USD 6.0 billion
Report ID: SQSG45E2056 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Document Analytics Market size was valued at USD 6.0 billion in 2021, and it is expected to reach a value of USD 22.8 billion by 2028, at a CAGR of more than 21% over the forecast period (2022-2028).
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.
Global Market Size
USD 6.0 billion
more than 21% CAGR
To get more reports on the above market click here to Buy The Report
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.
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.
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.
To get detailed analysis on other segments, Request For Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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.
Top Player's Company Profiles
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.
|Market size value in 2021||USD 6.0 billion|
|Market size value in 2028||USD 22.8 billion|
|Growth Rate||more than 21%|
|Forecast Unit (Value)||USD Billion|
|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)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Document Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.