Document Analytics Global Market Report 2024

Document analytics refers to the usage of natural language processing (NLP) to automate repetitive document processing operations or to obtain a better understanding of the documents' content. The document analytics enables users to track when and how much time is spent on each page of the document.

The main products of document analytics are solutions, services, professional services, and managed services. Solutions are used in advanced artificial intelligence and natural language processing. The traditional documentation was extremely time consuming, however, the document analytic solutions reduce time. These solutions and services are used in various business verticals, which includes BFSI, government, healthcare and life sciences, retail and eCommerce, manufacturing, transportation and logistics, and others. These solutions and services are installed in large enterprises, and small and medium-sized enterprises (SMEs) through cloud, and on-premise deployment routes.

The document analytics market research report is one of a series of new reports that provides document analytics market statistics, including Document analytics industry global market size, regional shares, competitors with a document analytics market share, detailed document analytics market segments, market trends and opportunities, and any further data you may need to thrive in the document analytics industry. This document analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The document analytics market size has grown exponentially in recent years. It will grow from $2.38 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 49.1%. The growth in the historic period can be attributed to shift to digital transformation, increased demand for compliance and regulatory adherence, need for operational efficiency, focus on customer experience and insights,industry-specific solutions.

The document analytics market size is expected to see exponential growth in the next few years. It will grow to $17.45 billion in 2028 at a compound annual growth rate (CAGR) of 48.9%. The growth in the forecast period can be attributed to increasing demand for predictive analytics from documents, emergence of hybrid models, evolving user experience and collaboration tools, rise in demand for workflow automation, focus on contextual understanding. Major trends in the forecast period include advanced natural language processing (nlp), ai-powered document processing, enhanced optical character recognition (ocr), focus on data security and privacy, integration with workflow automation.

Rising initiatives to digitize content is the significant factor driving the growth of the document analytics market. Various governments are taking steps to digitalize the contents to enhance the security and easy access of the documents, this will increase the usage of document analytics. For instance, in August 2021, the Internal Revenue Service (IRS) of the United States has awarded five $7.5 million contracts using an experimental procurement vehicle in support of a multiple solution competition to digitize paper files. The IRS intended to use the pilot IRS program to test innovative solutions capable of receiving, preparing, reproducing, sorting, storing, validating, returning, and transferring digital files of IRS documents and records to build programs that help the scanning of paper files and the extraction of machine-readable data. The various initiatives to digitalize content will invariably increase the demand for document analytics technologies and services. Hence, the rising initiatives to digitize content is expected to propel the document analytics market growth.

The surge in the volume of content being generated due to the prevalence of digitalization is expected to propel the growth of the document analytics market going forward. Data volume is the capacity to store and handle petabytes of natively stored and object-stored data with efficiency. Organizations are able to manage content and information securely throughout their lifecycle with the use of an document analytics solution. For instance, according to a Kommando Tech, a Czech Republic-based independent review site dedicated to providing accurate information about various tech-related products and services, in March 2022, 2.5 quintillion bytes of data are produced by people every day. The last two years have seen the creation of around 90% of all data. Therefore, the surge in the volume of content being generated due to the prevalence of digitalization is driving the growth of the document analytics market.

Adoption of advanced technologies is a key trend in the document analytics market. The key players in the document analytics sector are developing advanced technologies to strengthen their position in the market. For instance, in May 2021, Kofax, a global leader in document and intelligent automation software for digital workflow transformation, has released the latest edition of Kofax ControlSuiteTM, a fully integrated system that automates and secures print management, world-class document capturing, and mobile capabilities. New cloud integrations, analytics dashboards, and unified clients are among the many new features and benefits of ControlSuite.

Major companies operating in the document analytics market are focusing on integrating artificial intelligence (AI) with document analytics technology for increasing the applications of documentary analytics such as legal documentation. AI-based document analytics is a technology that leverages artificial intelligence techniques to extract, analyze, and transform unstructured data from documents into structured data. For instance, in July 2022, Appara, a Canada-based document analytics and automation company, launched Appara Wills a new digital will and estate product. Appara Wills, designed for solicitors and estate planners, allows users with customers in British Columbia to execute completely customizable wills and estate documents paperless.

In August 2022, Snowflake a US-based cloud computing-based data cloud company acquired Applica for an undisclosed amount. The acquisition adds document analytics and document automation capabilities to Snowflake’s portfolio of offerings. Applica a Poland-based document analytics company.

Major companies operating in the in the document analytics market report are ABBYY Group, Celaton Limited, Extract Systems LLC, HCL Technologies Limited, HyperScience Inc., Automation Anywhere Inc., International Business Machines Corporation, OpenText Corporation, Adobe Inc., SAP SE, Microsoft Corporation, Kapow Software Inc., Guavus Inc., Dexlock Technologies Private Limited, AntWorks Pte. Ltd., WorkFusion Inc., Infrrd Inc., Datamatics Global Services Limited, Kodak Alaris Inc., Hyland Software Inc., Parascript LLC, M-Files Corporation, Ephesoft Inc., Rossum Corporation, Nanonets Inc., Zoho Corporation Pvt. Ltd., UiPath Inc., Datafleck Ltd., DocuSign Inc., Cognite AS

North America was the largest region in the document analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the document analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the document analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The document analytics market includes revenues earned by entities by providing analytics services for analyzing documentary evidence and answering specific research questions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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