The integration of document analysis solutions with advanced technologies is anticipated to create opportunities for the document analysis market
The global document analysis market size is anticipated to surpass USD 5 billion by 2025. In addition, it is expected to exhibit a CAGR of over 54% during the forecast period 2018-2025. Document Analysis is the procedure of analyzing documents to get an overview of business functions and rules. The document analysis solutions help in analyzing documents by analyzing layout which further helps in building hypotheses. Also, the integration of advanced technologies such as machine learning and artificial intelligence further ensures high accuracy of document reconstruction.
The current and future document analysis market advances are defined to state the attractiveness of the market. Key impacting aspects focus on the document analysis of market opportunities during the forecast period. Factors such as the increasing trend of cloud-based solutions across various organizations and industries are driving market growth. Also, the rising demand for content digitalization among numerous enterprises is boosting the global document analysis market growth. However, the high implementation cost of document analysis solutions is expected to hamper the market growth. Furthermore, the growing need to enhance customer experience is anticipated to provide growth opportunities for the market in the upcoming years. Also, the integration of document analysis solutions with advanced technologies is anticipated to be opportunistic for the market.
The report also highlights various aspects of the global document analysis industry by analyzing the market through value chain analysis. Besides, the document analysis market report covers different qualitative aspects of the document analysis industry in market drivers, key industry opportunities, and restraints. Furthermore, the report proposes a comprehensive valuation of the market competitiveness along with company profiling of residents as well as global vendors.
The document analysis market has solid competition among the early established and new players. Also, to capture a competitive advantage over the other industry players many industry players are aiming potential markets by forming collaboration and partnerships, agreements, mergers & acquisitions, acquiring new startups & other companies, and escalating their business presence.
In terms of industry vertical, the market is segmented into government & defense, healthcare, BFSI, retail, manufacturing, and others. The BFSI industry captured the major market share in 2019 and it is expected to do so throughout the forecast period. The growth of this segment is mainly attributed to the increasing need for efficient management of document analysis as the banking and finance industry involves the most complex and essential documents such as financial statements, invoices, legal contracts, transaction receipts, and others.
The Asia-Pacific region is projected to experience the highest growth throughout the forecast period. However, the North American region dominated the overall market in 2019 and it is expected to keep its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the increasing adoption of document analysis solutions among organizations in this region. Also, the existence of the majority of the document analysis solution providers is driving the market growth of this region.
The major players of the global document analysis market are AntWorks, IBM, ABBYY, Extract Systems, HCL Technologies, Kofax, WorkFusion, Automation Anywhere, Datamatics Global Services, and Open Text. Moreover, the other prospective players in the document analysis market are HyperScience, Hyland Software, Parascript, Kodak Alaris, and Celaton. The recognized companies are coming up with innovative and new document analysis solutions. The recognized companies are coming up with innovative and new railway platform security solutions. The railway platform security market comprises well established local as well as global players. In addition, the already recognized market players are coming up with new innovative services and solutions to stay competitive in the global market.
Segment Overview of Global Document Analysis Market
Component Overview, 2018-2025 (USD Billion)
Organization size Overview, 2018-2025 (USD Billion)
- Large organizations
- Small & Medium Organizations
Industry Vertical Overview, 2018-2025 (USD Billion)
- Government & Defense
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America