The global document capture software market is expected to post a CAGR of close to 12% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global document capture software market to post a CAGR of close to 12% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing use of big data analysis. Big data analytics is the process of examining large and diverse data sets to decipher data patterns, data correlations, customer preferences, and market trends that can help organizations make informed business decisions. While transaction, structured, unstructured, and semi-structured data that is generated by a diverse set of enterprise applications can be directly integrated with the analytics solution, a huge amount of valuable information lies in physical document repositories of enterprises. This data can be harnessed and analyzed using analytical software after digitization. Data capture software enables organizations to utilize the information stored in physical documents with the help of digital transformation. Thus, for big data analytics to work, it is essential to scan paper documents to a digital format and then apply analytics tools to understand the data. The increasing use of big data analytics is leading to the growth of document capture software.
This market research report on the global document capture software market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the integration of document capture software with machine learning as one of the key emerging trends in the global document capture software market:
Global document capture software market: Integration of document capture software with machine learning
Organizations have started to realize the importance of data as an asset to their business operations, decision-making process, and ultimately their revenues and profits. However, despite the rapid digitization of documents, there are huge volumes of unstructured data in the documents within the electronic content management system. For instance, a 100-page PDF of a contract document may be neatly filed by document capture software in a folder hierarchy with some relevant metadata tags. The metadata tags may help retrieve information on what the document is about, but they will not help understand and retrieve all the contextual content residing in the document without opening it. ML techniques can help enterprises understand the business impacts and implications of the context, which are trapped within documents, and make sense out of the huge volumes of digital clutter. One of the document capture software vendors, Ephesoft, has launched Ephesoft Insight, an ML document mining platform, which can analyze files from content repositories on a large scale and extract business meaning and value from them.
“Apart from the integration of document capture software with machine learning, factors such as the possibility of data loss, advent of intelligent character recognition, and mobile-based data capture software are some other major aspects boosting the growth of the global document capture software market,” says a senior analyst at Technavio for research on enterprise application.
Global document capture software market: Segmentation analysis
This market research report segments the global document capture software market by end-user (BFSI, healthcare, government, legal) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of over 48% of the market share, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth of over 3%.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
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