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Document Capture Software Global Market Report 2024 To 2033 | Adobe Inc., Canon Inc., DocStar ECM, Hyland Software Inc., ABBYY Solutions Ltd
Document Capture Software Market Share
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Document Capture Software Market 2024 Key Insights:
• 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%.
• Cloud-Based Software Accelerates Growth In The Document Capture Software Market
• Innovative Technological Trends Reshaping The Document Capture Software Market
• North America was the largest region in the document capture software market in 2023
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