Document Capture Software Global Market Report 2024 - By Report, Size, Share, Industry Trends, Forecast To 2033

The document capture software market size has grown rapidly in recent years. It will grow from $8.78 billion in 2023 to $9.7 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to increased need for efficient document management and organization, compliance requirements and regulatory pressures, growth in the volume of digital and paper-based documents, focus on cost reduction and operational efficiency, adoption of digital transformation strategies by businesses.

The document capture software market size is expected to see rapid growth in the next few years. It will grow to $15.37 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to rise in demand for cloud-based document capture solutions, expansion of remote work and the need for digital document handling, emphasis on data security and privacy compliance, integration with enterprise resource planning (erp) and other business systems, increasing use of mobile document capture applications. Major trends in the forecast period include integration of artificial intelligence (ai) and machine learning (ml) in document capture software, shift towards intelligent document recognition and data extraction, implementation of advanced analytics for document insights, adoption of blockchain technology for document verification and security, development of scalable and customizable document capture solutions.

Market Overview -
Document capture software is specialized software for digitalizing the documentation process and reducing the burden of paper documents and storage-related issues. The software combines importing, scanning, and integration capabilities to digitize all the documents in a single location so that they are easily accessible. The document capture software is used to capture incoming documents and store them in a central digital repository.

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Cloud-Based Software Accelerates Growth In The Document Capture Software Market
The increasing adoption of cloud-based software is expected to propel the growth of the document capture software market going forward. Cloud-based software is software that is hosted in the cloud and is accessed via a web browser using the internet. It lowers IT and maintenance costs for enterprises, which is why many enterprises are going for cloud-based software to store and track electronic files and folders, which in turn is promoting the adoption of document capture software. For instance, in November 2021, DigitalOcean, Inc., a US-based provider of cloud infrastructure, during the epidemic, 65% of small and medium-sized enterprises said they relied more on cloud computing. 92% of respondents said that in 2021, their reliance increased. According to the respondents, 82% of conventional SMBs, 83% of tech SMBs, and 92% of businesses indicated their cloud usage has continued to climb this year. Therefore, the increasing adoption of cloud-based software is propelling the document capture software market growth.

Competitive Landscape -
Major companies operating in the document capture software market report are Adobe Inc., Canon Inc., DocStar ECM, Hyland Software Inc., ABBYY Solutions Ltd, Artsyl Technologies Inc., KnowledgeLake Inc., Oracle Corporation, Kofax Inc., Xerox Corporation, International Business Machines Corporation, Siemens AG, Outback Imaging Pty Ltd, Dell Inc., OpenText Corporation, Eastman Kodak Company, Ricoh Company Ltd., SpringCM, Alfresco Software Inc., AnyDoc Software Inc., DocuLex Inc., DocuWare Corporation, Esker Inc., FileHold Systems Inc., Global360 Inc., Intellidact AI, Konica Minolta Business Solutions U. S. A. Inc., M-Files Corporation, Nuance Communications Inc., Parascript LLC, ReadSoft Inc.

Innovative Technological Trends Reshaping The Document Capture Software Market
Technological advancements are the key trends gaining popularity in the document capture software market. The players operating in the document capture software sector are constantly innovating and incorporating new technologies to increase their consumer base. For instance, in July 2022, Kodak Alaris, a UK-based photographic hardware and software manufacturer, released Capture Pro, a next-generation document capture software. This is available with security updates, feature enhancements, and integrations with third-party applications. This features conformance with PDF/UA (Portable Document Format/Universal Accessibility) that ensures accessibility for people using assistive technology to read electronic content.

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Key Segments -
The document capture software market covered in this report is segmented -
1) By Solution: Multiple-Channel Capture, Cognitive Capture, Mobile Capture, Other Solutions
2) By Deployment: Cloud, On-Premise, Hybrid
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Industry: Retail, Banking, Financial Services And Insurance, Telecom And IT, Healthcare, Transportation And Logistics, Energy, Other Industries

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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