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.  

The document analysis market is bolstered by numerous factors, such as rising initiatives to digitalize content across diverse enterprises as well as growing adoption of cloud document analysis solutions. Furthermore, the increasing adoption of automated tools in the work processes by the SMEs, particularly in developing economies, is offering lucrative opportunities to the document analysis market.

The market for document analysis is segmented on various parameters such as solutions, deployment type, organization size, industry vertical, and geography. By organization size, SMEs are expected to witness a high CAGR. The need for document analysis is equally required in all organizations, regardless of their size, to compete in the market efficiently. Cost-efficiency is a vital need of the SMEs, as they are constantly controlled by limited budgets, which leaves them with restricted methods to market themselves and improve visibility. Further, the government segment by industry vertical segment is projected to grow at the highest CAGR. Government agencies manage the confidential and secured data of individuals, processes, departments, and agencies. The government agencies generate an enormous amount of data, which is usually in an unstructured format. This data is required to be accurately captured, classified, and extracted to restructure the government process. Further, government agencies are required to team up for ensuring the migration and integrity of the data. Additionally, enhanced management of IT infrastructure for supporting resource sharing offers better security compliance controls as well as enhanced data security. Since government agencies are exposed to strict data security policies, regulations, as well as audit policies, the demand for efficient document tools by these agencies is witnessing high growth.

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Asia-Pacific includes countries such as Australia, China, India, Japan, South Korea, and the rest is another region contributing to the growth of the document analysis market owing to several developing economies, which are experiencing growth in a wide variety of sectors, including infrastructure, manufacturing, and technology. Major economies of the region are aggressively pursuing digital applications such as the adoption of automation in recurring activities to minimize time and error. Recent technological developments have had a direct impact on the economy of Asia-Pacific that has advanced to a large extent. A recent study says that due to the changing economic condition in Asia-Pacific, government enterprises, businesses, and consumers in the region are keen to implement and incorporate the upcoming technologies.

Asia-Pacific consists of many developing countries that are witnessing high growth in their manufacturing sector. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. Further, the governments of these countries are making developments to improve investment ideas. This dramatic growth in the manufacturing spends and the adoption of novel technologies are the key factors fueling the demand for document analysis tool. With the constantly growing population of Asian countries coupled with increasing urbanization, the service sector is also booming. However, most of the emerging economies in Asia-Pacific face a challenge with the adoption of automation by SMEs. The APAC region comprises of over 95% SMEs. These contribute from approximately 17% to its national GDP in the low-income countries including India to ~40 to ~50% in the higher income countries such as Malaysia and Singapore. The empowerment of SMEs in APAC not only expands its scope of employment, but also increases the chances of innovation growth in the region.

Key findings of the study:

the growing penetration of automated enterprise software and solutions for achieving operational efficiency is gaining momentum. Currently, the North America leads the global market with 37% of the market share followed by Europe, and Asia-Pacific. Factors such as adoption of digital transformation, automated tools, and increasing awareness regarding the benefits of the software, are propelling the growth of the market. End-user industries such as BFSI, manufacturing, and government based leading market players across the different region have attributed in the solution popularity. For instance, the strong presence of manufacturing and BFSI sector in China and India respectively have witnessed substantial demand for robust and efficient document analysis tool in the past few years which is likely to drive the document analysis market. Some of the major companies such as IBM Corporation, Automation Anywhere Antworks, among others are focusing on offering advanced document analysis solutions. The industries in the developing countries are heavily emphasizing on reducing staff-hours to analyze unstructured data and feed the same to the final destination. Pertaining to this, the end-users in the above-mentioned developing countries are continuously investing in procuring document analysis software, which is expected to catalyze the growth of the market. Also, growth in the number of SMEs in the developing countries is acting as a key growth opportunity for the market players operating in document analysis market.

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