About Document Analysis
Document analysis is a systematic procedure for reviewing or evaluating documents both printed and electronic (computer-based and Internet-transmitted). This analysis requires that data be examined and interpreted in order to elicit meaning, gain understanding, and develop empirical knowledge. This analysis is based in primary as well as secondary sources that can be conducted through stand-alone study or as a component of a larger qualitative or mixed methods study. The obtained findings gathered from another data source such as from interview or focus group transcripts, observation, surveys, internet, or any other mode are used for the analysis. The growing demand for data analysis to have manageable documents has augmented the market growth.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 56.18% |
The providers of document analysis market continue to focus on innovation and technological advancements in their products and service. Such developments coupled with competitive pricing are likely to assist in increasing market share over the forecast period. The key players are investing heavily in research & development to enhance their product/service quality and features to maintain their market presence in altering consumer buying preferences. Analyst at AMA Research estimates that North America and Europe Players will contribute the maximum growth to Global Document Analysis market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABBYY (United States), WorkFusion (United States), Kofax (United States), IBM (United States), HyperScience (United States), OpenText (Canada), Infrrd (United States), Celaton (United Kingdom), AntWorks (Singapore), Parascript (United States), Automation Anywhere (United States), Datamatics (India), Hyland (United States), Extract Systems (United States), HCL Technologies (India), Kodak Alaris (United Kingdom), Rossum (Czech Republic), InData Labs (Belarus), Ephesoft (United States) and IRIS (Belgium) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Document Analysis market by and Region.
On the basis of geography, the market of Document Analysis has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Document Sources, the sub-segment i.e. Public Records {Birth &/ Death Certificates, Census, Police Reports, Other} will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small & Medium Enterprises (SMEs) will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Document Type, the sub-segment i.e. Printed Documents will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Document Format, the sub-segment i.e. Word will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On-premises will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Analysis Approaches, the sub-segment i.e. Positivistic Approach will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Document Analysis Type, the sub-segment i.e. Quantitative will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solution , the sub-segment i.e. Product will boost the Document Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Trend to Digitalize Content across Enterprises and Use of Machine Learning and Artificial Intelligence Technology
Market Growth Drivers:
Enables to Gains an Extensive Knowledge about the Area Of Business Analysis Activity, Increasing Adoption of Cloud-Based Document Analysis Solution and Increased Spending for Intelligent Automation
Challenges:
Collecting the Relevant Documents is a Challenge
Restraints:
Consumes Relatively a Lot of Time and Addressing Governance and Compliance Requirements
Opportunities:
Cost-effectiveness and Stability of Data Analysis, Growing Demand for Data Analysis due to its Efficient and Effective Way of Gathering Data and Integration of Advanced Technologies With Document Analysis Solution
Market Leaders and their expansionary development strategies
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In October 2019, ABBYY enhanced it's FlexiCapture 12 to further improve the accuracy and speed of processing enterprise content. This document processing platform provides a unified platform for both on-premise and cloud deployments using SDKs or RESTful APIs and In March 2019, Parascript, a provider advanced capture software launched FormXtra.AI 7.5 with artificial intelligence (AI). It includes new deep learning handwriting recognizers and incorporates its machine learning-based document classification and separation into its unique smart learning capability.
Analyst View
The growing integration of Artificial Intelligence (AI) and Machine Learning (ML) in document analysis is streamlining in the coming years. The growing use of document analysis will revolutionize the qualitative and quantitative data analyzing due to its ability to provide quality and productivity by extraction of relevant data.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Document Analysis Providers, Cloud Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End User Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.