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

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).

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. '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.'

Growing need for social media analysis and brand awareness is expected to fuel demand for document analytics solutions.

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 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.

In 2021, North America dominates the 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.