The global document capture software market is estimated to secure US$ 17.1 Billion while recording a CAGR of 8.5% during the forecast period from 2022-2032. The market is valued at US$ 6.9 Billion in 2021 and is expected to garner US$ 7.6 Billion in 2022. Growth can be attributed to the rising penetration of IoT and rising adoption of cloud computing technology. Rising demand for SaaS-based document capture software is expected to fuel the market in the coming time.
SaaS-based services offer a model which facilitates pay-per-use, which boosts the demand for the same, thereby, benefitting the industry in the forecast period. In addition, growing awareness about risks associated with legal liability with compliance needed in IT, transportation sector, and FMCG sector is another factor propelling the industry growth. Document capture solutions are gaining significant traction to cater to the routine document imaging needs for sectors like healthcare, finance, education, insurance, and transportation.
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On the contrary, growing issues associated with professional expertise, scalability, and automation are likely to hamper the market growth. However, increasing adoption of cloud computing technology in companies is anticipated to counter impeding factors and boost the market significantly.
Key Takeaways from the Market Study
- The global document capture software market to value US$ 6.9 Billion in 2021
- The global document capture software market to expand at 8.5% CAGR from 2022-2032
- The hybrid segment to record 8.8% CAGR during the forecast period
- The Large Enterprises segment to exhibit 8.3% growth rate during the assessment period
- The U.S market size to reach USD 5.3 Billion by 2032, growing at an 8.4% CAGR
- Chinese market to value USD 1.1 Billion during the forecast period
- Market in India to secure US$ 1.4 Billion from 2022-2032
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Competition Analysis
Key players in the global document capture software market include Adobe Systems Software Ltd., ABBYY Software, Artsyl Technologies Inc, Canon Inc., and IBM Corporation, among others. Players in the market take various initiatives to expand their reach in the global market. Some of the methods comprise partnership, mergers and acquisitions, and others. Recent key developments among players are:
- In December 2019, Hyland Software, Inc. announced a partnership with Vertec Scientific to create a robust set of solutions that offers operational efficiencies for clinicians.
- In September 2019, Ephesoft, Inc. announced a collaboration with Automation Anyware to combine document capture and RPA technologies. The combination can resolve amorphous data and ECM’s (Enterprise Content Managers) complicated problems.
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Future Market Insights, in its new offering, presents an unbiased analysis of the global document capture software market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
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Key Segments Covered In The Document Capture Software Market Report
Document Capture Software by Deployment:
- Cloud-based Document Capture Software Deployment
- On-Premise Document Capture Software Deployment
- Hybrid Document Capture Software Deployment
Document Capture Software by Organization Size:
- Document Capture Software for Small and Medium Enterprises
- Document Capture Software for Large Enterprises
Document Capture Software by Solution:
- Multiple-Channel Document Capture Software
- Cognitive Document Capture Software
- Mobile Document Capture Software
- Other Document Capture Software Solutions
Document Capture Software by Industry:
- Document Capture Software for Retail
- Document Capture Software for Banking
- Document Capture Software for Financial Services & Insurance
- Document Capture Software for Telecom & IT
- Document Capture Software for Healthcare
- Document Capture Software for Transportation & Logistics
- Document Capture Software for Energy
- Document Capture Software for Other Industries
Document Capture Software by Region:
- North America Document Capture Software Market
- Europe Document Capture Software Market
- Asia-Pacific Document Capture Software Market
- Middle East & Africa Document Capture Software Market
- South America Document Capture Software Market
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