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The document analysis market was valued at US$ 577.4 million in 2019, it is expected to grow at a CAGR of 39.2% during the forecast period of 2020 to 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.
The market for document analysis has been segmented on the basis of solutions, deployment type, organization size, industry vertical, and geography. Based on solutions, the market has been segmented into products and services. Based on deployment type, the document analysis market has been segmented into cloud and on-premise. Based on organization size, the document analysis market has been segmented into large enterprises and small & medium enterprises (SMEs). The market is further segmented on the basis industry verticals into BFSI, government, healthcare, retail, manufacturing, and others. Geographically, the market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Lucrative Regions in Document analysis Market
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Document analysis Market Insights
BFSI Sector to Continue Stimulate the Demand
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. However, the market players operating in this sector are challenged with an enormous quantity of data that varies from the financial statement, invoices, legal contracts, emails, and receipts. Analyzing these documents are of utmost importance to the players operating in the BFSI sector. The customer base of each BFSI sector player is continuously rising, which is increasing the documentation size. With an aim to categorize the data, the BFSI sector players are utilizing or deploying natural language processing (NLP) to ensure customer and enterprise data in document mining applications.
Solutions -Based Market Insights
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.
Deployment Type -Based Market Insights
The paradigm shifts of businesses embracing digitalization have reaped more significant benefits for the enterprises and resulted in more revenue generation opportunities. Companies across the world are looking forward to integrating their document analysis with cloud-based applications. Cloud-based analysis of document simplifies the analysis process, and reduces the operational costs and provides greater flexibility and scalability. However, increasing dependency on the cloud has increased the threats from cyber-attacks. Thus, companies opt for on-premise solutions to avoid sharing their information with others. On-premise solutions are more expensive and require regular maintenance and upgrades. Some of the key players in the global document analysis market include Antworks, Automation Anywhere, Datamatics Global Services Limited, among others.
Document analysis Market, by Deployment Type - 2019 and 2027
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Industry Vertical -Based Market Insights
With the increasing globalization and presence of numerous compliances across different industries, the companies in diverse industry verticals are significantly focusing on automating their processes so as to increase ROI (Return on Investment). Companies adopt document analysis software to accelerate the time to market and efficiently manage the supply chain. The document analysis software provides the companies with a data-driven approach to react to the changing consumer, regional, and regulatory requirements.
Tier Standards -Based Market Insights
Document analysis by tier standards is categorized into tier 1 & 2, tier 3 and tier 4 data centers. Quality and reliability of data center server hosting ability is evaluated by data center standards. These standards are developed by Uptime Institute, LLC, an advisory organization focused on the development of IT infrastructure. The ratings begin with Tier 1 data center and ends with Tier 4 data center. Tier level increases with the cost of infrastructure and operational complexities. Selecting a suitable Tier level data center is dependent upon the enterprise as per their business needs.
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Document Analysis Market: Strategic Insights
Market Size Value in US$ 577.4 Million in 2019 Market Size Value by US$ 8023.6 Million by 2027 Growth rate CAGR of 39.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Document Analysis Market: Strategic Insights
| Market Size Value in | US$ 577.4 Million in 2019 |
| Market Size Value by | US$ 8023.6 Million by 2027 |
| Growth rate | CAGR of 39.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Players operating in the Document analysis market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the document analysis market. A few developments by key players of the document analysis market are:
- In December 2019, Parascript, announced its technology alliance with Automation Anywhere, a leader in robotic process automation (RPA). When using RPA in document-related processes, the clear objective is to move all manual processes into a fully automated workflow.
- In November 2019, AntWorks announced partnership with Speed Group to drive the adoption of AI in GCC.
Document analysis Market – by Solutions
- Products
- Services
Document analysis Market – by Deployment Type
- Cloud
- On-premise
Document analysis Market – by Organization Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Document analysis Market – by Industry Verticals
- BFSI
- Healthcare
- Government
- Retail
- Manufacturing
- Others
Document analysis Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Russia
- UK
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- Rest of APAC
MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
SAM
- Brazil
- Argentina
- Rest of SAM
Document analysis Market – Company Profiles
- IBM Corporation
- Automation Anywhere, Inc.
- AntWorks
- Celaton
- Datamatics Global Services Limited
- Extract Systems
- HCL Technologies
- Hyland Software, Inc.
- HYPERSCIENCE
- OpenText Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Solutions ; Deployment Type ; Organization Size ); Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The North America region led the document analysis market in 2019 as most of the companies in the region have already shifted to the digital transformation for competing effectively in the global market.
The rising demand for gathering meaningful insights from unstructured data as well as increasing use of document analysis by several end-users, particularly BFSI, is propelling the growth of document analysis market. The BFSI sector continues to grow in terms of the number of players, which is expected to showcase a rise in demand for document analysis software, thereby catalyzing the market growth.
The BFSI sector is the leading industry vertical segment, which comprises machinery, large scale process, and construction industry plants. In the BFSI sector, a high amount of sensitive data is generated and exchanged every day, which is expected to be analyzed for appropriate further action. The document analysis provides various benefits such as efficiency in decision making that brings out the errors in compliance checking, which is typically not possible by manual processing.
The List of Companies - Document Analysis Market
- AntWorks
- Automation Anywhere, Inc
- Celaton
- Datamatics Global Services Limited
- Extract Systems
- HCL Technologies
- Hyland Software, Inc.
- HYPERSCIENCE
- IBM Corporation
- OpenText Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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