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Global Document Capture Software Market – Industry Trends and Forecast to 2031

ICT

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Global Document Capture Software Market – Industry Trends and Forecast to 2031

  • ICT
  • Upcoming Report
  • Jul 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Document Capture Software Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 8.50 USD Billion
Diagram Market Size (Forecast Year) USD 22.05 USD Billion
Diagram CAGR %

Major Markets Players

  • KOFAX INC. (U.S.)
  • KnowledgeLake (U.S.)
  • IBM (U.S.)
  • Eastman Kodak Company (U.S.)
  • Hyland Software

Global Document Capture Software Market, By Deployment Type (On-Premise, Cloud, and Hybrid), Solution (Cognitive Capture, Mobile Capture, Multiple-Channel Capture, and Others), Organization Site (Large Enterprise, Small and Medium Enterprise), Industry (Telecom and IT, Banking, Transportation and Logistics, Financial Services and Insurance, Retail, Healthcare, Energy, and Others) – Industry Trends and Forecast to 2031.

Document Capture Software Market

Document Capture Software Market Analysis and Size

Enterprise content management (ECM) utilizes document capture software to manage the lifecycle of information within organizations. It involves capturing, storing, managing, and delivering content and documents related to business processes. Document capture software plays a crucial role in ECM by automating the capture of documents from various sources such as scanners, emails, and digital files. It facilitates the conversion of physical documents into digital formats through technologies such as OCR and intelligent data extraction.

The global document capture software market size was valued at USD 8.50 Billion in 2023 and is projected to reach USD 22.05 billion by 2031, with a CAGR of 12.65% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation       

Report Metric

Details

Forecast Period

2024-2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Deployment Type (On-Premise, Cloud, and Hybrid), Solution (Cognitive Capture, Mobile Capture, Multiple-Channel Capture, and Others), Organization Site (Large Enterprise, Small and Medium Enterprise), Industry (Telecom and IT, Banking, Transportation and Logistics, Financial Services and Insurance, Retail, Healthcare, Energy, and Others)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America

Market Players Covered

KOFAX INC. (U.S.), KnowledgeLake (U.S.), IBM (U.S.), Eastman Kodak Company (U.S.), Hyland Software, Inc. and its affiliates (U.S.), Ephesoft Inc. (U.S.), Dell (U.S.), DocStar (U.S.), CAPSYS Technologies, Inc. (U.S.), Artsyl Technologies, Inc. (Canada), 3D Systems, Inc. (U.S.), HEXAGON (Sweden), Dassault Systèmes (France), Siemens (Germany), SolidCAM Ltd. (Germany), and DP Technology Corp (U.S.), among others

 

Market Opportunities

  • Rising Technological Advancement
  • Growing Strategic Collaborations

Market Definition

Document capture software is a technology that automates the process of scanning, recognizing, and digitizing documents from various sources such as paper, emails, and digital files. It typically includes features such as optical character recognition (OCR) to convert scanned images into editable text, intelligent data extraction to capture specific information, and workflow automation to streamline document management processes. This software helps organizations digitize and organize documents efficiently, improving data accessibility, reducing manual errors, and enhancing overall productivity.

Document Capture Software Market Dynamics

Drivers

  • Rising Regulatory Compliance Requirements

Various industries, such as healthcare, finance, and legal sectors, are bound by stringent regulations that mandate secure document handling, storage, and retrieval practices. Document capture software helps organizations meet these requirements by ensuring accurate capture, classification, and secure storage of sensitive information. Features such as audit trails, encryption, and access controls enhance data security and compliance with regulations such as GDPR, HIPAA, and SOX. As regulatory scrutiny increases globally, businesses increasingly rely on document capture solutions to mitigate risks, avoid penalties, and maintain operational integrity while managing their document-intensive workflows efficiently.

  • Increasing Adoption of Digital Technologies

As businesses undergo digital transformation, there is a growing need to digitize and manage documents efficiently. Document capture software plays a crucial role by automating the process of converting physical documents into digital formats, enhancing accessibility and reducing reliance on paper-based systems. This trend is fueled by the benefits of improved data security, easier information retrieval, and streamlined workflows that support remote work and collaboration. Additionally, digital technologies enable integration with other enterprise systems, enhancing overall operational efficiency and supporting compliance with regulatory requirements.

Opportunities

  • Rising Technological Advancement

Technological advancement enhances the capabilities and functionalities of these solutions. Innovations such as artificial intelligence (AI) and machine learning have revolutionized document capture by enabling features such as advanced OCR for more accurate text recognition, intelligent data extraction to automatically capture and classify information, and natural language processing (NLP) for understanding and processing unstructured data. These advancements improve efficiency in document processing and management and support seamless integration with other enterprise systems, facilitating enhanced collaboration and productivity across organizations.

  • Growing Strategic Collaborations

Strategic collaborations involve software providers, hardware manufacturers, and technology integrators joining forces to enhance product capabilities, expand market reach, and innovate solutions. Collaborations often result in the integration of advanced technologies such as AI and cloud computing into document capture software, improving functionality such as OCR accuracy, document processing speed, and scalability. Additionally, partnerships enable vendors to offer comprehensive solutions that meet diverse customer needs across industries such as healthcare, finance, and legal services. By leveraging each other's strengths, collaborators can accelerate product development cycles, address emerging market trends, and achieve competitive advantage in the rapidly evolving document management landscape.

Restraints/Challenges

  • High Implementation Costs

Organizations often face substantial upfront expenses related to purchasing software licenses, hardware infrastructure (such as scanners and servers), and integration with existing IT systems. Additionally, costs associated with customization, training, and ongoing maintenance add to the financial burden. For smaller businesses and enterprises with limited budgets, these expenses can deter investment in document capture solutions despite their potential long-term benefits in efficiency and compliance. Moreover, the complexity of implementation and the need for specialized IT expertise further contribute to the overall cost, making it challenging for some organizations to justify or afford adopting document capture software.

  • Lack of Seamless Integration

Many organizations operate with diverse IT ecosystems comprising legacy systems, specialized applications, and cloud-based platforms. Document capture software often needs to integrate seamlessly with these existing systems to maximize its utility and efficiency. However, compatibility issues, differing data formats, and varying APIs can hinder smooth integration processes. This can result in fragmented workflows, increased complexity in data management, and reduced overall productivity gains.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In December 2019, Hyland Software, Inc. partnered with Vertec Scientific to develop comprehensive solutions designed to improve operational efficiencies for clinicians. This collaboration such asly focused on leveraging Hyland's expertise in healthcare content management with Vertec Scientific's specialized knowledge in providing tools and services tailored to clinical workflows, aiming to enhance productivity and patient care outcomes
  • In September 2019, Ephesoft, Inc. collaborated with Automation Anywhere to integrate document capture capabilities with robotic process automation (RPA) technologies. This partnership aimed to streamline enterprise content management (ECM) by automating document processing tasks, thereby enhancing efficiency and accuracy in managing large volumes of data

Document Capture Software Market Scope

The market is segmented on the basis of deployment type, solution, organization site and industry. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment Type

  • On-Premise
  • Cloud
  • Hybrid

Solution

  • Cognitive Capture
  • Mobile Capture
  • Multiple-Channel Capture

Organization Site

  • Large Enterprise
  • Small and Medium Enterprise

Industry

  • Telecom and IT
  • Banking
  • Transportation
  • Logistics
  • Financial Services and Insurance
  • Retail
  • Healthcare
  • Energy
  • Others 

Document Capture Software Market Region Analysis/Insights

The market is analysed and market size insights and trends are provided by country, deployment type, solution, organization site and industry as referred above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America.

North America dominates the market due to advanced technological developments and heightened awareness of data security within enterprises. The region benefits from a robust infrastructure supporting digital transformation initiatives across industries, driving the adoption of document capture solutions. Additionally, stringent regulatory requirements and increasing concerns about data privacy contribute to the demand for secure and efficient document management systems in North America. These factors collectively position the region at the forefront of innovation and adoption in the document capture software market.

Asia-Pacific is expected to experience substantial growth in the market due to widespread adoption of advanced technologies by enterprises. Factors such as increasing digital transformation initiatives, rising investments in IT infrastructure, and a growing tech-savvy workforce are such asly to propel this growth. APAC countries are increasingly integrating technologies such as AI, cloud computing, and IoT into their operations to enhance efficiency, reduce costs, and gain competitive advantage in the global market, contributing to the region's economic and technological development.

The country section of the global sales force automation software market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Document Capture Software Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • KOFAX INC. (U.S.)
  • KnowledgeLake (U.S.)
  • IBM (U.S.)
  • Eastman Kodak Company (U.S.)
  • Hyland Software, Inc. and its affiliates (U.S.)
  • Ephesoft Inc. (U.S.)
  • Dell (U.S.)
  • DocStar (U.S.)
  • CAPSYS Technologies, Inc. (U.S.)
  • Artsyl Technologies, Inc. (Canada)
  • 3D Systems, Inc. (U.S.)
  • HEXAGON (Sweden)
  • Dassault Systèmes (France)
  • Siemens (Germany)
  • SolidCAM Ltd. (Germany)
  • DP Technology Corp (U.S.)


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