Document Capture Software Global Market Report 2024

Document capture software is specialized software for digitalizing the documentation process and reducing the burden of paper documents and storage-related issues. The software combines importing, scanning, and integration capabilities to digitize all the documents in a single location so that they are easily accessible. The document capture software is used to capture incoming documents and store them in a central digital repository.

The main types of deployment in document capture software are cloud, on-premise, and hybrid. The cloud is used to access the software without the need to establish a server and data center. Cloud refers to services provided via the internet. The software is stored on the remote host server and is accessible to the customer via the internet. This type is beneficial in low IT-cost operations. The different solutions include multiple-channel capture, cognitive capture, mobile capture, and others. The organizations that use document capture software are small and medium enterprises (SMEs) and large enterprises. It is employed in retail, banking, financial services and insurance, telecom and IT, healthcare, transportation and logistics, energy, and other industries.

The document capture software market research report is one of a series of new reports that provides document capture software market statistics, including document capture software industry global market size, regional shares, competitors with document capture software market share, detailed document capture software market segments, market trends, and opportunities, and any further data you may need to thrive in the document capture software industry. This document capture software 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 capture software market size has grown rapidly in recent years. It will grow from $8.78 billion in 2023 to $9.7 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increased need for efficient document management and organization, compliance requirements and regulatory pressures, growth in the volume of digital and paper-based documents, focus on cost reduction and operational efficiency, adoption of digital transformation strategies by businesses.

The document capture software market size is expected to see rapid growth in the next few years. It will grow to $15.37 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to rise in demand for cloud-based document capture solutions, expansion of remote work and the need for digital document handling, emphasis on data security and privacy compliance, integration with enterprise resource planning (erp) and other business systems, increasing use of mobile document capture applications. Major trends in the forecast period include integration of artificial intelligence (AI) and machine learning (ml) in document capture software, shift towards intelligent document recognition and data extraction, implementation of advanced analytics for document insights, adoption of blockchain technology for document verification and security, development of scalable and customizable document capture solutions.

The increasing adoption of cloud-based software is expected to propel the growth of the document capture software market going forward. Cloud-based software is software that is hosted in the cloud and is accessed via a web browser using the internet. It lowers IT and maintenance costs for enterprises, which is why many enterprises are going for cloud-based software to store and track electronic files and folders, which in turn is promoting the adoption of document capture software. For instance, in November 2021, DigitalOcean, Inc., a US-based provider of cloud infrastructure, during the epidemic, 65% of small and medium-sized enterprises said they relied more on cloud computing. 92% of respondents said that in 2021, their reliance increased. According to the respondents, 82% of conventional SMBs, 83% of tech SMBs, and 92% of businesses indicated their cloud usage has continued to climb this year. Therefore, the increasing adoption of cloud-based software is propelling the document capture software market growth.

The growing penetration of IoT is expected to propel the growth of the document capture software market in the coming years. The Internet of Things (IoT) refers to a network of networked tangible objects, such as motor vehicles, devices, and other devices that use sensors, software, and technologies to connect, gather, and exchange data. The Internet of Things (IoT) offers significant uses in the document capture software industry, providing numerous functions that expedite operations, improve efficiency, and improve document management. For instance, in May 2023, according to the IoT Analytics GmbH State of IoT Spring 2023 report, a Germany-based complete statistical analysis framework for the Internet of Things, AI, edge computing, cloud-based services, and Industry 4.0, the number of global IoT connections is expected to increase by 18% to 14.3 billion active IoT endpoints in 2022, according to IoT Analytics, while the total number of linked IoT devices is expected to increase by 16% to 16.7 billion active endpoints by 2023. Therefore, the growing penetration of IoT is driving the document capture software market.

Technological advancements are the key trends gaining popularity in the document capture software market. The players operating in the document capture software sector are constantly innovating and incorporating new technologies to increase their consumer base. For instance, in July 2022, Kodak Alaris, a UK-based photographic hardware and software manufacturer, released Capture Pro, a next-generation document capture software. This is available with security updates, feature enhancements, and integrations with third-party applications. This features conformance with PDF/UA (Portable Document Format/Universal Accessibility) that ensures accessibility for people using assistive technology to read electronic content.

Major companies operating in the document capture software market are focusing on developing innovative products, such as Cloud enhanced document capture solutions, to better meet the needs of their existing consumers. Cloud enhancement of a document capture solution involves improving, refining, or optimizing the document capture software specifically in the context of cloud-based operations. For instance, in June 2023, Y Soft Corporation, a Czech Republic-based software and hardware firm, launched SAFEQ Cloud Enhancement. SAFEQ Cloud's new scanning functionality is meant to revolutionize how our clients process documents and manage data. SAFEQ Cloud's multi-vendor document capture and workflow capabilities help organizations accelerate digitalization and future-proof their IT infrastructure by automating and simplifying the collection and transformation of paper documents into digital forms. This feature's OCR technology allows digital documents to be positioned and altered using a keyword search or metadata. Digital records gain increased value, become highly reusable, and contribute to refining productivity due to their compatibility with various digital formats such as Microsoft Word, PDF, or HTML.

In June 2021, Kofax, a US-based software company, acquired Psigen Software Inc., for an undisclosed amount. The acquisition would add to Kofax's previously existing document capture software and solutions offerings and further extend the leadership position of the company in the market. Psigen Software, Inc., is a US-based software company that develops document capture software.

Major companies operating in the in the document capture software market report are Adobe Inc., Canon Inc., DocStar ECM, Hyland Software Inc., ABBYY Solutions Ltd, Artsyl Technologies Inc., KnowledgeLake Inc., Oracle Corporation, Kofax Inc., Xerox Corporation, International Business Machines Corporation, Siemens AG, Outback Imaging Pty Ltd, Dell Inc., OpenText Corporation, Eastman Kodak Company, Ricoh Company Ltd., SpringCM, Alfresco Software Inc., AnyDoc Software Inc., DocuLex Inc., DocuWare Corporation, Esker Inc., FileHold Systems Inc., Global360 Inc., Intellidact AI, Konica Minolta Business Solutions U. S. A. Inc., M-Files Corporation, Nuance Communications Inc., Parascript LLC, ReadSoft Inc.

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

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

The document capture software market consists of revenues earned by entities by providing document capture software that are used to automate business document acquisition, recognition, and classification. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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