime players in the region.
By the LAMEA region, the Latin America garner a significant market share in 2022. The LAMEA market has been witnessing improvement, owing to the growing inclination of companies towards research and development and expanding manufacturing units across this region. Moreover, the Africa region is expected to grow at a high CAGR of 5.33% from 2023 to 2032.
Competitive Analysis
Competitive analysis and profiles of the major global market players that have been provided in the report include Seiko Epson Corporation, Zebra Technologies, Hewlett-Packard Company, Fujitsu, Canon Inc., Honeywell International Inc., Brother Corporation, Colortrac, Xerox Corporation, and DYMO, Inc. These key players have adopted several strategies such as new product launch & development, acquisition, partnership, collaboration, and business expansion to increase the scanner market share during the forecast period.
TOP IMPACTING FACTORS
The market is anticipated to expand significantly during the forecast period, including a surge in penetration of document management needs and the growing need for handheld scanners. However, the increasing shift toward paperless workflows may hamper market growth. On the contrary, the increase in technological advancements provides lucrative scanner market opportunity.
HISTORICAL DATA & INFORMATION
The global market is highly competitive, owing to the strong presence of existing vendors. Vendors of the scanner market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.
Key Developments/ Strategies
Seiko Epson Corporation, Honeywell International Inc., Canon Inc, HP Development Company, LP., and Zebra Technologies are the top companies holding a prime share in the market. Top market players have adopted various strategies, such as product launch, acquisition, expansion, and others to expand their foothold in the market.
- In April 2023, PFU America, Inc., announced the rebranding of its scanners from Fujitsu to Ricoh. Changes appear on packaging, documentation, and printed on the devices; beyond that, it is business as usual for PFU.
- In March 2023, Canon launched 16 advanced printers, providing users with enhanced print quality, exceptional work efficiency and top-notch creativity platform.
- In April 2023, Canon announced the launch of image PROGRAF TC-20M, a compact 4-colour pigment ink all-in-one large format printer. Fitted with an A4 flatbed scanner, the best-in-class printer allows users to seamlessly make copies from cut sheets and roll paper. Designed to provide optimal productivity, the versatile printer is ideal for remote worksites, small offices, and retail outlets.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the scanner market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall scanner market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current scanner market forecast is quantitatively analyzed from 2022 to 2032 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the scanner system.
- The report includes the market share of key vendors and scanner market trends.
Scanner Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 8.7 billion |
 Growth Rate | CAGR of 5.7% |
 Forecast period | 2022 - 2032 |
 Report Pages | 215 |
 By End-User |
|
 By Type |
|
 By Region |
|
 Key Market Players | Brother Corporation, SEIKO EPSON CORP, DYMO, Inc., Zebra Technologies, Honeywell International Inc., HP Development Company, L.P., Fujitsu, Colortrac, Xerox Corporation, Canon Inc. |
Analyst Review
The scanner market holds a substantial scope for growth globally. Currently, it is a continuous growth stage. There is an increase in demand for flatbed scanners due to their wide usage in commercial sectors. Surge in trends toward the internet-of-things and industry 4.0, high growth in industrial automation, and promising government regulations toward the usage of sheetfed drive the scanner market growth.
The scanners market is an important area to focus on as it plays a crucial role in digital transformation initiatives. Also, various factors need to be evaluated when selecting scanners for organizations, such as the type of documents that need to be scanned, the required speed and accuracy of scanning, connectivity options, and the overall cost of ownership. The scanners should have features such as password protection, encryption, and secure network connectivity to ensure that sensitive information remains protected.
The key players of the scanner market include Seiko Epson Corporation, Zebra Technologies, Hewlett-Packard Company, Fujitsu, Canon Inc., Honeywell International Inc., Brother Corporation, Colortrac, Xerox Corporation, and DYMO, Inc.
The key trends of scanner market include surge in penetration of document management needs and the growing need for handheld scanners..
Asia-Pacific is the largest regional market for scanner..
Commercial is the leading application of scanner market.
The scanner market is valued at $5,200.30 million in 2022.
Seiko Epson Corporation, Honeywell International Inc., Canon Inc, HP Development Company, LP., and Zebra Technologies are the top companies holding a prime share in the scanner market.
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