The document capture software market is forecasted to expand at 8.6% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 8,785.9 million in 2023. The market is expected to reach US$ 20,109.8 million by 2033.
Many organizations across the globe are embracing eminently secure, collaborative, and integrated cloud-assisted systems in an attempt to permeate the idea of digital business. In today’s technologically driven market space, where industries can be seen aggressively shifting gears toward digital documentation. Thus, giving a boost to the document capture software as a viable solution.
In the past few years, SMEs commenced to strongly invest in big data analytics and the next-gen cloud and hybrid-oriented platforms. This is augmenting the demand for document capture software.
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Enterprises have been effortlessly riding the change in the wave so far. This can be credited to the presence of ‘Platform as a Service’ tools and cloud-based utilities, which have been fueling the ‘paperless’ journey.
The contracting workforce and several issues related to managing paper records are some gripping factors affecting organizations. In response, organizations are leveraging cloud-based services, consequently enhancing the scope of services based on Software-as-a-Service that enables pay-per-use and easy accessibility.
Despite cloud computing’s strong impact on document capture software solutions, manufacturers are inclined toward concentrating their efforts on ‘mobile-friendly’ advancements. Constantly on-the-move professionals and uninterrupted access to important documents and files are key factors behind this shift in focus.
Market vendors can be seen leaving behind a ‘one size fits all’ approach and embracing personalized services and products that are within the limited budget of small businesses.
Small and mid-sized enterprises (SMEs) have been far behind in enjoying the new technologies, as much as large enterprises have. However, many governments are undertaking initiatives to boost their capacity to gather technology and management skills. This is expected to enhance the SME’s growth trajectory going forward.
Key players are also concentrating on bettering the subscription models that give access to SMEs for document management solutions, without having to invest in any infrastructure.
Top Key Highlights of the Document Capture Software Market:
- North America region shines bright in the overall market, contributing generously to the global market with a market share of 31.2%.
- Within North America, the United States is projected to capture a maximum market share of more than 18.2% of the global market in the coming years.
- Europe market is the next-top market internationally. The region clutched a market share of 25.5% in 2022. Germany, in the same year, shared a 9.2% value share.
- The United Kingdom is projected to pick up the pace of 9.6% CAGR over the forecast period.
- Within Asia Pacific, India is expected to gleam, expanding at a CAGR of 12.3%.
- China, as per FMI’s estimation, is forecasted to record a CAGR of 9.3%.
- Based on the solution, multiple-channel document capture software is expected to obtain more than 34.5% in 2023.
- Based on industry, the banking segment is expected to share 18.3% from 2023 to 2033.
Innovation Watch: Key Developments in the Market
- In August 2018, Xerox Corp. introduced Xerox DocuMate 6710, which is a new Xerox production scanner that offers scanning innovation. The solution is designed to be used by industries like education, healthcare, the legal world, etc. that still use large quantities of documents.
- In May 2023, Join, which is a collaborative project delivery platform released an Autodesk construction cloud integration to simplify document management and collaboration.
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Key Segments Covered in Document Capture Software Industry Report
By Deployment:
- Cloud-based
- On-premise
- Hybrid
By Organization Size:
- Small and Medium Enterprises
- Large Enterprises
By Solution:
- Multiple-channel
- Cognitive
- Mobile
- Others
By Industry:
- Retail
- Banking
- Financial Services & Insurance
- Telecom & IT
- Healthcare
- Transportation & Logistics
- Energy
- Other Industries
By Region:
- North America
- Europe
- The Asia Pacific
- The Middle East & Africa
- South America
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