In June, a significant study of the document capture software market was released by Technavio, revealing the forecast for 2021-2025. Recent developments and the trend towards digital transformation are expected to significantly accelerate the market growth in the coming years, with an estimated value of USD 3.16 billion (CAGR of 11.07%).
Although the Covid 19 period has been a burden for many sectors, it has been found to have had a positive impact on the market. Specifically for the post-Covid 19 period, companies worldwide are expected to reposition themselves and address tailored action plans for further digitization.
But what can explain such growth?
One of the reasons for this is that companies are processing more and more new data every day. This considerable amount of data is often presented in a physical form. Or at least in form of, for example, PDFs. In other words, companies must digitize and structure the content of a lot of documents, and this as fast and as cheap as possible. Machine learning-powered document capture and Intelligent Character Recognition (ICR) provided by the various suppliers in the market helps with just that.
Who are the main providers?
Technavio’s report reveals the sector’s leading suppliers, their growth strategy, production, sustainability, and prospects. The players are:
- ABBYY Solutions Ltd.
- Adobe Inc.
- Canon Inc.
- Dell Technologies Inc.
- Kofax Inc.
- Oracle Corp.
- Parashift AG
- Rossum Ltd.
- Seiko Epson Corp.
- Xerox Corp.
In which geographical location is the market most exponential?
The main markets for document capture software are the United States and Canada. However, Africa, Europe, APAC are among the fastest-growing regions. The research deals with the market opportunity by geography and the key leading countries.
Which sectors are most involved?
Automated document capture seduces more and more companies from different sectors, especially the banking, insurance, and financial services sectors, which are used to processing a large amount of data per day. Thanks to such technologies, their operational efficiency is well improved and their customer relationship is better.
Find the complete study on technavio.com