Document Analysis Market is bolstered by numerous factors, such as rising initiatives to digitalize content across diverse enterprises as well as growing adoption of cloud document analysis solutions. Furthermore, the increasing adoption of automated tools in the work processes by the SMEs, particularly in developing economies, is offering lucrative opportunities to the document analysis market.
The document analysis market was valued at US$ 577.4 million in 2019 and is projected to reach US$ 8023.6 million by 2027. The Document analysis market is expected to grow at a CAGR of 39.2% during the forecast period of 2020 to 2027.
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The market for document analysis is segmented on various parameters such as solutions, deployment type, organization size, industry vertical, and geography. By organization size, SMEs are expected to witness a high CAGR. The need for document analysis is equally required in all organizations, regardless of their size, to compete in the market efficiently. Cost-efficiency is a vital need of the SMEs, as they are constantly controlled by limited budgets, which leaves them with restricted methods to market themselves and improve visibility. Further, the government segment by industry vertical segment is projected to grow at the highest CAGR. Government agencies manage the confidential and secured data of individuals, processes, departments, and agencies. The government agencies generate an enormous amount of data, which is usually in an unstructured format. This data is required to be accurately captured, classified, and extracted to restructure the government process. Further, government agencies are required to team up for ensuring the migration and integrity of the data. Additionally, enhanced management of IT infrastructure for supporting resource sharing offers better security compliance controls as well as enhanced data security. Since government agencies are exposed to strict data security policies, regulations, as well as audit policies, the demand for efficient document tools by these agencies is witnessing high growth.
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The market for document analysis is highly fragmented worldwide, and it is constantly witnessing the emergence of a new player. The key companies operating in the field of document analysis market across the globe include Antworks, Automation Anywhere, Celaton, Datamatics Global Services Limited, Extract Systems, HCL Technologies Limited, Hyland Software, Inc., Hyperscience, IBM Corp, and OpenText Corporation, among others.
Few of the important market initiatives and product developments from the industry are mentioned below:
2020– Blue Prism announced an extended partnership with IBM. The partnership integrates three core capabilities of IBM Cloud Pak for Automation, with Blue Prism’s digital workforce. Specific IBM Cloud Pak for Automation capabilities consist business automation content analyzer – an AI-powered data capture facility to extract and organize data from unstructured content, requiring minimal document training.
2019– Datamatics Global Services Ltd. (DGSL), global IT and BPM company, declared that it deliberately divested its stake in one of its subsidiaries that is Cignex Datamatics Inc. The stakes have been acquired by a Relevance Lab, a Singapore headquartered IT Services organization, through a share-swap arrangement.
2016– Celaton announced a global partnership with Capgemini, to deliver increased efficiency and improved customer experience for its clients. Celaton’s intelligent automation platform, inSTREAM, further expanded Capgemini’s Business Services’ Software-as-a-Service (SaaS) portfolio with its unique ability to learn the pattern of unstructured content which enables Capgemini to deliver maximum value to customers.
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