The document analysis global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Document Analysis Market, 2024report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size - The document analysis market size has grown exponentially in
recent years. It will grow from $2.24 billion in 2023 to $3.35 billion in 2024
at a compound annual growth rate (CAGR) of 49.6%. The growth in the historic
period can be attributed to digitalization of business operations, regulatory
compliance requirements, increased adoption in the banking and financial
sector, increased need for accurate data entry, increased document size.
The document analysis market size is expected to see exponential growth in the
next few years. It will grow to $16.91 billion in 2028 at a compound annual
growth rate (CAGR) of 49.9%. The growth in the forecast period can be
attributed to growing initiatives to digitalize content across enterprises,
increasing need to improve customer experience, rising need for operational
efficiency, rise in remote work, continuously rising customer base in the
banking, financial services, and insurance (BFSI) sector. Major trends in the
forecast period include technological advancements, adoption of cloud-based
solutions, integration of document analysis solutions with advanced
technologies , demand for document processing automation , demand for
intelligent document scanning and recognition solutions.
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Scope Of Document Analysis MarketThe Business Research Company's reports
encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Document Analysis Market Overview
Market Drivers -The rise in remote work is expected to propel the growth of the
document analysis market going forward. Remote work is a flexible arrangement
allowing employees to carry out the responsibilities from locations outside the
traditional office, such as their home or a coworking space. Remote work is
rising due to its benefits in terms of flexibility, productivity, talent
acquisition, cost savings, and alignment with employee preferences. The
document analysis empowers remote workers to navigate the digital landscape
effectively, access valuable information, collaborate with colleagues, make
informed decisions, and enhance productivity and performance in remote work
environments. For instance, in September 2023, according to the Australian
Institute Of Health And Welfare, an Australia-based government agency, the
proportion of people working from home increased from 39% in September 2020 to
41% in February 2021. Therefore, the rise in remote work is driving the growth
of the document analysis market.
Market Trends - Major companies operating in the document analysis market are
integrating advanced technologies such as machine learning and optical
character recognition (OCR) to enable more automated and intelligent document
processing capabilities. Machine learning (ML) enhances document analysis
processes by automating tasks such as document categorization and text
recognition, reducing manual effort, and speeding up processes. For instance,
in May 2023, Appian, a US-based cloud computing and enterprise software
company, introduced the newest version of the Appian Platform for process
automation. This platform includes three out-of-the-box native AI Skills for
content processing, such as document classification, email classification, and
document extraction. Appian leverages document analysis to automatically
extract structured data from unstructured documents such as PDFs, Word
documents, and emails. This data extraction is used to populate forms, update
records, or trigger workflow actions, streamlining business processes and
reducing manual data entry.
The document analysis market covered in this report is segmented –
1) By Solution: Product, Services
2) By Deployment Type: On-Premises, Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Vertical: Banking, Financial Services, and Insurance (BFSI), Government,
Healthcare And Life Sciences, Retail And Ecommerce, Manufacturing,
Transportation, Other Verticals
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Regional Insights - North America was the largest region in the document
analysis market in 2023. Asia–Pacific is expected to be the fastest-growing
region in the forecast period. The regions covered in the document analysis
market report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies - Major companies operating in the document analysis market are
IBM Corporation, HCL Technologies Ltd., Xerox Corporation , OpenText
Corporation , Nuance Communications Inc. , Hyland Software Inc., Newgen
Software Technologies Limited , IRIS Software Group Ltd., Kodak Alaris Inc.,
Automation Anywhere Inc., ABBYY LLC, Datamatics Global Services Ltd , Mitek
Systems Inc., HyperScience, Infrrd inc., Rossum ltd., AntWorks Pte. Ltd.,
Ephesoft Inc., Celaton Ltd., Visioneer Inc, InData Labs, Parascript LLC ,
Lexmark International Inc. , Extract Systems LLC, Yseop
Table of Contents 1. Executive Summary2. Document Analysis Market Report
Structure3. Document Analysis Market Trends And Strategies4. Document Analysis
Market – Macro Economic Scenario5. Document Analysis Market Size And
Growth…..27. Document Analysis Market Competitor Landscape And Company
Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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