Global Document Capture Software Market, By 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 and Logistics, Financial Services and Insurance, Retail, Healthcare, Energy, Others) - Industry Trends and Forecast to 2029
Market Analysis and Size
Document capture software is being deployed across various industry verticals such as manufacturing, government and public sector, and retail to convert documents into readable form. This software has various advantages such as improving product quality, declining time to market, and eliminating paper records.
Global Document Capture Software Market was valued at USD 6.70 billion in 2021 and is expected to reach USD 17.37 billion by 2029, registering a CAGR of 12.65% in 2022 2029. Cloud is expected to witness high growth in the deployment type segments of the market owing to the rise in the adoption of cloud computing technology. 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 also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Document capture software refers to a process that includes scanning and uploading paper documents to an electronic repository. The technology automatically identifies document types such as invoices, packing slips, purchase requisition forms, receipts, purchase orders, checks, bills of lading, and business-specific documents.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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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 and Logistics, Financial Services and Insurance, Retail, Healthcare, Energy, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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KOFAX INC. (US), KnowledgeLake (US), IBM (US), Eastman Kodak Company (US), Hyland Software, Inc. and its affiliates (US), Ephesoft Inc. (US), Dell (US), DocStar (US), CAPSYS Technologies, Inc. (US), Artsyl Technologies, Inc. (Canada), 3D Systems, Inc. (US), HEXAGON (Sweden), Dassault Systèmes (France), Siemens (Germany), SolidCAM Ltd. (Germany), and DP Technology Corp (US), among others
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Market Opportunities
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Document Capture Software Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Emergence of SaaS-Based Document Capture Software
The emergence of SaaS-based document capture software solutions assisting organizations in declining the cost while enhancing their efficiency of deploying valuable IT infrastructure acts as one of the major factors driving the document capture software market.
- Rise in Awareness regarding Threats
The rise in awareness for threats associated with legal liability and compliance requirements in IT, Transportation and FMCG sectors accelerate market growth. The increase in demand for document capture software to manage data and improve effectiveness of the data in organization has a positive impact on the market.
- Requirements of the Web-Based Document Management
The increase in the requirements of web-based document management solutions to allow organizations to securely store, maintain, and access digital records in a systematic way further influences the market. These services offer a better understanding in a timely and effective manner.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the document capture software market.
Opportunities
Furthermore, adopting cloud computing technology in organizations extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments will further expand the market.
Restraints/Challenges
On the other hand, professional scalability, automation, and expertise issues are expected to obstruct market growth. Also, data sharing and security threats are projected to challenge the document capture software market in the forecast period of 2022-2029.
This document capture software 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 document capture software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Document Capture Software Market
The COVID-19 pandemic had a positive impact on the document capture software market. It helped millions of people globally in leveraging advanced tools for various applications. The surge in investments by various SMEs and large enterprises in technologies such as AI and machine learning for improving business operations. Document document capture software market was highly useful for optimizing internal operations and managing budgets. The document capture software market is expected to witness high growth Post-COVID-19 due to the adoption of smart manufacturing processes using AI, and IoT technologies.
Global Document Capture Software Market Scope and Market Size
The document capture software 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 Regional Analysis/Insights
The document capture software 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 document capture software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the document capture software market due to the rise in technological development and growing awareness regarding data security.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the adoption of advanced technology among the enterprises in the region.
The country section of the 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 like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the 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
The document capture software 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 document capture software market.
Some of the major players operating in document capture software market are
- KOFAX INC. (US)
- KnowledgeLake (US)
- IBM (US)
- Eastman Kodak Company (US)
- Hyland Software, Inc. and its affiliates (US)
- Ephesoft Inc. (US)
- Dell (US)
- DocStar (US)
- CAPSYS Technologies, Inc. (US)
- Artsyl Technologies, Inc. (Canada)
- 3D Systems, Inc. (US)
- HEXAGON (Sweden)
- Dassault Systèmes (France)
- Siemens (Germany)
- SolidCAM Ltd. (Germany)
- DP Technology Corp (US)
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