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Document Analysis Market Size, Analysis, Trends And Strategies 2024-2033
Document Analysis Market
As per the report, the document analysis market size has grown exponentially in recent years. It will grow from $2.24 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 49.6%. The document analysis market size is expected to see exponential growth in the next few years. It will grow to $16.91 billion in 2028 at a compound annual growth rate (CAGR) of 49.9%.
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Remote Work Surge Fuels Document Analysis Market Growth
The rise in remote work is expected to propel the growth of the document analysis market going forward. Remote work is a flexible arrangement allowing employees to carry out the responsibilities from locations outside the traditional office, such as their home or a coworking space. Remote work is rising due to its benefits in terms of flexibility, productivity, talent acquisition, cost savings, and alignment with employee preferences. The document analysis empowers remote workers to navigate the digital landscape effectively, access valuable information, collaborate with colleagues, make informed decisions, and enhance productivity and performance in remote work environments. For instance, in September 2023, according to the Australian Institute Of Health And Welfare, an Australia-based government agency, the proportion of people working from home increased from 39% in September 2020 to 41% in February 2021. Therefore, the rise in remote work is driving the growth of the document analysis market.
Document Analysis Leverage AI and Machine Learning For Enhanced Automation
Major companies operating in the document analysis market are integrating advanced technologies such as machine learning and optical character recognition (OCR) to enable more automated and intelligent document processing capabilities. Machine learning (ML) enhances document analysis processes by automating tasks such as document categorization and text recognition, reducing manual effort, and speeding up processes. For instance, in May 2023, Appian, a US-based cloud computing and enterprise software company, introduced the newest version of the Appian Platform for process automation. This platform includes three out-of-the-box native AI Skills for content processing, such as document classification, email classification, and document extraction. Appian leverages document analysis to automatically extract structured data from unstructured documents such as PDFs, Word documents, and emails. This data extraction is used to populate forms, update records, or trigger workflow actions, streamlining business processes and reducing manual data entry.
The document analysis market covered in this report is segmented -
1) By Solution: Product, Services
2) By Deployment Type: On-Premises, Cloud
3) By Organization Size: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Vertical: Banking, Financial Services, and Insurance (BFSI), Government, Healthcare And Life Sciences, Retail And Ecommerce, Manufacturing, Transportation, Other Verticals
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Major companies operating in the document analysis market are IBM Corporation, HCL Technologies Ltd., Xerox Corporation , OpenText Corporation , Nuance Communications Inc. , Hyland Software Inc., Newgen Software Technologies Limited , IRIS Software Group Ltd., Kodak Alaris Inc., Automation Anywhere Inc., ABBYY LLC, Datamatics Global Services Ltd , Mitek Systems Inc., HyperScience, Infrrd inc., Rossum ltd., AntWorks Pte. Ltd., Ephesoft Inc., Celaton Ltd., Visioneer Inc, InData Labs, Parascript LLC , Lexmark International Inc. , Extract Systems LLC, Yseop
Contents of the report:
1. Executive Summary
2. Document Analysis Market Report Structure
3. Document Analysis Market Trends And Strategies
4. Document Analysis Market - Macro Economic Scenario
5. Document Analysis Market Size And Growth
…..
27. Document Analysis Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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