Maturing and Emerging Document Imaging Markets
The emergence and growth of developing economies across all regions of the global market comes at a critical time for the document imaging industry. Growth rates for traditional office copiers, printers, and MFPs—once a staple of this market—continue to be flat in terms of unit placements. We are also seeing an increased erosion of profit margins in developed markets. As a result, vendors are being forced to find new sources of document imaging revenues and profits in an increasingly competitive market.
The scanning market has matured within the U.S. and Western Europe, and the competition for new business has intensified. Vendors are looking to diversify their product reach into alternative and lucrative global markets. Focusing on emerging markets is a smart strategy for vendors since these markets remain big targets for profitable business growth over the next 20 years. Latin America represents one of the largest growth opportunities for scanning and imaging vendors.
Latin America: A Promising Prospect
InfoTrends’ research bodes well for the Latin American image capture market, with over 40% of companies surveyed indicating that making the shift to digital was one of their business priorities. Even more impressive is the fact that every country surveyed is expected to attain substantial growth in unit placements of capture devices through 2014, with Brazil leading the pack.
As is the case with all markets, Latin America has its own unique idiosyncrasies. Processes, programs, and pricing are often very different in emerging markets than they are in the U.S. or Europe, so different regions cannot be treated equally. In addition, there are country-specific variations within Latin America. These include a variety of diverse cultural, social, economic, and geo-political climates that pose unique challenges and present country-specific opportunities. InfoTrends’ study, which covered Brazil, Mexico, Colombia, Argentina, Peru, and Rest of Latin America, found variations in these countries that greatly impact the strategy required to access each market. The overall message is that a level of immersion on a region and country level is tantamount to success.
The preceding information was taken from InfoTrends’ study, The Opportunity for Capture in Latin America. This study is available for purchase. For more information, contact Alison Hipp at +1 ext. 126 or e-mail .