The global market for document capture software has registered a market value of US$ 6.30 billion in 2018 and is set to grow with a CAGR of 13.30% during the forecast period.
Key questions answered in this report
- What was the market size of document capture software in 2018 and forecast up to 2027?
- Which is the largest regional market mobile capture in its solutions segment?
- What are the major trends followed in document capture software market across different regions?
- Who is the key document capture software companies leading the market?
- What are the key strategies adopted by the leading document capture software companies in the market?
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Rising digitalization and the adoption of advanced solutions and services by organizations, businesses and businesses are considered to be one of the key factors that increase the demand for document capture software. This software reduces manual work and human effort to physically send the document to any destination or office. In addition, this software also reduces the use of paper and saves a large cost to the organization, which is also considered a driving factor. Data capture software is coupled with data management software to increase the working efficiency of organizations, and this software also enables companies to compress documents resulting in less space for these files.
The end-user market for document capture software was segmented by retail, government, BFSI, IT & Telecommunications, healthcare, transport, energy & utility and others. BFSI segments are the dominant segment in 2018 with a market share of more than 25.0% and are expected to dominate the market during the forecast period. Increasing transactions are one of the key drivers of the segment. Increasing the adoption of BFSI cloud services is also a key driver of the market. Similarly, document capture software allows companies to resolve inquiries accurately and quickly, requiring information from client documents, reducing human effort and increasing work efficiency.
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Asia-Pacific is expected to be the fastest-growing region due to increased awareness of the various benefits of document capture software in the region’s business process. In addition, increasing BFSI, e-commerce, IT & telecommunications and other industries in the region is a key driver of the market in the region. China has the largest market share in the region due to the increasing digitalization in the country and the presence of the various BFSI, IT & Telecom companies present in the market-driven region.
Some of the prominent players operating in the document capture software market include BBYY Software, Adobe Systems Software Ltd., Canon, Inc., Artsyl Technologies, Inc, CAPSYS Technologies, LLC, EMC Corp., Oracle Corp. DocuLexInc (DocStar), Ephesoft Inc., IBM Corporation, Hyland Software Inc., Knowledge Lake Inc., Kofax, Inc., Kodak Company, Meniko, Nuance, Communications, Inc., Notable Solutions Inc., and Xerox Corporation.