PUBLISHER: The Business Research Company | PRODUCT CODE: 1392623
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392623
Document Analytics Global Market Report 2024
“Document Analytics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on document analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for document analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The document analytics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 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)
- Companies Mentioned: ABBYY Group; Celaton Limited; Extract Systems LLC; HCL Technologies Limited; HyperScience Inc.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
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 from The Business Research Company 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.
Table of Contents
1. Executive Summary
2. Document Analytics Market Characteristics
3. Document Analytics Market Trends And Strategies
4. Document Analytics Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On The Market
- 4.2. Ukraine-Russia War Impact On The Market
- 4.3. COVID-19 Impact On The Market
5. Global Document Analytics Market Size and Growth
- 5.1. Global Document Analytics Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
- 5.2. Global Document Analytics Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
- 5.3. Global Document Analytics Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Document Analytics Market Segmentation
- 6.1. Global Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Solutions
- Services
- Professional Services
- Managed Services
- 6.2. Global Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Cloud
- On-Premises
- 6.3. Global Document Analytics Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Large Enterprises
- Small And Medium-Sized Enterprises (SMEs)
- 6. 4. Global Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- BFSI
- Government
- Healthcare And Life Sciences
- Retail And eCommerce
- Manufacturing
- Transportation And Logistics
- Other Industry Verticals
7. Document Analytics Market Regional And Country Analysis
- 7.1. Global Document Analytics Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 7.2. Global Document Analytics Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Document Analytics Market
- 8.1. Asia-Pacific Document Analytics Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.3. Asia-Pacific Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8. 4. Asia-Pacific Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Document Analytics Market
- 9.1. China Document Analytics Market Overview
- 9.2. China Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.3. China Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9. 4. China Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Document Analytics Market
- 10.1. India Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.2. India Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.3. India Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Document Analytics Market
- 11.1. Japan Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.2. Japan Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.3. Japan Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Document Analytics Market
- 12.1. Australia Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.2. Australia Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.3. Australia Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Document Analytics Market
- 13.1. Indonesia Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.2. Indonesia Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.3. Indonesia Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Document Analytics Market
- 14.1. South Korea Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.2. South Korea Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.3. South Korea Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Document Analytics Market
- 15.1. Western Europe Document Analytics Market Overview
- 15.2. Western Europe Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.3. Western Europe Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15. 4. Western Europe Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Document Analytics Market
- 16.1. UK Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.2. UK Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.3. UK Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Document Analytics Market
- 17.1. Germany Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.2. Germany Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.3. Germany Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Document Analytics Market
- 18. 5. France Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18. 6. France Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18. 7. France Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Document Analytics Market
- 19. 9. Italy Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.10. Italy Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.11. Italy Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Document Analytics Market
- 20.13. Spain Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.14. Spain Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.15. Spain Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Document Analytics Market
- 21.1. Eastern Europe Document Analytics Market Overview
- 21.2. Eastern Europe Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.3. Eastern Europe Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21. 4. Eastern Europe Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Document Analytics Market
- 22.1. Russia Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.2. Russia Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.3. Russia Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Document Analytics Market
- 23.1. North America Document Analytics Market Overview
- 23.2. North America Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.3. North America Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23. 4. North America Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Document Analytics Market
- 24.1. USA Document Analytics Market Overview
- 24.2. USA Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.3. USA Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24. 4. USA Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Document Analytics Market
- 25.1. Canada Document Analytics Market Overview
- 25.2. Canada Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.3. Canada Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25. 4. Canada Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Document Analytics Market
- 26.1. South America Document Analytics Market Overview
- 26.2. South America Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.3. South America Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26. 4. South America Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Document Analytics Market
- 27.1. Brazil Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.2. Brazil Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.3. Brazil Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Document Analytics Market
- 28.1. Middle East Document Analytics Market Overview
- 28.2. Middle East Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.3. Middle East Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28. 4. Middle East Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Document Analytics Market
- 29.1. Africa Document Analytics Market Overview
- 29.2. Africa Document Analytics Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.3. Africa Document Analytics Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29. 4. Africa Document Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Document Analytics Market Competitive Landscape And Company Profiles
- 30.1. Document Analytics Market Competitive Landscape
- 30.2. Document Analytics Market Company Profiles
- 30.2.1. ABBYY Group
- 30.2.1.1. Overview
- 30.2.1.2. Products and Services
- 30.2.1.3. Strategy
- 30.2.1. 4. Financial Performance
- 30.2.2. Celaton Limited
- 30.2.2.1. Overview
- 30.2.2.2. Products and Services
- 30.2.2.3. Strategy
- 30.2.2. 4. Financial Performance
- 30.2.3. Extract Systems LLC
- 30.2.3.1. Overview
- 30.2.3.2. Products and Services
- 30.2.3.3. Strategy
- 30.2.3. 4. Financial Performance
- 30.2. 4. HCL Technologies Limited
- 30.2. 4.1. Overview
- 30.2. 4.2. Products and Services
- 30.2. 4.3. Strategy
- 30.2. 4. 4. Financial Performance
- 30.2. 5. HyperScience Inc
- 30.2. 5.1. Overview
- 30.2. 5.2. Products and Services
- 30.2. 5.3. Strategy
- 30.2. 5. 4. Financial Performance
- 30.2.1. ABBYY Group
31. Global Document Analytics Market Competitive Benchmarking
32. Global Document Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Document Analytics Market
34. Document Analytics Market Future Outlook and Potential Analysis
- 34.1 Document Analytics Market In 2028 - Countries Offering Most New Opportunities
- 34.2 Document Analytics Market In 2028 - Segments Offering Most New Opportunities
- 34. 3 Document Analytics Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies
35. Appendix
- 35.1. Abbreviations
- 35.2. Currencies
- 35.3. Historic And Forecast Inflation Rates
- 35. 4. Research Inquiries
- 35. 5. The Business Research Company
- 35. 6. Copyright And Disclaimer
