The Business Research Company’s report on the Document Analytics Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the document analytics market further?
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 November 2023, according to the Central Digital and Data Office, a UK-based governmental entity focused on driving digital innovation, data strategy, and transformation initiatives across various sectors, in 2022, analysis revealed that the digital transformation of government could yield over $1.17 billion in savings, eliminating paper-based costs. By 2025, a competitive digital remuneration framework could save $122.12 million annually, curbing attrition rates and reducing reliance on costly labour. 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.
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What are the key factors influencing the forecasted market size of the document analytics industry?
The document analytics market size has grown exponentially in recent years. It will grow from $3.49 billion in 2024 to $5.16 billion in 2025 at a compound annual growth rate (CAGR) of 47.9%. 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 $26.35 billion in 2029 at a compound annual growth rate (CAGR) of 50.3%. 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.
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Who are the leading competitors in the document analytics market?
Major companies operating in the document analytics market 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.
Which emerging trends are set to transform the document analytics market landscape?
Major companies operating in the document analytics market are focusing on developing advanced solutions, such as DocGraphLM, to enhance document processing capabilities through AI-driven insights. DocGraphLM is an advanced tool for visual document analysis that utilizes cutting-edge machine learning techniques to enhance the understanding and processing of complex documents. For instance, in January 2024, JPMorgan, a US-based provider of a comprehensive range of financial services, launched DocGraphLM., an AI model that enhances document analysis by combining pre-trained language models with graph neural networks. This approach allows it to understand complex documents, such as forms, invoices, and receipts, which often mix text, images, and structured data.
How do different geographies compare in terms of market share and growth potential in the document analytics market?
North America was the largest region in the document analytics market in 2024.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
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Which major segments of the document analytics market are experiencing the fastest growth?
The document analytics market covered in this report is segmented –
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)
Subsegments:
1) By Solutions: On-Premises Solutions, Cloud-Based Solutions
2) By Services: Consulting Services, Integration Services,
3) By Professional Services: Implementation Services, Training And Support Services
3) By Managed Services: Document Management, Data Hosting And Storage
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How is the document analytics market defined, and what are its core characteristics?
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.
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