Document analysis identifies and extracts critical information from incoming paper and electronic documents without extensive user interaction. It transforms the time-consuming and error-prone task of manually processing documents across different formats into a fast, effective, and intelligent automated learning workflow. It combines automatic document classification, extraction, validation, routing, and approval, archiving, and uploading the data into the CMS or ERP system. Document analytics provide insights through digitization, workflow optimization, and access, which lead to savings and efficiencies. In its latest publication on the document analytics market, Meticulous Research states that the market will grow at a CAGR of 48.1% from 2019 to 2027 to reach $12.45 billion by 2027.
Growing initiatives to digitize content across enterprises coupled with increasing adoption of cloud-based document analysis solutions are anticipated to drive market growth. 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. Moreover, the high cost of implementation poses some serious challenges to the growth of the market.
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To provide efficient analysis, meticulous research® has segmented this market based on product type (solution & services, deployment type (cloud & on-premise), industry vertical (BFSI, government, healthcare & life sciences, retail & ecommerce, manufacturing, transportation & logistics, and others), organization size (large enterprises, small & medium-sized enterprises), & geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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. 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.
However, the manufacturing vertical is expected to grow at the fastest CAGR during the forecast period. Several processes and departments within a manufacturing organization produce a huge amount of document data, which is quite sensitive and private. The data need to be accurately captured, classified, and extracted to streamline analysis for streamlining a different process. Manufacturing organizations realize the potential of document analysis, and hence, the sector is expected to grow at a considerable rate over the forecast period.
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Geographic Review :
Geographically, North America is expected 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. Furthermore, many document analysis solutions and services providers in North America are expected to drive growth significantly.
However, the rapid digitization wave across Asia-Pacific, coupled with the growth of associated infrastructure and growing awareness about analytics, has allowed emerging economies to incorporate analytics tools. such as document analytics. Due to the growing need for advanced intelligent solutions, Asia-Pacific is expected to emerge as the fastest-growing region in the market.
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Key Players :
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including 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).
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