The global document analysis market was valued US$ 421.4 million in 2018 and is expected to reach US$ 8023.6 million by 2027 with a CAGR growth rate of 39.2% during the forecast period.
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. The consciousness related to the advantages of document analysis software among the BFSI sector players, which is stimulating the document analysis market size.
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. Thus, boosting the global document analysis market.
The market for document analysis is highly fragmented worldwide, and it is constantly witnessing the emergence of a new player. The key companies operating in the field of document analysis market across the globe include Antworks, Automation Anywhere, Celaton, Datamatics Global Services Limited, Extract Systems, HCL Technologies Limited, Hyland Software, Inc., Hyperscience, IBM Corp, and OpenText Corporation, among others.
The overall global document analysis market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global document analysis market. It also provides an overview and forecast for the document analysis market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the document analysis industry.