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Document Analysis Market Growing at a CAGR 54.5% | Key Player ABBYY, Kofax, IBM, WorkFusion, Automation Anywhere

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Document Analysis Market Growing at a CAGR 54.5% | Key Player ABBYY, Kofax, IBM, WorkFusion, Automation Anywhere

June 29
14:08 2020
Document Analysis Market Growing at a CAGR 54.5% | Key Player ABBYY, Kofax, IBM, WorkFusion, Automation Anywhere

ABBYY (US), WorkFusion (US), Kofax (US), IBM (US), AntWorks (Singapore), Parascript (US), Automation Anywhere (US), Datamatics (India), Hyland (US), Extract Systems (US), HyperScience (US), OpenText (Canada), Infrrd (Belarus), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (Czech Republic), InData Labs (US), Ephesoft (US)
Document Analysis Market by Solution (Product and Services), Deployment Type (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare and Life Sciences, and Government), and Region – Global Forecast to 2024

MarketsandMarkets forecasts the Document Analysis Market size to grow from USD 438 million in 2019 to USD 3,855 million by 2024, at a CAGR of 54.5% from 2019 to 2024. Growing initiatives to digitalize content across enterprises expected to increase the adoption of document analysis across the globe during the forecast period.

The on-premises segment is expected to account for the larger market share during the forecast period.

On-premise deployment refers to the installation of applications on the premises of an organization rather than at a remote facility. On-premise solutions are delivered for a one-time license fee along with a service agreement as on-premise deployment requires developing infrastructure and a personal data center, only large organizations that can afford the cost to deploy these solutions. Therefore, SMEs often face the dilemma of choosing between hosted and on-premises solutions. However, the on-premises deployment model has several advantages, including system and data control, and dedicated maintenance and support staff. Consequently, many organizations opt for the cloud model due to its cost-effectiveness.

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The managed services segment to grow at a higher CAGR during the forecast period

Managed services play a crucial role in reducing existing overheads of enterprises and enabling them to be product-focused and innovation-friendly. These services further enable organizations to concentrate on their core business processes, without worrying about the maintenance and servicing of the deployed solution. Managed Service Providers (MSPs) are third-party companies that charge on the basis of operational costs, without billing their clients for capital costs, as per the subscription model or a Service- Level Agreement (SLA). For instance, organizations can make use of the document analysis solution, without having to worry about cloud storage used to store the streaming data and hosting the automation software or platform. All the pre- and post-deployment questions and needs of clients are taken care of, under the managed services segment. Organizations mostly outsource such services to offer on-time delivery to clients. Thus, MSPs undertake the complete responsibility of customer needs and deliver optimum services. This segment is expected to be mainly driven by the increasing adoption of outsourced managed services in the document analysis market.

The document analysis market includes major vendors, such ABBYY (US), WorkFusion (US), Kofax (US), IBM (US), AntWorks (Singapore), Parascript (US), Automation Anywhere (US), Datamatics (India), Hyland (US), Extract Systems (US), HyperScience (US), OpenText (Canada), Infrrd (Belarus),  Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (Czech Republic), InData Labs (US), Ephesoft (US), and IRIS (Belgium). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the important strategies adopted by the major players to grow further in the document analysis industry.

IBM (US) is recognized as one of the leading vendors in the document analysis market. The company offers an extensive set of products and solutions across categories, such as cloud cognitive, commerce, analytics, Internet of Things (IoT), mobile, and security. It also offers consulting services and managed services to its commercial clients. In an document analysis market, IBM offers Document Capture Imaging products, such as Datacap, Datacap on Cloud, Datacap Mobile, and FileNet Capture. These products offer features, such as multi-channel capture, AI-infused intelligent processing, and advanced document capture to increase efficiency and productivity, and reduce operating costs. IBM’s varied technologically advanced solutions help its clients gain a competitive edge, minimize the risk of losing data, and maximize profits company also aims at increasing its global presence by expanding to new regions, thereby catering to the local customers’ demands. IBM helps its customers drive their business outcomes by facilitating them with innovative solutions for document analysis in a rapidly changing environment. In July 2019, IBM enhanced its Datacap version 9.1.6. With the new version, it updates OCR/A engine files, enhanced Datacap to support SQL Server AlwaysOn Availability Groups, and enhanced image ruleset for changing color depth of an image.

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Kofax (US) is one of the leading providers of document analysis solution. Kofax has a varied portfolio of products, such as Intelligent Automation, Robotic Process Automation, Cognitive Capture, Process Orchestration, Advanced Analytics, Mobility and Engagement, and Accounts Payable  Automation. Kofax provides automation solutions to transform information-intensive business processes, reduce manual work and errors, minimize cost, and improve customer engagement. In the document analysis market, Kofax offers Cognitive Capture. Kofax recently acquired the Nuance Imaging Division. With closure of the acquisition, Kofax’s position will strengthen in the document analysis market as a solid market shareholder. In February 2019, Kofax acquired Nuance Document Imaging (NDI), a division of Nuance Communications for USD 400 million in cash. With this acquisition, Kofax drives customer value to its existing portfolio by adding technologies, such as cloud compatibility, scan-to-archive, scan-to-workflow, print management, and document security to its end-to-end Intelligent Automation platform.

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