Document Capture Software Market: Present Scenario and the Growth Prospects with Forecast 2026

Document capture is the systematic organization and collection of data in industries. It is the integration of tools that are used to capture, preserve, store, and process the information related to business processes. Document capture software takes care of managing, processing, creating, and retention of any content being handled by organizations. Document capture software helps in reducing the workload by managing the complex business workflow. Furthermore, it improves operational efficiency and provides enhanced customer experience.

With the usage of Business Intelligence (BI) applications, it provides the integration of structured and unstructured data. With the help of document capture software, unstructured and structured data information is stored and made available. This allows an organization to allocate data to its end users when necessary and to use the data from a centralized source through several platforms.

The document capture software market is anticipated to witness significant growth during the forecast period owing to the rising demand for big data and analytics in many organizations. Big data technology is a new potential revenue generating source of organizations. Therefore, demand for document capture is booming in recent times and is anticipated to witness significant growth during the forecast period. Currently, the impact of this factor has been analyzed to be high, and can be expected to remain high during the forecast period.

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However, increasing usage of cloud based storage and processing has led to paramount concerns amongst organizations and users utilizing PaaS services to undertake their document capture and storage operations. Cloud/PaaS platform being relatively new is subject to numerous insider threats, account hijacking, malware injections, shared vulnerabilities, and data loss. The impact of this restraint is expected to be moderate in the next few years and would eventually become low by the beginning of next decade.

The document capture software market has been segmented in terms of deployment, enterprise, solution, end-use industry, and region. While considering deployment, the market has been segmented into cloud, on-premise and hybrid services. The global market by enterprise typecomprises ofsmall & medium enterprises (SME’s) and large enterprises.

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The solution segment of the document capture software market has been divided into multiple-capture, cognitive capture, mobile capture and others. In terms of end-user industry, the market has been bifurcated into retail, banking, financial services & insurance, telecom & IT, healthcare, transportation & logistics, energy and others. Geographically, the overall market has been segmented into North America, Europe, Asia Pacific, Middle East &Africa, and South America.

North America which consists of the U.S, Canada, and Rest of North America (Mexico, Caribbean, and Central America)was the dominant region in the document capture software market in 2017.The region accounted for more than one-third of the global market revenue share and is expected to continue its leading position throughout the forecast period. This is due to growth in a number of production facilities and logistics network and rising demand fordigitalized documentation solutions in the region. Europe which includes countries such as Germany, U.K., France, Italy, and Rest of Europe captured the second largest market share in 2017.

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Asia Pacific, which showed the fastest growth in 2017, buoyed byrising high adoption rate of digitalization in document management solutions over the years, is however seeing hurdles in the growth of document capture software market. Factors such as different regulatory compliances and limited availability of efficient Internet connectivity infrastructure are seen as key causes for the potential growth slag.

Thisreport on the global document capture software market provides market revenue share analysis of the various key participants.Some of the key players profiled in the document capture softwaremarket report include ABBYY Software, Adobe Systems Software Ltd., Artsyl Technologies, Inc, Canon, Inc., CAPSYS Technologies, LLC, DocuLexInc (DocStar), EMC Corp., Ephesoft Inc., Hyland Software Inc., IBM Corporation, Knowledge Lake Inc., Kodak Company, Kofax, Inc., Meniko, Notable Solutions Inc., Nuance, Communications, Inc., Oracle Corp. and Xerox Corporation.

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