According to a new market report published by Transparency Market Research , the global document capture software market is expected to reach a value of US$ 11,384.5Mn by 2026, supported by rising adoption of compliance initiatives, distributed capture, and the reduction of expenses by investing in advanced document processing. The market is projected to expand at a CAGR of 10.3% during the forecast period from 2018 to 2026. Increasing demand for document management, growing trend of mobile workforce, coupled with multiple benefits offered by document management software are encouraging the higher adoption of document capture software. In addition, rising penetration of mobile devices is boosting the global demand for mobile based document capture software. Asia Pacific is anticipated to be the fastest growing region during the forecast period which is expected to be followed by Europe. Document capture software is experiencing flourishing growth in terms of adoption across different industry verticals around the globe. Increase in the implementation of big data analytics and machine learning offered by vendors is further contributing to the growth of the document capture software market.
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Growing list of vendors providing multi-channel capture solutions likely to boost demand for document capture solutions over the forecast period
Adoption of document capture software by small and medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as well as limited capital investment required for subscription based (cloud) services. Installing document capture software in an organization for cost cutting and time savings (process optimization) is fuelling the growth of the market substantially with the trend expected to be maintained during the forecast period.
Document Capture Software Market: Scope of the Report
The document capture software market has been segmented on the basis of parameters such as deployment, enterprise size, solutions, end-use industry, and geographical regions. In terms of deployment, the market has been segmented into cloud, on-premise and hybrid services. The enterprise size segment includes small & medium enterprises (SME’s) and large enterprises. While considering the solutions based segmentation, the market has been divided into multiple-capture, cognitive capture, mobile capture and others. In terms of end-user industry, the market has been segmented into retail, banking, financial services & insurance, telecom & IT, healthcare, transportation & logistics, energy and others. The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis for market estimates supplementing the growth of the document capture software market during the forecast period. Retail, healthcare, and BFSI segments are anticipated to experience lucrative growth opportunities in the market. In terms of adoption of document capture software, the retail sector is projected to expand at a CAGR of approximately 12% during the forecast period from 2018 to 2026.
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North America and Europe collectively accounted for more than 50% of the global market share in 2017, with North America holding larger share of the market. Technological developments and relatively higher maturity in terms of technology penetration are major drivers of the document capture software market in North America. Within the Europe document capture software market, Germany held the largest revenue share in 2017, closely followed by the U.K. Asia Pacific, which includes China, India, Japan, Australia, and Rest of Asia Pacific, is expected to witness the fastest growth during the forecast period attributed to the rapid technological developments in various industry verticals across different countries. Moreover, several emerging economies in the region experiencing growth in their infrastructure which covers the government sector, IT sector, law firms, chemical industry and others is further supporting the document capture software market growth in this region.
Global Document Capture Software Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global document capture software market. Some of the key players profiled in the report include ABBYY Software, Adobe Systems Software Ltd., Artsyl Technologies, Inc, Canon, Inc., CAPSYS Technologies, LLC, DocuLex Inc (DocStar), EMC Corp., Ephesoft Inc., Hyland Software Inc., IBM Corporation, Knowledge Lake Inc., Kodak Company, Kofax, Inc., Meniko, Notable Solutions Inc., Nuance, Communications, Inc., Oracle Corp. and Xerox Corporation.
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