Document Analysis Global Market Report 2024

The document analysis market size has grown exponentially in recent years. It will grow from $2.24 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 49.6%. The growth in the historic period can be attributed to increased adoption in the banking and financial sector, digitalization of business operations, increased document sizes, regulatory compliance requirements, and increased need for accurate data entry.

The document analysis market size is expected to see exponential growth in the next few years. It will grow to $16.91 billion in 2028 at a compound annual growth rate (CAGR) of 49.9%. The projected growth during the forecast period is driven by the increasing initiatives to digitize content within enterprises, the growing imperative to enhance customer experience, the rising demand for operational efficiency, the surge in remote work, and the continuously expanding customer base in the banking, financial services, and insurance (BFSI) sector. Key trends in this period include technological advancements, the uptake of cloud-based solutions, the integration of document analysis solutions with advanced technologies, the demand for document processing automation, and the need for intelligent document scanning and recognition solutions.

The increase in remote work is anticipated to drive the expansion of the document analysis market in the future. Remote work refers to a flexible arrangement enabling employees to fulfill their responsibilities from locations beyond the traditional office, such as their homes or coworking spaces. This trend is on the rise due to its advantages in terms of flexibility, productivity, talent acquisition, cost savings, and alignment with employee preferences. Document analysis equips remote workers to effectively navigate the digital landscape, access valuable information, collaborate with colleagues, make informed decisions, and enhance productivity and performance in remote work settings. For example, in September 2023, according to the Australian Institute of Health and Welfare, a government agency in Australia, the percentage of individuals working from home increased from 39% in September 2020 to 41% in February 2021. Hence, the surge in remote work is propelling the growth of the document analysis market.

Leading companies in the document analysis market are incorporating advanced technologies such as machine learning and optical character recognition (OCR) to facilitate more automated and intelligent document processing capabilities. Machine learning (ML) improves document analysis processes by automating tasks such as document categorization and text recognition, thereby reducing manual effort and expediting processes. For example, in May 2023, Appian, a US-based enterprise software and cloud computing company, unveiled the latest version of the Appian Platform for process automation. This platform features three pre-built native AI Skills for content processing, including document classification, email classification, and document extraction. Appian utilizes document analysis to automatically extract structured data from unstructured documents such as PDFs, Word documents, and emails. This extracted data is then employed to populate forms, update records, or trigger workflow actions, thereby streamlining business processes and minimizing manual data entry.

In August 2022, Kofax Inc., a US-based provider of intelligent automation software, acquired Ephesoft Inc. for an undisclosed sum. This acquisition represented a strategic step for Kofax to broaden its portfolio by integrating Ephesoft, thereby bolstering Kofax's IDP solutions, cloud capabilities, and market outreach. Ephesoft Inc., also based in the US, specializes in document analysis through AI-powered software solutions designed to extract data from documents and automate business processes reliant on documents.

Major companies operating in the document analysis market are IBM Corporation, HCL Technologies Ltd., Xerox Corporation, OpenText Corporation, Nuance Communications Inc., Hyland Software Inc., Newgen Software Technologies Limited, IRIS Software Group Ltd., Kodak Alaris Inc., Automation Anywhere Inc., ABBYY LLC, Datamatics Global Services Ltd, Mitek Systems Inc., HyperScience, Infrrd inc., Rossum ltd., AntWorks Pte. Ltd., Ephesoft Inc., Celaton Ltd., Visioneer Inc, InData Labs, Parascript LLC, Lexmark International Inc., Extract Systems LLC, Yseop.

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

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

Document analysis is a research technique employed to methodically scrutinize and interpret written, visual, or audio materials with the aim of extracting valuable insights and information. This method entails a systematic examination of various types of documents, including texts, reports, letters, photographs, videos, or any other recorded data, in order to comprehend their content, context, and relevance within a specific research framework.

The primary categories of document analysis solutions include products and services. Document analysis through product solutions entails the utilization of software applications capable of automatically extracting, classifying, and processing information from diverse document formats. These solutions are deployed through various methods such as on-premises and cloud, catering to organizations of various sizes including small and medium enterprises (SMEs) and large enterprises. They are utilized across different industry verticals such as banking, financial services, and insurance (BFSI), government, healthcare and life sciences, retail and e-commerce, manufacturing, transportation, among others.

The document analysis market research report is one of a series of new reports that provides document analysis market statistics, including document analysis industry global market size, regional shares, competitors with a document analysis market share, detailed document analysis market segments, market trends, and opportunities, and any further data you may need to thrive in the document analysis industry. This document analysis 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 analysis market consists of revenues earned by entities by providing data extraction and entry services, document digitization and scanning services, consulting services for document analysis, archival and records management services, and legal document review services. The market value includes the value of related goods sold by the service provider or included within the service offering. The document analysis market also includes sales of text mining and analysis tools, optical character recognition (OCR) software, document management systems, and content analysis software. 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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