The document analytics market size has seen an exponential surge in recent times, growing from $3.49 billion in 2024 to an anticipated growth of $5.16 billion in 2025 at a notable compound annual growth rate (CAGR) of 47.9%. The significant growth within the historic timeline can be credited to the shift towards digital transformation, adherence to compliance and regulatory needs, pursuit of operational efficiency, focus on customer experiences and insights, and growth in industry-specific solutions.
The document analytics market is projected to continue this surge, increasing to $26.35 billion by 2029 with an astounding CAGR of 50.3%. Factors underpinning this forecasted growth include the increased demand for predictive analytics from documents, the emergence of hybrid models, evolving user experience and collaboration tools, rise in demand for workflow automation, and a focus on contextual understanding.
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What Factors Are Driving The Document Analytics Market Growth?
Digital transformation initiatives are powering the growth of the document analytics market. With various governments looking to enhance the security and accessibility of documents through digitization, the adoption and usage of document analytics are expected to surge. For instance, the UK-based Central Digital and Data Office’s 2022 analysis revealed potential savings of over $1.17 billion from the digital transformation of government operations. By 2025, a competitive digital remuneration framework could save $122.12 million annually by curbing attrition rates and reducing reliance on costly labor. Such sweeping movements towards digitization are accelerating demand for document analytics technologies and services.
Which Are The Key Market Segments in the Document Analytics Market?
The document analytics market is segmented as:
1) By Product Type: Solutions, Services, Professional Services, Managed Services
2) By Industry Vertical: BFSI, Government, Healthcare And Life Sciences, Retail And eCommerce, Manufacturing, Transportation And Logistics, Other Industry Verticals
3) By Deployment Type: Cloud, On-Premise
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
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What Major Companies Are Operating In The Document Analytics Market?
Key market players include 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, 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.
What Trends Are Emerging In The Document Analytics Market?
Major companies are investing in advanced solutions such as DocGraphLM to enhance document processing capabilities with AI-driven insights. For instance, in January 2024, JPMorgan launched DocGraphLM. This AI model, which combines pre-trained language models with graph neural networks, enhances document analysis and helps in understanding complex documents such as forms, invoices, and receipts.
Which Region Leads The Document Analytics Market?
While North America led the document analytics market in 2024, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Document Analytics Market Report 2025 Offer?
Document analytics involves the use of natural language processing to automate repetitive document processing tasks or to gain a deeper understanding of the content within documents. It helps track the time spent on each page of a document. The Document Analytics Market research report from The Business
Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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