PUBLISHER: The Business Research Company | PRODUCT CODE: 1704166
PUBLISHER: The Business Research Company | PRODUCT CODE: 1704166
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 from The Business Research Company 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 size has grown exponentially in recent years. It will grow from $3.35 billion in 2024 to $5.03 billion in 2025 at a compound annual growth rate (CAGR) of 50.1%. The growth in the historic period can be attributed to digitalization of business operations, regulatory compliance requirements, increased adoption in the banking and financial sector, increased need for accurate data entry, increased document size.
The document analysis market size is expected to see exponential growth in the next few years. It will grow to $25.3 billion in 2029 at a compound annual growth rate (CAGR) of 49.8%. The growth in the forecast period can be attributed to growing initiatives to digitalize content across enterprises, increasing need to improve customer experience, rising need for operational efficiency, rise in remote work, continuously rising customer base in the banking, financial services, and insurance (BFSI) sector. Major trends in the forecast period include technological advancements, adoption of cloud-based solutions, integration of document analysis solutions with advanced technologies, demand for document processing automation, demand for intelligent document scanning and recognition solutions.
The growth of remote work is expected to drive the expansion of the document analysis market in the coming years. Remote work is a flexible arrangement that allows employees to perform their duties from locations outside the traditional office, such as their homes or coworking spaces. The rise of remote work is fueled by its benefits, including increased flexibility, productivity, talent acquisition, cost savings, and alignment with employee preferences. Document analysis tools help remote workers navigate the digital environment effectively, access valuable information, collaborate with colleagues, make informed decisions, and boost productivity in remote work settings. For example, in February 2023, The Office for National Statistics, a UK-based non-ministerial department, reported that between September 2022 and January 2023, 16% of people in Great Britain worked exclusively from home, while 28% worked a combination of home and office-based work.
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 2024. 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.
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.
Document Analysis Global Market Report 2025 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 analysis 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.
Where is the largest and fastest growing market for document analysis ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The document analysis 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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.