Document Capture Software Market

Global Document Capture Software Market Size (2024 to 2029)

The global document capture software Market is predicted to reach USD 6.15 billion in 2024 and USD 10.15 billion by 2029, growing at a CAGR of 10.56% during the forecast period.

The Document Capture Software is a tool that is used to translate physical documents into a digital presentation, which helps reduce the workload by managing the complex business workflow. The document capture software is used to expand operational efficiency and provide an enhanced customer experience. The growing demand for SaaS (Software as a Service) based document facilities pay per use is a factor that is expected to lead the Document Capture Software market during the forecast period.

Global Document Capture Software Market Drivers:

Several benefits, such as the growing penetration of the Internet of Things and the growing adoption of cloud-based software, are expected to play an essential role in the growth of the document capture software market across the globe. Another factor, such as increasing demand for Saas-based document facilities, is pay-per-use and having a friendly interface across the globe, which influences the growth of the Document Capture Software market during the forecast period. Furthermore, increasing requirements for web-based document management solutions as they enable businesses to securely store, maintain, and access digital records in a systematic and effective way, growing demand for document capture software by the healthcare industry to manage the records and also to reduce the paperwork are some of the major driving factors which promote the growth of the revenue rate of Document Capture Software market during the forecast period.

Global Document Capture Software Market Restraints:

Data security concerns during data sharing is one of the important barriers to market growth. Also, the lack of a professional workforce and the concerns related to automation act as an essential deterrent to the growth of the Document Capture Software market.

Impact of COVID-19 on the global document capture software market:

Due to the COVID-19 pandemic, almost all industries have faced many problems due to the lockdown situations imposed by the respective government authorities to reduce the spread of the coronavirus. Because of the lockdown, most companies have shut down their operations and allowed their employees to work from home to continue some of the operational aspects. The Document Capture Software market experienced significant growth during the pandemic, and as per experts' analysis, this market will have an impeccable growth rate after the pandemic.

REPORT COVERAGE:

This research report on the global document capture software market is segmented and sub-segmented based on solution, deployment mode, enterprise size, verticals, and region.

Global Document Capture Software Market - By Solution:

• Multiple Channel Capture   

• Cognitive Capture 

• Mobile Capture     

The Document Capture Software Market is divided into multiple channel capture, cognitive capture, and mobile capture. The mobile capture segments held the prominent share in terms of revenue because the document is processed immediately at the moment a photo is captured, and this mobile capture segment is predicted to remain at the forefront throughout the forecast period.

Global Document Capture Software Market - By Deployment Mode:

• On-Premises Deployment Mode     

• Cloud Deployment Mode   

• Hybrid Deployment Mode

The Document Capture Software Market is divided into cloud deployment mode, on-premises deployment mode, and hybrid deployment mode. Among these segments, the cloud deployment mode segment holds the major share of the market, and this region is expected to hold the dominance during the forecast period.

Global Document Capture Software Market - By Enterprise Size:

• Small And Medium-Size Enterprises

• Large Enterprises  

The Document Capture Software Market is divided into small & medium size enterprises and large size enterprises. The small and medium-sized enterprises segment held a prominent share of the market among the other segments.

Global Document Capture Software Market - By Verticals:

• Retail          

• Banking, Financial Services, And Insurance   

• Healthcare              

• Transportation & Logistics  

• Energy      

The Document Capture Software Market is segmented into retail, banking, financial services and insurance, healthcare, transportation & logistics, energy, and other types of verticals. Among these segments, the BFSI segment holds the major share of the market since this software helps quickly and accurately resolve inquiries with valuable information captured from customer and client documents.

Global Document Capture Software Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

North American region holds a prominent share of the market, attributed to factors such as increasing awareness about data security and increasing adoption of such software in this region. Furthermore, the gradual rise in the adoption of Document Capture Software by the healthcare sector in the region, especially in some countries such as the US, Canada, and Mexico, has pushed the growth of the market. The North American region is expected to hold dominance during the forecast period.

Asia Pacific region is also expected to increase the market growth due to the rising inclination towards automated workflow at efficient cost by several small and medium organizations in some of the major economies of the region, such as India, China, and Japan, propels the growth of the revenue rate of the enterprise's software market during the forecast period. Furthermore, the increasing investments by the major key players of the market for R&D activities and the new advancements in technology are also some of the major driving factors that promote the growth of the revenue rate of the Document Capture Software market. The European document capture software market is projected to grow at a higher rate in the foreseen years. Growing expenditures in urban areas are likely to bolster the market's demand in this region.

KEY MARKET PARTICIPANTS:

The major companies operating in the global document capture software market include Meniko, Notable Solutions Inc., Nuance, DocuLexInc (DocStar), EMC Corp, Ephesoft Inc., Hyland Software Inc., IBM Corporation, ABBYY Software, Adobe Systems Software Ltd, Artsyl Technologies, Inc., Canon, Inc., CAPSYS Technologies, LLC, Knowledge Lake Inc., Kodak Company, Kofax, Inc., Communications, Inc., Oracle Corp., and Xerox Corporation.

RECENT HAPPENINGS IN THE MARKET:

• In December 2019, Vertec Scientific Company made a strategic partnership with Hyland Software Inc. to create a robust and complete set of solutions for clinicians.

• In September 2019, Automation Anyware Company partnered with Ephesoft Inc. to combine robotic process automation and document capture technologies. This combination unlocks amorphous data and can solve most complex content problems.