USD 1.09 billion
Document Analytics Market Size, Share, Growth Analysis, By Product type(Services, Solutions), By Deployment type(Cloud, on-premise), By Industrial Vertical(BFSI, Government, Healthcare, Life Sciences), By Organization size(Large Enterprises, Small, Medium-sized Enterprises (SMEs)), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45E2056 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
122
|Figures:
77
Document Analytics Market Insights
Document Analytics Market size was valued at USD 1.09 billion in 2019 and is poised to grow from USD 1.63 billion in 2023 to USD 62.02 billion by 2031, growing at a CAGR of 49.8% in the forecast period (2024-2031).
Document Analytics is a field of study that employs natural language processing (NLP) techniques to automate repetitive document processing tasks or to gain a better understanding of the content of the documents. It is a key differentiator and enabler in industries where documents, some of which are still in paper form, are at the heart of many business processes. This is true of insurance and the financial industry as a whole. Its demand is expected to rise as the internet of things, cloud computing, and big data analytics become more popular. The ability of text analysis to provide businesses with real-time insights to help them analyse current business strategies is expected to redefine business operations. On the other hand, it is assisting industries such as retail, travel and tourism, healthcare, and automotive in providing efficient customer service by analysing customer experience via emails, queries, social media platforms, and other channels.
Demand for digital transformation, increased analytics investments, rising demand for remote services and location data, and rising demand for real-time information to track and monitor the COVID-19 spread all create opportunities for the Global Document Analytics Market to grow. Furthermore, following COVID-19, businesses will automate as much as possible in order to reduce reliance on human labour and cut costs. Using document analysis solutions for automated data extraction, organisations will be able to process large volumes of semi-structured and unstructured documents with low-touch processing, greater accuracy, and faster turnaround times, allowing them to deal with volume fluctuations.
US Document Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solution
Fastest Growth
Service
Growth Rate
49.8% CAGR
Global Document Analytics Market, 2021-2028 ($ Bn)
Country Share for North AmericaRegion- 2021 (%)
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Document Analytics Market Segmental Analysis
Global Document Analytics Market is segmented based on Product Type, Deployment type, Industry Vertical, Organization Site, and region. Based on Deployment Type, the market is segmented Services and Solutions. Based on Deployment type, the market is segmented into Cloud and on-premise. Based on Industry Vertical, the market is categorized into BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Manufacturing, Transportation and Logistics, and Others. Based on Organization Site, the market is segmented into Large Enterprises and Small and Medium-sized Enterprises (SMEs). By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Document Analytics Market Analysis by Product Type
Based on product type, the solutions segment held the largest global Document Analytics Market share in 2021. Soaring enterprise projects to create a digital content in order to handle large amounts of data and enhance its quality for analysis are driving investments in the market.
During the forecast period, the services segment is expected to expand at the fastest CAGR. Even as market reaches maturity over the next few years, there will be rise in the demand for services such as installation, consultation, training, maintenance, and support. As a result, document analytics services are expected to grow more rapidly over the forecast period.
Document Analytics Market Analysis by Industry Vertical
The BFSI industry vertical held the largest share of the overall Global Document Analytics Market by 2021. This industry deals with complex documents like invoices, receipts, legal contracts, emails, and financial statements. Manual data extraction in various formats, such as PDFs, images, Excel spreadsheets, and others, is extremely difficult. As a result, the BFSI vertical is expected to dominate the global market.
Manufacturing is expected to grow at the fastest rate in the coming years. Manufacturing companies are in charge of multiple departments and supply chain components, and creating physical documents for each of them is a time-consuming and error-prone process. As a result, the manufacturing industry has begun to incorporate document analytics in order to reduce latency and organise unstructured data properly.
Global Document Analytics Market By Product Type , 2021 (%)
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Document Analytics Market Regional Insights
In 2021, North America dominates the Global Document Analytics Market. The advanced nations of North America, such as the United States and Canada, place a high value on R&D and technological developments. In addition, the unavoidable need is for companies to create a digital their traditional business operations, as well as the rapid adoption of mobile devices, IoT solutions, and cloud technology, has resulted in increased adoption of document analysis solutions in this region. Furthermore, many North American document analysis solution and service providers are expected to significantly drive growth.
The popularity of analytical tools such as document analytics, as well as the expansion of connection infrastructure, provide new potential for Asian-Pacific organisations to embrace document analytics. As a result, Asia-Pacific will increase at the quickest pace throughout the predicted period.
Global Document Analytics Market By Geography, 2021-2028
- Largest
- Fastest
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Document Analytics Market Dynamics
Document Analytics Market Driver
- Growing need for social media analysis and brand awareness is expected to fuel demand for document analytics solutions.
- Competitive intelligence and effective customer service are expected to drive the market.
Document Analytics Market Restraint
- Rising worries over data privacy are expected to stymie market expansion.
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Document Analytics Market Competitive Landscape
Companies are investing in R&D to provide unique and sophisticated text analytics services. In addition, the major participants in the market are proposing new solutions for dealing with COVID-19 data issues. To deliver advanced and real-time text analytics capabilities, the firms are cooperating with researchers and healthcare providers.
Document Analytics Market Top Player's Company Profiles
- IBM Corporation
- ABBYY
- OpenText Corporation
- Kofax, Inc.
- Adobe Systems, Inc.
- SAP SE
- Lexmark International, Inc.
- HP Inc.
- WorkFusion
- Hyland Software, Inc.
- SAS Institute Inc.
- Canon Inc.
- Microsoft Corporation
- Google LLC
- TIBCO Software Inc.
- Icertis, Inc.
- M-Files Corporation
- Box, Inc.
- DocuSign, Inc.
- Dropbox, Inc.
Document Analytics Market Recent Developments
- In October 2022, Chevron is experimenting with artificial intelligence. In its 2021 annual report, the corporation makes no mention of AI. A different business document, on the other hand, mentions investments in five firms that employ data analytics, computer vision, natural language processing, and machine learning technology.
- In January 2022, BOTMINDS AI reveals the most recent release of its intelligent document automation platform. Botminds V13 enhances quick automation capabilities while giving SMEs greater power in incorporating AI.
Document Analytics Key Market Trends
- Content digitization is the process of turning various forms and formats of material into digital format. Businesses all over the world are embracing content digitalization because it reduces workloads, organises data, reduces latencies, and assists in the smooth running of the organisation. New technological solutions to improve efficiency are continually being introduced into the banking, financial services, and insurance industries. Market players in this sector, on the other hand, are presented with vast volumes of data ranging from financial statements to invoices, legal contracts, emails, and receipts. These papers' analysis is crucial for firms in the BFSI industry. Globally, BFSI firms are seeing constant increase in their client base, which is growing the amount of their paperwork. The BFSI sector players use or use natural language processing (NLP) to categorise data in document mining systems to assure customer and enterprise data. The growing awareness of the benefits of document analysis software among BFSI sector participants is fueling the growth of the Global Document Analytics Market. Furthermore, government agencies handle the safe and private data of persons, departments, procedures, and agencies. The volume of data created by government agencies is immense, and it is in an unstructured format that requires proper collection, classification, and extraction in order to improve government processes.
Document Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Document Analytics Market analysis, in 2021, the solutions category is estimated to account for the largest market share. As a result of soaring business programmes to develop digital content to handle massive volumes of data and improve its quality for analysis are increasing market spending on document analysis solutions. By 2021, the BFSI industry vertical is estimated to dominate the global market. This industry handles complex paperwork such as invoices, receipts, legal contracts, letters, and financial statements. North America is expected to lead the document analytics market. Competitive intelligence and excellent customer service are expected to promote the product demand. Rising concerns over data privacy are projected to limit progress.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.09 billion |
| Market size value in 2031 | USD 62.02 billion |
| Growth Rate | 49.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Document Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Document Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Document Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Document Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Document Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Document Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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