Global Document Analytics Market Growth 2024, Forecast To 2033
19 Feb, 2024
The document analytics market has experienced exponential growth, surging from $2.38 billion in 2023 to $3.55 billion in 2024, achieving an outstanding 49.1% CAGR. This growth is attributed to the shift to digital transformation, increased demand for compliance and regulatory adherence, the need for operational efficiency, focus on customer experience and insights, and industry-specific solutions. The market is expected to see exponential growth, reaching $17.45 billion in 2028, driven by increasing demand for predictive analytics from documents, emergence of hybrid models, evolving user experience and collaboration tools, rise in demand for workflow automation, and a focus on contextual understanding. Major trends include advanced natural language processing (NLP), AI-powered document processing, enhanced optical character recognition (OCR), focus on data security and privacy, and integration with workflow automation.
Global Document Analytics Market Key Driver
Rising initiatives to digitize content are expected to propel the growth of the document analytics market. Governments and organizations are increasingly taking steps to digitize content for improved security and accessibility. The demand for document analytics technologies and services is expected to increase with various initiatives aimed at digitizing content.
Get A Free Sample Of The Global Document Analytics Market ReportGlobal Document Analytics Market Segments
The document analytics market covered in this report is segmented –
1)By Product Type: Solutions, Services, Professional Services, Managed Services
2)By Industry Vertical: BFSI, Government, Healthcare And Life Sciences, Retail And eCommerce, Manufacturing, Transportation And Logistics, Other Industry Verticals
3)By Deployment Type: Cloud, On-Premise
4)By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the document analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the document analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Document Analytics Industry Players
ABBYY Group; Celaton Limited; Extract Systems LLC; HCL Technologies Limited; HyperScience Inc.; Automation Anywhere Inc.; International Business Machines Corporation; OpenText Corporation; Adobe Inc.; SAP SE; Microsoft Corporation; Kapow Software Inc.; Guavus Inc.; Dexlock Technologies Private Limited; AntWorks Pte. Ltd.; WorkFusion Inc.; Infrrd Inc.; Datamatics Global Services Limited; Kodak Alaris Inc.; Hyland Software Inc.; Parascript LLC; M-Files Corporation; Ephesoft Inc.; Rossum Corporation; Nanonets Inc.; Zoho Corporation Pvt. Ltd.; UiPath Inc.; Datafleck Ltd.; DocuSign Inc.; Cognite AS
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Document Analytics Market Overview
Document analytics refers to the usage of natural language processing (NLP) to automate repetitive document processing operations or to obtain a better understanding of the documents' content. The document analytics enables users to track when and how much time is spent on each page of the document.
Document Analytics Global Market Report 2023 provides data on the global document analytics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The document analytics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.