World Document Analysis Market Outlook to 2024: Drivers, Restraints, Opportunities, Challenges, Use Cases & Leading Players

DUBLIN, Nov. 25, 2019 /PRNewswire/ -- The "Document Analysis Market by Solution (Product and Services), Deployment Type (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare and Life Sciences, and Government), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Global Document Analysis Market is Expected to Grow from an Estimated Value of USD 438 Million in 2019 to USD 3,855 Million by 2024, at a CAGR of 54.5%.

This market study covers the document analysis market size across segments. It aims at estimating the market size and the growth potential of this market across different segments, namely, component, solution, service, communication system, simulation, vertical, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Growing initiatives to digitalize content across enterprises expected to drive the growth of the document analysis market

The document analysis industry is driven by various factors, such as growing initiatives to digitalize content across enterprises and increasing adoption of cloud-based document analysis solution. However, Addressing governance and compliance requirements can hinder the growth of the market.

The government segment is projected to grow at the highest CAGR during the forecast period 

Government agencies handle the secured and private data of individuals, departments, processes, and agencies. The volume of data generated in government agencies is enormous and in unstructured format which needs to accurately capture, classify, and extract to streamline government process. Government agencies need to collaborate to ensure the migration and integrity of the data. Moreover, better management of IT infrastructure to support resource sharing provides better security compliance controls and better data security. Government agencies are also subjected to strict data security policies, regulations, and audit policies.

The large enterprises segment expected to account for the largest share during the forecast period 

The traction of document analysis in large enterprises is higher compared to SMEs. This is due to the affordability and top economies of scale that enable the organizations to leverage document analysis. Companies leave no stone unturned to compete in the cut-throat competitive world; hence, they spend a significant amount in adopting intelligent tactical techniques. The document analysis market is said to be undergoing significant technological transitions, such as enhancement in AI technologies, and the use of mobile devices. Large organizations highly adopt all these advancements. The document analysis market across large organizations is estimated to hold a larger market size during the forecast period.

APAC expected to grow at the highest rate during the forecast period

The document analysis market in APAC is expected to grow at the highest CAGR during the forecast period, due to the growing need for advanced intelligent solutions. Document analysis enables an organization to improve efficiency, increase customer engagement, reduce labor costs, and increase productivity. China, Japan, and India have emerged as undisputed leaders in the document analysis industry.

Competitive Landscape

Major vendors offering document analysis solution across the globe include ABBYY (US), WorkFusion (US), Kofax (US), IBM (US), AntWorks (Signapore), Parascript (US), Automation Anywhere (US), Datamatics (India), Hyland (US), Extract Systems (US), HyperScience (US), OpenText (Canada), Infrrd (US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), DocuWare (US), InData Labs (Belarus), Ephesoft (US) , and IRIS (Belgium). The study includes an in-depth competitive analysis of these key players in the document analysis market, with their company profiles, recent developments, and key market strategies.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Market
4.2 North America: Market By Vertical and Country
4.3 Document Analysis Market: Major Countries

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Initiatives to Digitalize Content Across Enterprises
5.2.1.2 Increasing Adoption of Cloud-Based Intelligent Document Processing Solution
5.2.2 Restraints
5.2.2.1 Addressing Governance and Compliance Requirements
5.2.3 Opportunities
5.2.3.1 Integration of Advanced Technologies With Intelligent Document Processing Solution
5.2.3.2 Increasing Need to Improve Customer Experience
5.2.4 Challenges
5.2.4.1 High Implementation Costs
5.3 Use Cases
5.3.1 Use Case 1
5.3.2 Use Case 2
5.3.3 Use Case 3

6 Document Analysis Market By Solution
6.1 Introduction
6.2 Product
6.2.1 Growing Need to Automate the Documentation Process to Drive the Adoption Intelligent Document Processing Products
6.3 Services
6.3.1 Growing Need for Intelligent Document Processing Solutions to Fuel the Demand for Intelligent Document Processing Services Across Verticals

7 Document Analysis Market By Service
7.1 Introduction
7.2 Professional Services
7.2.1 Growing Focus of Organizations to Effectively Deploy Intelligent Document Processing Solutions to Fuel the Adoption of Professional Services
7.3 Managed Services
7.3.1 Need to Provide Enterprises With Best Practices and Deep-Rooted Transformation Expertise Without Impairing Internal Operations to Drive the Adoption of Managed Services

8 Document Analysis Market By Deployment Type
8.1 Introduction
8.2 On-Premises
8.2.1 Need for Data Security to Drive the Growth of the On-Premises Intelligent Document Processing Solution
8.3 Cloud
8.3.1 Scalability and Cost-Effectiveness are Major Factors Driving the Adoption of Cloud-Based Intelligent Document Processing Solutions

9 Document Analysis Market By Organization Size
9.1 Introduction
9.2 Large Enterprises
9.2.1 Rising Need for Operational Efficiency to Drive the Demand for Intelligent Document Processing Solutions in Large Enterprises
9.3 Small and Medium-Sized Enterprises
9.3.1 Need for a Cost-Effective and Comprehensive Solution to Drive the Growth of the Document Analysis Market Across Small and Medium-Sized Enterprises

10 Document Analysis Market By Vertical
10.1 Introduction
10.2 Banking, Financial Services and Insurance
10.2.1 Need to Ensure Seamless Execution of Transactions and Fix Bottlenecks in Workflow to Drive the Adoption of Intelligent Document Processing in the BFSI Vertical
10.3 Government
10.3.1 Growing Demand for Greater Flexibility, Enhanced Data Security, and Advanced Intelligence to Drive the Document Analysis Market in the Government Vertical
10.4 Healthcare and Life Sciences
10.4.1 Need to Enhance Productivity and Gradual Adoption of Intelligent Solutions to Drive the Adoption of Intelligent Document Processing Solutions in the Healthcare and Life Sciences Vertical
10.5 Retail and Ecommerce
10.5.1 Growing Need to Manage and Improve Large Invoices to Drive the Growth of Intelligent Document Processing Solutions in the Vertical
10.6 Manufacturing
10.6.1 Growing Need to Automate Business Process to Drive the Adoption of Intelligent Document Processing Solutions in Manufacturing Sector
10.7 Transportation and Logistics
10.7.1 Need to Reduce Freight Costs, Optimize Service Levels, Increase Efficiency, and Streamline Business Processes to Spur the Adoption of Intelligent Document Processing in the Transportation and Logistics Vertical
10.8 Others

11 Document Analysis Market, By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Prominent Intelligent Document Processing Vendors in the Region to Drive the Adoption of Intelligent Document Processing Solutions in the US
11.2.2 Canada
11.2.2.1 Early Adoption of Automation-Based Technologies to Drive the Growth of Market in Canada
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Safety Laws and Compliances to Fuel the Adoption of Intelligent Document Processing Solutions in the UK
11.3.2 Germany
11.3.2.1 New Government Regulations and Adoption of Advanced Technologies to Fuel the Growth of Market in Germany
11.3.3 France
11.3.3.1 Rising Need for Providing Enhanced Customer Experience to Fuel the Adoption of Intelligent Document Processing Solutions in France
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Technological Advancement Across the Manufacturing Sector to Drive the Growth of Market in China
11.4.2 Japan
11.4.2.1 Increased Spending on the Intelligent Automation Industry and `R&D is Expected to Drive the Market for Intelligent Document Processing
11.4.3 India
11.4.3.1 Rise in Digitalization Among the Enterprises Incidents to Drive the Adoption of Incident and Emergency Solutions in India
11.4.4 Rest of APAC
11.5 Middle East and Africa
11.5.1 Middle East and North Africa
11.5.1.1 Adoption of Intelligent Document Processing in the Oil and Gas Vertical to Drive the Growth of Document Analysis Market in Mena
11.5.2 Sub-Saharan Africa
11.5.2.1 Rising Industrialization and Inclination Toward the Adoption of Advanced Technologies in Sub-Saharan Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Increasing Investment for Adoption of Advanced Technologies to Drive the Growth of the Market in Brazil
11.6.2 Mexico
11.6.2.1 Growing It Infrastructure to Fuel the Adoption of Intelligent Document Processing Solutions in Mexico
11.6.3 Rest of Latin America

12 Competitive Landscape
12.1 Competitive Scenario
12.1.1 New Product Launches
12.1.2 Partnerships and Collaborations
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Innovators
12.2.3 Dynamic Differentiators
12.2.4 Emerging Companies

13 Company Profiles
13.1 Introduction
13.2 ABBYY
13.3 Kofax
13.4 IBM
13.5 WorkFusion
13.6 Automation Anywhere
13.7 AntWorks
13.8 Parascript
13.9 Hyland
13.10 Datamatics
13.11 Extract Systems
13.12 HyperScience
13.13 OpenText
13.14 Infrrd
13.15 Celaton
13.16 HCL Technologies
13.17 Kodak Alaris
13.18 Rossum
13.19 InData Labs
13.20 Ephesoft
13.21 IRIS (Canon Group)
13.22 Right-To-Win

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