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Initiatives To Digitize Content Fuel Document Analytics Market Growth: Powering Innovation and Expansion in the Document Analytics Market by 2025
Document Analytics Market
What Is the Expected CAGR for the Document Analytics Market Through 2025?
The market size for document analytics has seen an exponential growth recently. The market is expected to increase from $3.49 billion in 2024 to $5.16 billion in 2025, reflecting a compound annual growth rate (CAGR) of 47.9%. The significant growth during the historical period can be attributed to transitions towards digital transformation, an amplified requirement for compliance and regulatory adherence, the necessity for operational efficiency, emphasis on customer experience and insights, and the demand for industry-specific solutions.
What's the Projected Size of the Global Document Analytics Market by 2029?
Expectations are set for the document analytics market size to experience massive growth in the coming years. The value is projected to reach $26.35 billion in 2029, displaying a compound annual growth rate (CAGR) of 50.3%. This growth in the forecasted period is tied to a rising demand for predictive analytics from documents, the emergence of hybrid models, the evolution of user experience, and collaboration tools. Additionally, an increase in the demand for workflow automation, and an emphasis on contextual comprehension contribute to this trend. Some of the major trends expected during this forecast period include advancements in natural language processing (NLP), AI-based document processing, improved optical character recognition (OCR), stringent focus on data security and privacy, and the integration of these with workflow automation.
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Top Growth Drivers in the Document Analytics Industry: What's Accelerating the Market?
The growth of the document analytics market is primarily being fuelled by efforts to digitize content. To bolster document security and ease of access, several governments are acting towards content digitalization, which subsequently boosts the use of document analytics. For instance, the Central Digital and Data Office, a UK-based government agency committed to promoting digital innovation, data strategy and transformation initiatives in different sectors, stated in November 2023 that the digital transformation of the government in 2022 could result in over $1.17 billion in savings by eliminating paper-based costs. By 2025, a competitive digital remuneration framework could potentially save $122.12 million annually by curbing attrition rates and decreasing reliance on expensive labour. Furthermore, the IRS aims to utilize the pilot IRS program to examine innovative solutions that are capable of handling multiple stages of digital file management, from receiving to transferring IRS documents and records. These sought after methods would aid in the scanning of paper files and extraction of machine-readable data. The push to digitalize content inevitably elevates the demand for document analytics technologies and services. As such, efforts to digitize content are anticipated to drive the growth of the document analytics market.
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What Trends Will Shape the Document Analytics Market Through 2029 and Beyond?
Leading corporations in the document analytics market are prioritizing the development of superior solutions, like DocGraphLM, to amplify document processing abilities through AI-powered interpretations. DocGraphLM is a sophisticated instrument that uses state-of-the-art machine learning techniques for visual document analysis which amplifies understanding and processing of intricate documents. For instance, in January 2024, JPMorgan, an American comprehensive financial service provider, initiated DocGraphLM, an AI model that heightens document analysis by integrating pre-trained language models with graph neural networks. This method enables it to comprehend complex documents such as forms, invoices, and receipts, which frequently combine text, images, and structured data.
What Are the Main Segments in the Document Analytics Market?
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)
Subsegments:
1) By Solutions: On-Premises Solutions, Cloud-Based Solutions
2) By Services: Consulting Services, Integration Services,
3) By Professional Services: Implementation Services, Training And Support Services
3) By Managed Services: Document Management, Data Hosting And Storage
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Which Top Companies are Driving Growth in the Document Analytics Market?
Major companies operating in the document analytics market include 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, 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.
Which Regions Will Dominate the Document Analytics Market Through 2029?
North America was the largest region in the document analytics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the document analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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