Document Analytics Market Report 2024: Key Players and Strategies

The document analytics market size has grown exponentially in recent years. It will grow from $2.38 billion in 2023 to $3.55 billion in 2024 at a compound annual growth rate (CAGR) of 49.1%. The growth in the historic period can be attributed to shift to digital transformation, increased demand for compliance and regulatory adherence, need for operational efficiency, focus on customer experience and insights,industry-specific solutions..

The document analytics market size is expected to see exponential growth in the next few years. It will grow to $17.45 billion in 2028 at a compound annual growth rate (CAGR) of 48.9%. The growth in the forecast period can be attributed to increasing demand for predictive analytics from documents, emergence of hybrid models, evolving user experience and collaboration tools, rise in demand for workflow automation, focus on contextual understanding.. Major trends in the forecast period include advanced natural language processing (nlp), ai-powered document processing, enhanced optical character recognition (ocr), focus on data security and privacy, integration with workflow automation..

Market Overview -
Document analytics refers to the usage of natural language processing (NLP) to automate repetitive document processing operations or to obtain a better understanding of the documents' content. The document analytics enables users to track when and how much time is spent on each page of the document.

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Initiatives To Digitize Content Fuel Document Analytics Market Growth
Rising initiatives to digitize content is the significant factor driving the growth of the document analytics market. Various governments are taking steps to digitalize the contents to enhance the security and easy access of the documents, this will increase the usage of document analytics. For instance, in August 2021, the Internal Revenue Service (IRS) of the United States has awarded five $7.5 million contracts using an experimental procurement vehicle in support of a multiple solution competition to digitize paper files. The IRS intended to use the pilot IRS program to test innovative solutions capable of receiving, preparing, reproducing, sorting, storing, validating, returning, and transferring digital files of IRS documents and records to build programs that help the scanning of paper files and the extraction of machine-readable data. The various initiatives to digitalize content will invariably increase the demand for document analytics technologies and services. Hence, the rising initiatives to digitize content is expected to propel the document analytics market growth.

Competitive Landscape -
Major companies operating in the document analytics market report are ABBYY Group, Celaton Limited, Extract Systems LLC, HCL Technologies Limited, HyperScience Inc., Automation Anywhere Inc., International Business Machines Corporation, OpenText Corporation, Adobe Inc., SAP SE, Microsoft Corporation, Kapow Software Inc., Guavus Inc., Dexlock Technologies Private Limited, AntWorks Pte. Ltd., WorkFusion Inc., Infrrd Inc., Datamatics Global Services Limited, Kodak Alaris Inc., Hyland Software Inc., Parascript LLC, M-Files Corporation, Ephesoft Inc., Rossum Corporation, Nanonets Inc., Zoho Corporation Pvt. Ltd., UiPath Inc., Datafleck Ltd., DocuSign Inc., Cognite AS

Document Analytics Market Trends Advancements In Technology Gain Traction
Adoption of advanced technologies is a key trend in the document analytics market. The key players in the document analytics sector are developing advanced technologies to strengthen their position in the market. For instance, in May 2021, Kofax, a global leader in document and intelligent automation software for digital workflow transformation, has released the latest edition of Kofax ControlSuiteTM, a fully integrated system that automates and secures print management, world-class document capturing, and mobile capabilities. New cloud integrations, analytics dashboards, and unified clients are among the many new features and benefits of ControlSuite.

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Key Segments -

The document analytics market covered in this report is segmented -

1) By Product Type: Solutions, Services, Professional Services, Managed Services
2) By Industry Vertical: BFSI, Government, Healthcare And Life Sciences, Retail And eCommerce, Manufacturing, Transportation And Logistics, Other Industry Verticals
3) By Deployment Type: Cloud, On-Premise
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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