Meticulous Research® – leading global market research company published a research report titled “Document Analytics Market by Product Type (Solution & Services), Deployment Type, Industry Vertical (BFSI, Government, Healthcare, Retail & eCommerce, Manufacturing, Transportation), Organization Size, and Region – Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the document analytics market is expected to grow at a CAGR of 48.1% from 2020 to 2027 to reach $12.45 billion by 2027. The growth of this market is attributed to the growing initiatives to digitize content across enterprises coupled with the increasing adoption of cloud-based document analysis solutions. In addition, the integration of advanced technologies, such as AI and ML with document analysis solutions and the increasing need to improve customer experience, offers significant growth opportunities for the document analytics market. However, addressing stringent governance and compliance requirements might obstruct the growth of this market up to some extent.
The document analytics market study presents historical market data in terms of value (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on product type, deployment type, industry vertical, and organization size. The study also evaluates industry competitors and analyses the market at a country level.
Based on product type, the solutions segment is expected to command the largest share of the overall document analytics market in 2020. Rising initiatives to digitize content across enterprises to manage large and unstructured data to improve the quality of analysis is one of the key factors fueling investments in the document analysis solutions market. However, the services segment is expected to grow at the fastest CAGR during the forecast period. The growth of this segment can be attributed to the increasing deployment of analytics solutions, which leads to the growing demand for pre and post-deployment services.
Based on industry vertical, the BFSI segment is projected to command the largest share of the overall document analytics market in 2020. The companies in this vertical deal with complex documents, such as invoices, receipts, legal contracts, emails, and financial statements. The extraction of data in different formats PDFs, images, and excels sheets is very difficult to do manually. As a result, the BFSI vertical is anticipated to hold the largest share in the document analytics market. However, the manufacturing vertical is expected to grow at the fastest CAGR during the forecast period. Manufacturing industries handle the critical and private data of individuals, departments, processes, and supply chains. The volume of data generated in manufacturing is enormous and in an unstructured format that accurately captures, classifies, and extracts to streamline the production process.
Based on organization size, the large-size enterprises segment is expected to command the largest share of the overall document analytics market in 2020. The traction of document analysis in large enterprises is higher than SMEs due to the affordability and top economies of scale that enables the organizations to leverage document analysis. Large organizations leave no stone unturned to compete in the cut-throat competitive world; hence, they significantly adopt intelligent tactical techniques.
However, the SMEs segment is expected to grow at the fastest CAGR during the forecast period. The need for document analysis is equally required in all organizations, irrespective of the size, to compete in the market. Cost-effectiveness is an essential need of the SMEs, as they are always constrained by limited budgets, which leaves them with limited ways to market them and gain visibility. SMEs usually opt for Software as a Service (SaaS)-based document analysis solution due to cost constraints; additionally, the SaaS model minimizes the IT requirement.
Geographically, the North American region is poised to command the largest share of the document analytics market in 2020. In North America's developed economies, such as the U.S. and Canada, there is a high focus on innovations obtained from R&D and technology. The indispensable requirement of companies to transform their traditional business operations into digital, coupled with the rapid adoption of mobile devices, IoT solutions, and cloud technology, has led to the increased adoption of document analysis solutions in this region. The APAC region is expected to be the fastest-growing region globally due to the growing need for advanced intelligent solutions.
Check complete table of contents with a list of table and figures: https://www.meticulousresearch.com/product/document-analytics-market-5140
The key players operating in the document analytics market are ABBYY (U.S.), Kofax Inc. (U.S.), WorkFusion (U.S.), Automation Anywhere (U.S.), AntWorks PTE. LTD. (Singapore), Hyland Software, Inc. (U.S.), Celaton (U.K.), Extract Systems (U.S.), HyperScience (U.S.), Parascript, LLC (U.S.), Infrrd (U.S.), IBM Corporation (U.S.), Datamatics Global Services Ltd (India), OpenText Corporation (Canada), and HCL Technologies (India), among others.
Key questions answered in the report-
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