Document Analytics Market by Product Type (Solution and Services), Deployment Type, Industry Vertical (BFSI, Government, Healthcare, Retail and ecommerce, Manufacturing, Transportation), Organization Size, and Region - Global Forecast to 2027

The Document Analytics Market is expected to reach $12.45 billion by 2027, at a CAGR of 48.1% during the forecast period of 2020 to 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 governance and compliance requirements obstructs the growth of this market up to some extent.

Impact of COVID-19 on Document Analytics Market

In the first quarter of 2020, the world was hit by a COVID-19 pandemic. The outbreak was declared as the global pandemic by WHO, as it has spread in many countries across the globe and raised the number of cases multi-folds in few weeks. The COVID-19 pandemic has adversely hit many economies around the globe. The combat measures like complete lockdown and quarantine to fight against COVID-19 have a strong adverse impact on many businesses globally, including the document analytics market.

Demand for digital transformation, increased investments in analytics, growing demand for remote services & location data, and increasing need for real-time information to track and monitor the COVID-19 spread create opportunities for the document analytics market's growth. Furthermore, post-COVID-19, enterprises will automate as much as possible to reduce dependence on the human workforce and cut costs. Automated data extraction using document analysis solutions will enable organizations to process large volumes of semi-structured and unstructured documents with low-touch processing, greater accuracy, and faster turnaround times, thus helping deal with volume fluctuations.

Adopting automation products in general, and document analysis products specifically, will intensify considerably, particularly in sectors that handle considerable documents such as banking, insurance, and healthcare. The sectors are already leading the way to adopt document analysis solutions and entice other sectors, such as manufacturing and government agencies, to teach document analytics. Post-COVID 19, these industries will seek to accelerate low-touch processing and faster turnaround times through automated data extraction.

So, it is expected that 2020 would be a tough time for the growth of the document analytics market and will negatively impact 2020. Although the COVID-19 has affected the document analysis globally, businesses are expected to make a strong comeback in the post-COVID-19 business environment. Positive government initiatives to uplift different sectors affected by COVID-19 are also expected to help businesses recover faster and support the strong recovery of the document analytics market.

Growing initiatives to digitize content across enterprises drives the growth of the market

Content Digitization is the process in which various content in different forms and formats are transformed into digital format. Enterprises across the world are going in for content digitization as it eases workloads, organizes data, reduces latencies, and helps in the business's smooth functioning. The banking, financial services, and insurance sector is continuously experiencing the emergence of advanced technological solutions to increase efficiency. However, the market players operating in this sector are challenged with enormous data that varies from the financial statement, invoices, legal contracts, emails, and receipts. Analyzing these documents is of utmost importance to the players operating in the BFSI sector.

The BFSI companies across the globe are experiencing continuous growth in their customer base, which is increasing the documentation size. To categorize the data, the BFSI sector players utilize or deploy natural language processing (NLP) to ensure customer and enterprise data in document mining applications. The consciousness related to the advantages of document analysis software among the BFSI sector players is stimulating the document analytics market's growth. Furthermore, government agencies handle individuals, departments, processes, and agencies' secured and private data. The volume of data generated in government agencies is enormous and in an unstructured format that accurately captures, classify, and extract to streamline government process. Hence enterprises are taking initiatives to digitize content as it helps streamline business processes and keep all data and information in an organized manner. Thus, with the increase in content digitization, the demand for document analysis to manage that data is also expected to grow multifold.

Key Findings in the Global Document analysis market Study:

 Document analysis solution to witness the largest share through 2027

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 data and improve the quality for analysis is one of the key factors fueling investments in the document analysis solution market. However, the services segment is expected to grow at the fastest CAGR during the forecast period. As the market will gradually move towards its maturity over the next few years, demand for services such as installation, consultation, training, maintenance, and support are expected to grow in numbers. Owing to this, document analytics services are expected to grow faster over the forecast period.

In 2020, the BFSI segment to dominate the document analytics market

Based on industry vertical, the BFSI segment is expected 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. Data extraction in different formats, such as PDFs, images, excels sheets, and others, is very difficult to do manually. As a result, the BFSI vertical is anticipated to hold the largest share in the document analytics market. Besides, the manufacturing sector is expected to grow with the fastest growth rate over the next few years. Manufacturing organizations control several departments and components of the supply chain, and structuring physical documents for all such departments is a tedious and error-prone process. Due to this, the manufacturing sector has started to incorporate documents analytics to reduce latency and proper organization of unstructured data.

North America: The largest regional market

Geographically, North America is expected to command the largest share of the document analytics market in 2020. In the developed economies of North America, such as the U.S. and Canada, there is a high focus on innovations obtained from Research and Development (R&D) and technology. Also, companies' indispensable requirement 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. Furthermore, many document analysis solutions and services providers in North America are expected to drive growth significantly. However, the growing significance of analytical tools such as document analytics coupled with the development of connectivity infrastructure provides new opportunities for organizations in Asia-Pacific to incorporate document analytics. Consequently, Asia-Pacific is projected to grow with the fastest growth over the forecast period.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the document analytics market over the last four years. The key players profiled 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.

Scope of the report:

Market by Product Type                      

• Solution
• Services

Market by Deployment Type     

• Cloud
• On-premise

Market by Industry Vertical                

• BFSI
• Government
• Healthcare and Life Sciences
• Retail and eCommerce
• Manufacturing
• Transportation and Logistics
• Others

Market by Organization Size               

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

Market by Geography

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific
• Latin America
• Middle East and Africa

Key questions answered in the report-