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The document capture software market share is expected to increase by USD 3.57 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 11.57%.
This document capture software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the document capture software market segmentations by end-user (BFSI, healthcare, government, legal, and others) and geography (North America, Europe, APAC, and South America). The document capture software market report also offers information on several market vendors, including ABBYY Solutions Ltd., Adobe Inc., Canon Inc., Dell Technologies Inc., Kofax Inc., Oracle Corp., Parashift AG, Rossum Ltd., Seiko Epson Corp., and Xerox Corp. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing use of big data analytics is notably driving the document capture software market growth, although factors such as risks of data theft and cyber attacks may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the document capture software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Document Capture Software Market Driver
The growing use of big data analytics is one of the key factors driving the growth of the global document capture software machine market. Big data analytics is the process of examining large and diverse data sets to decipher data patterns, data correlations, customer preferences, and market trends that can help organizations make informed business decisions. The adoption of big data analytics among enterprises is increasing as it offers many business benefits, including improving customer service and operational efficiency, devising effective marketing strategies, identifying new revenue opportunities, and gaining competitive advantages over rivals. While transaction, structured, unstructured, and semi-structured data that is generated by a diverse set of enterprise applications can be directly integrated with the analytics solution, a huge amount of valuable information lies in the physical document repositories of enterprises. This data can be harnessed and analyzed using analytical software after digitization. Data capture software enables organizations to utilize the information stored in physical documents with the help of digital transformation. Such factors will increase the market focus during the forecast period.
Key Document Capture Software Market Trend
The use of mobile-based data capture software will fuel the global document capture software machine market growth. The increasing use of mobile devices is encouraging vendors to integrate advanced technologies with mobile-based document capture software to increase customer usability. Examples of such modified offerings include advanced capture, which enables capture from multiple sources and identifies valuable data. Furthermore, the integration of mobile devices and cloud solutions will allow to capture content anytime, anywhere, and from all types of sources. Moreover, to exploit the opportunity, all the leading document capture software vendors are providing mobile-based document capture software/applications. For instance, ABBYY has come up with ABBYY Mobile OCR Engine, allowing developers to integrate optical character recognition (OCR) into their mobile apps and small-footprint applications. With this mobile OCR software development kit (SDK), apps can extract text from photographed images, transforming smartphones and tablets into efficient mobile data capture devices. Such factors will increase the market focus during the forecast period.
Key Document Capture Software Market Challenge
The risks of data theft and cyber-attacks are a major challenge for global document capture software machine market growth. Digitized data and online documents contain confidential data of companies. These documents are available online, either on the cloud or in the on-premise database. Thus, the data is always at risk from cyberattacks. Cybersecurity and privacy concerns pose a challenge for the adoption of document management systems, which include document capture software. The mismanagement of digital content captured using document capture software increases the vulnerability to cyberattacks. This can lead to a reduction in brand loyalty, expensive lawsuits, and costly insurance claims. Furthermore, technical glitches, errors, and the unsecured transfer of data within organizations make the system vulnerable to hackers. Risks of data theft and cyberattacks are major challenges for the global document capture software market. Such factors will hinder the global document capture software machine market growth during the forecast period.
This document capture software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes the global document capture software market as a part of the global application software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the document capture software market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the document capture software market encompasses successful business strategies deployed by the key vendors. The document capture software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The document capture software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the document capture software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global IT software market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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