Key Takeaways from the Market Study
•The global document capture software market to value US$ 6.9 Billion in 2021
•The global document capture software market to expand at 8.5% CAGR from 2022-2032
The global document capture software market is estimated to secure US$ 17.1 Billion while recording a CAGR of 8.5% during the forecast period from 2022-2032. The market valued US$ 6.9 Billion in 2021 and is expected to garner US$ 7.6 Billion in 2022. Growth can be attributed to the rising penetration of IoT and rising adoption of cloud computing technology. Rising demand for SaaS-based document capture software is expected to fuel the market in the coming time.
SaaS-based services offer a model which facilitates pay-per-use, which boosts the demand for the same, thereby, benefitting the industry in the forecast period. In addition, growing awareness about risks associated with legal liability with compliance needed in IT, transportation sector, and FMCG sector is another factor propelling the industry growth. Document capture solutions are gaining significant traction to cater to the routine document imaging needs for sectors like healthcare, finance, education, insurance, and transportation.
On the contrary, growing issues associated with professional expertise, scalability, and automation are likely to hamper the market growth. However, increasing adoption of cloud computing technology in companies is anticipated to counter impeding factors and boost the market significantly.
“Increasing adoption of cloud computing technology is expected to propel the market owing to larger participation from SMEs. Also, with growing demand for usage of cloud-computing technology in several business sectors like retail banking, insurance, healthcare, banking, and insurance, among others is projected to positively influence the market in the coming time.” – remarks the research analyst.
Competition Analysis
Key players in the global document capture software market include Adobe Systems Software Ltd., ABBYY Software, Artsyl Technologies Inc, Canon Inc., and IBM Corporation, among others. Players in the market take various initiatives to expand their reach in the global market. Some of the methods comprise partnership, mergers and acquisitions, and others. Recent key developments among players are:
•In December 2019, Hyland Software, Inc. announced a partnership with Vertec Scientific to create a robust set of solutions that offers operational efficiencies for clinicians.
•In September 2019, Ephesoft, Inc. announced a collaboration with Automation Anyware to combine document capture and RPA technologies. The combination can resolve amorphous data and ECM’s (Enterprise Content Managers) complicated problems.
