Document Analytics Market to Reach $12.45 Billion by 2027 With COVID-19 Impact, at a CAGR of 48.1% From 2020

The document analytics market is expected to reach $12.45 billion by 2027, at a CAGR of 48.1% during the forecast period of 2020 to 2027. The growth of this market is attributed to the growing initiatives to digitize content across enterprises, coupled with the increasing adoption of cloud-based document analysis solutions. In addition, the integration of advanced technologies, such as AI and ML with document analysis solutions and the increasing need to improve customer experience, offers significant growth opportunities for the document analytics market. However, addressing governance and compliance requirements obstructs the growth of this market up to some extent.

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Document analysis identifies and extracts critical information from incoming paper and electronic documents without extensive user interaction. It transforms the time-consuming and error-prone task of manually processing documents across different formats into a fast, effective, and intelligent automated learning workflow. It combines automatic document classification, extraction, validation, routing, and approval; archiving; and uploading the data into the CMS or ERP system. Document analytics provide insights through digitization, workflow optimization, and access, which lead to savings and efficiencies.

Growing initiatives to digitize content across enterprises coupled with increasing adoption of cloud-based document analysis solutions are anticipated to drive market growth. In addition, the integration of advanced technologies, such as AI and ML with document analysis solutions and the increasing need to improve customer experience, offers significant growth opportunities for the document analytics market. However, addressing governance and compliance requirements obstructs the growth of this market up to some extent. Moreover, the high cost of implementation poses some serious challenges to the growth of the market.

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Demand for digital transformation, increased investments in analytics. Growing demand for remote services & location data and the increasing need for real-time information to track and monitor the COVID-19 spread are creating opportunities for the growth of the document analytics market. Furthermore, post-COVID-19, enterprises are expected to automate as much as possible to reduce dependence on the human workforce and cut costs. Automated data extraction using document analysis solutions will enable organizations to process large volumes of semi-structured and unstructured documents with low-touch processing, greater accuracy, and faster turnaround times, thus helping deal with volume fluctuations.

To provide efficient analysis, Meticulous Research® has segmented the overall document analytics market based on product type (solution & services, deployment type (cloud & on-premise), industry vertical (BFSI, government, healthcare & life sciences, retail & ecommerce, manufacturing, transportation & logistics, and others), organization size (large enterprises, small & medium-sized enterprises), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

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Based on industry vertical, the BFSI segment is projected to command the largest share of the overall document analytics market in 2020. The companies in this vertical deal with complex documents, such as invoices, receipts, legal contracts, emails, and financial statements. Data extraction in different formats, such as PDFs, images, excels sheets, and others, is very difficult to do manually. As a result, the BFSI vertical is anticipated to hold the largest share of the overall document analytics market.

However, the manufacturing vertical is expected to grow at the fastest CAGR during the forecast period. Several processes and departments within a manufacturing organization produce a huge amount of document data, which is quite sensitive and private. The data need to be accurately captured, classified, and extracted to streamline analysis for streamlining a different process. Manufacturing organizations realize the potential of document analysis, and hence, the sector is expected to grow at a considerable rate over the forecast period.

The report also includes an extensive assessment of the key strategic developments adopted by the industry's leading market participants over the past four-five years. The document analytics market has witnessed several product launches in recent years. The document analytics market is consolidated and dominated by few major players, namely Huawei technologies co., Ltd. (China), Saguna Networks, Ltd. (Israel), Juniper Networks, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Vapor IO (U.S.), ZephyrTel (U.S.), AT&T, Inc. (U.S.), Nokia Corporation (Finland), Renesas Electronics Corporation (Japan), Corning, Inc. (U.S.), Adlink Technology, Inc. (Taiwan), Advantech Co., Ltd. (Taiwan), Emerson Electric co. (U.S.), and GigaSpaces Technologies, Inc. (U.S.), among others.

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Geographically, North America is expected to command the largest share of the global document analytics market in 2020. In the U.S. and Canada, there is a high focus on innovations obtained from R&D and technology. The indispensable requirement of companies to transform their traditional business operations into digital, coupled with the rapid adoption of mobile devices, IoT solutions, and cloud technology, has led to the increased adoption of document analysis solutions in this region. Furthermore, many document analysis solutions and services providers in North America are expected to drive growth significantly.

However, the rapid digitization wave across Asia-Pacific, coupled with the growth of associated infrastructure and growing awareness about analytics, has allowed emerging economies to incorporate analytics tools. such as document analytics. Due to the growing need for advanced intelligent solutions, Asia-Pacific region is expected to emerge as the fastest-growing region for document analytics market.

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