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).

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.