The Document Capture Software Market was worth US$ 5.03 billion in 2021, and it is estimated to reach a valuation of US$ 11.23 billion by the end of 2026, expanding at an annual growth rate of 10.56% between 2021 and 2026.
The Document Capture Software is a tool which is used to translate the physical documents into a digital presentation which helps in reducing the workload by managing the complex business workflow. The Document capture software is used to expand the operational efficiency and also provides 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.
Several benefits such as growing penetration of Internet of Things, growing adoption of cloud based software is expected to play an essential role in the growth of market of Document Capture Software across the globe. Another factor such as increasing demand for Saas based document facilities pay per use and has a friendly interface across the globe which influence the growth of Document Capture Software market during the forecast period. Furthermore, increasing requirements of the web based document management solutions as they enables businesses to securely store, maintain and access the 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 paper work are some of the major driving factors which promotes the growth of the revenue rate of Document Capture Software market during the forecast period.
Data security concerns during data sharing is one of the important barriers to market growth. Also, the lack of professional workforce and also the concerns related to automation acts as an important deterrent to the growth of the Document Capture Software market.
The Document Capture Software market is segmented based on solution, based on deployment mode, based on enterprise size and based on verticals.
By solution, 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 when a photo is captured and this mobile capture segment is predicted to remain at the forefront throughout the forecast period.
By 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.
By enterprise size, the Document Capture Software Market is divided into small & medium size enterprises and large size enterprises. The small and medium sized enterprises segment held prominent share of the market among the other segments.
By verticals, 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 to resolve inquiries with valuable information captured from customer and client documents.
On the basis of region, the Document Capture Software market is segmented into North America region, Asia Pacific region, Europe region, Latin America region and Middle East and Africa region.
North America region hold the prominent share of the market attributed to the factors such as increasing awareness about data security and also increasing adoption of such software’s in this region. Furthermore, the gradual rise in Document Capture Software adoption by the healthcare sector in the region especially in some of the countries such as US, Canada and Mexico propels the growth of the market. The North America region is expected to hold the 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 enterprises software market during the forecast period. Furthermore, the increasing of investments by the major key players of the market for R & D activities and also for the new advancements in the technology is also one of the major driving factor which promotes the growth of the revenue rate of the Document Capture Software market.
Europe document capture software market is projected to grow at higher rate in the foreseen years. Growing expenditure in urban areas are likely to bolster the demand of the market in this region.
IBM Corporation is the leading company in Document Capture Software market.
Key market participants of Document Capture Software market are 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., Xerox Corporation
Due to the COVID 19 pandemic, almost all the industries have faced a lot of problems due to the lockdown situations imposed by the respective government authorities to reduce the spread of the corona virus. Because of the lockdown situations, most of the 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 has a significant growth rate during the pandemic and as per the analysis from the experts that this market will get an impeccable growth rate after the pandemic.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Document Capture Software Market, By solution
6.1.1 multiple channel capture
6.1.2 cognitive capture
6.1.3 mobile capture
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Document Capture Software Market, By deployment mode
6.2.1 on premises deployment mode
6.2.2 cloud deployment mode
6.2.3 hybrid deployment mode
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Document Capture Software Market, By enterprise size
6.3.1 small and medium size enterprises
6.3.2 large enterprises
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Document Capture Software Market, By vertical
6.4.2 banking, financial services and insurance
6.4.4 transportation & logistics
6.4.6 Market Size Estimations & Forecasts (2021-2026)
6.4.7 Y-o-Y Growth Rate Analysis
6.4.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By solution
7.2.3 By deployment mode
7.2.4 By enterprise size
7.2.5 By vertical
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By solution
7.3.3 By deployment mode
7.3.4 By enterprise size
7.3.5 By vertical
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By solution
7.4.3 By deployment mode
7.4.4 By enterprise size
7.4.5 By vertical
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By solution
7.5.3 By deployment mode
7.5.4 By enterprise size
7.5.5 By vertical
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By solution
7.6.3 By deployment mode
7.6.4 By enterprise size
7.6.5 By vertical
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Notable Solutions Inc
8.6 EMC Corp
8.7 Ephesoft Inc
8.8 Hyland Software Inc
8.9 ABBYY Software Adobe Systems Software Ltd
8.10 Artsyl Technologies, Inc
8.11 Canon, Inc
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures