Document Analysis Market to 2027 - Global Analysis and Forecasts by Solutions (Products and Services); Deployment Type (Cloud and On-premise); Organization Size (Large Enterprises and Small & Medium Enterprises (SMEs)); Industry Vertical (BFSI, Government, Healthcare, Retail, Manufacturing, and Others)

According to the new research report published by The Insight Partners, titled “Document Analysis Market - Global Analysis and Forecast to 2027”, the global Document Analysis market is expected to reach US$ 8,023.6. Mn by 2027, registering a CAGR of 39.2% during the forecast period 2020-2027. 

Document analysis is a systematic process for evaluating or reviewing any type of document, printed as well as electronic. These documents can be internet transmitted or computer-based. In document analysis like other analytical methods in qualitative research, data is interpreted and examined in such a way that it elicits meaning, develop empirical knowledge, and gain understanding. These document analyses are offered as a product as well as a service. The market for document analysis is highly fragmented worldwide, and it is constantly witnessing the emergence of a new player. The key companies operating in the field of document analysis market across the globe include Antworks, Automation Anywhere, Celaton, Datamatics Global Services Limited, Extract Systems, HCL Technologies Limited, Hyland Software, Inc., Hyperscience, IBM Corp, and OpenText Corporation, among others.

The demand for document analysis products is expected to grow significantly during the forecast period. For instance, in the retail industry, these products offer measurable and consistent business value to processes such as customer correspondence and claims, sales order processing, and accounts payable. The companies operating in the market are focusing on the development of new products to gain a strong customer base and achieve a significant market share. For instance, in 2019, AntWorks sponsored the Intelligent Document Processing (IDP) Playbook by Everest Group.IDP Playbook will note the adopted RPA solutions and extract data from complex unstructured documents with Machine Learning and enables end-to-end automation of entire business processed. Also, in 2019 HCL launched its IA product, EXACTO. The underlying platform is made on open source machine learning libraries. The product practices servers with GPUs to run Deep Neural network algorithms.

The demand for document analysis is expected to grow owing to various factors such as rising demand  for gathering  meaning full insights from unstructured data, and The banking, financial services, and insurance sector is a matured industry and is continuously experiencing the emergence of advanced technological solutions in order to increase efficiency which is likely to drive the market. Based on geography, the document analysis market was dominated by North America, and is expected to grow at a decent rate due to rising initiatives toward digitalization across enterprises, and growing adoption of cloud document analysis solution. The top companies operating in the field of document analysis include IMB Corporation, Automation Anywhere Inc, AntWorks, Celaton, among others Various other companies operating in the market and are coming up with advance document analysis solution, which is helping the market for document analysis to expand over the years in terms of revenue.