Global Document Analytics Market

Document Analytics Market Size, Share, Growth Analysis, By Product type(Services, Solutions), By Deployment type(Cloud, on-premise), By Industrial Vertical(BFSI, Government), By Organization size(Large Enterprises, Small) - Industry Forecast 2024-2031

Report ID: SQSG45E2056 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 122 | Figures: 77

Document Analytics Market Insights

Document Analytics Market size was valued at USD 1.09 billion in 2019 and is poised to grow from USD 1.63 billion in 2023 to USD 62.02 billion by 2031, growing at a CAGR of 49.8% in the forecast period (2024-2031).

Document Analytics is a field of study that employs natural language processing (NLP) techniques to automate repetitive document processing tasks or to gain a better understanding of the content of the documents. It is a key differentiator and enabler in industries where documents, some of which are still in paper form, are at the heart of many business processes. This is true of insurance and the financial industry as a whole. Its demand is expected to rise as the internet of things, cloud computing, and big data analytics become more popular. The ability of text analysis to provide businesses with real-time insights to help them analyse current business strategies is expected to redefine business operations. On the other hand, it is assisting industries such as retail, travel and tourism, healthcare, and automotive in providing efficient customer service by analysing customer experience via emails, queries, social media platforms, and other channels.

Demand for digital transformation, increased analytics investments, rising demand for remote services and location data, and rising demand for real-time information to track and monitor the COVID-19 spread all create opportunities for the Global Document Analytics Market to grow. Furthermore, following COVID-19, businesses will automate as much as possible in order to reduce reliance on human labour and cut costs. Using document analysis solutions for automated data extraction, organisations will be able to process large volumes of semi-structured and unstructured documents with low-touch processing, greater accuracy, and faster turnaround times, allowing them to deal with volume fluctuations.

US Document Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.

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Document Analytics Market size was valued at USD 1.09 billion in 2019 and is poised to grow from USD 1.63 billion in 2023 to USD 62.02 billion by 2031, growing at a CAGR of 49.8% in the forecast period (2024-2031).

Companies are investing in R&D to provide unique and sophisticated text analytics services. In addition, the major participants in the market are proposing new solutions for dealing with COVID-19 data issues. To deliver advanced and real-time text analytics capabilities, the firms are cooperating with researchers and healthcare providers. 'IBM Corporation', 'ABBYY', 'OpenText Corporation', 'Kofax, Inc.', 'Adobe Systems, Inc.', 'SAP SE', 'Lexmark International, Inc.', 'HP Inc.', 'WorkFusion', 'Hyland Software, Inc.', 'SAS Institute Inc.', 'Canon Inc.', 'Microsoft Corporation', 'Google LLC', 'TIBCO Software Inc.', 'Icertis, Inc.', 'M-Files Corporation', 'Box, Inc.', 'DocuSign, Inc.', 'Dropbox, Inc.'

Growing need for social media analysis and brand awareness is expected to fuel demand for document analytics solutions.

Content digitization is the process of turning various forms and formats of material into digital format. Businesses all over the world are embracing content digitalization because it reduces workloads, organises data, reduces latencies, and assists in the smooth running of the organisation. New technological solutions to improve efficiency are continually being introduced into the banking, financial services, and insurance industries. Market players in this sector, on the other hand, are presented with vast volumes of data ranging from financial statements to invoices, legal contracts, emails, and receipts. These papers' analysis is crucial for firms in the BFSI industry. Globally, BFSI firms are seeing constant increase in their client base, which is growing the amount of their paperwork. The BFSI sector players use or use natural language processing (NLP) to categorise data in document mining systems to assure customer and enterprise data. The growing awareness of the benefits of document analysis software among BFSI sector participants is fueling the growth of the Document Analytics Market. Furthermore, government agencies handle the safe and private data of persons, departments, procedures, and agencies. The volume of data created by government agencies is immense, and it is in an unstructured format that requires proper collection, classification, and extraction in order to improve government processes.

In 2021, North America dominates the Document Analytics Market. The advanced nations of North America, such as the United States and Canada, place a high value on R&D and technological developments. In addition, the unavoidable need is for companies to create a digital their traditional business operations, as well as the rapid adoption of mobile devices, IoT solutions, and cloud technology, has resulted in increased adoption of document analysis solutions in this region. Furthermore, many North American document analysis solution and service providers are expected to significantly drive growth.

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Global Document Analytics Market

Product ID: SQSG45E2056