Artificial Intelligence
Document Analytics Global Market Report 2023
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New York, April 05, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Document Analytics Global Market Report 2023” – https://www.reportlinker.com/p06320093/?utm_source=GNW
Major players in the document analytics market are ABBYY, Celaton, Extract, HCL, HyperScience, IBM, Kofax, WorkFusion, Hyland, Datamatics, Automation, AntWorks, Parascript, Infrrd and OpenText.
The global document analytics market grew from $1.63 billion in 2022 to $2.44 billion in 2023 at a compound annual growth rate (CAGR) of 49.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The document analytics market is expected to grow to $12.22 billion in 2027 at a CAGR of 49.6%.
The document analytics market includes revenues earned by entities by providing analytics services for analyzing documentary evidence and answering specific research questions.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Document analytics refer 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.
North America was the largest region in the document analytics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in document analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of document analytics are solutions, services, professional services and managed services.Solutions are used in advanced artificial intelligence and natural language processing.
The traditional documentation was extremely time consuming however, the document analytic solutions reduce time.These solutions and services are used in various business verticals which includes BFSI, government, healthcare and life sciences, Retail and eCommerce, manufacturing, transportation and logistics, and others.
These solutions and services are installed to large enterprises, and small and medium-sized enterprises (SMEs) through cloud, and on-premise deployment routes.
Rising initiatives to digitize content is the significant factor driving the growth of the document analytics market.Various governments are taking steps to digitalize the contents to enhance the security and easy access of the documents, this will increase the usage of document analytics.
For instance, in August 2021, the Internal Revenue Service (IRS) of the United States has awarded five $7.5 million contracts using an experimental procurement vehicle in support of a multiple solution competition to digitize paper files. The IRS intended to use the pilot IRS program to test innovative solutions capable of receiving, preparing, reproducing, sorting, storing, validating, returning, and transferring digital files of IRS documents and records to build programs that help the scanning of paper files and the extraction of machine-readable data. The various initiatives to digitalize content will invariably increase the demand for document analytics technologies and services. Hence, the rising initiatives to digitize content is expected to propel the growth of the document analytics market.
Adoption of advanced technologies is a key trend in the document analytics market. The key players in the document analytics sector are developing advanced technologies to strengthen their position in the market. For instance, in May 2021, Kofax, a global leader in document and intelligent automation software for digital workflow transformation, has released the latest edition of Kofax ControlSuiteTM, a fully integrated system that automates and secures print management, world-class document capturing, and mobile capabilities. New cloud integrations, analytics dashboards, and unified clients are among the many new features and benefits of ControlSuite.
In May 2020, DocuSign, a US-based company that specializes in providing e-signature solutions has acquired AI-driven contract analytics provider, Seal Software for an undisclosed amount.As a result of this acquisition, DocuSign aims to take a step toward incorporating artificial intelligence and machine learning into the digital transformation of the contracting process.
Seal Software is a leading analytics provider for contracts and documents and is based in the US.
The countries covered in the document analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The document analytics market research report is one of a series of new reports that provides document analytics market statistics, including Document analytics industry global market size, regional shares, competitors with a document analytics market share, detailed document analytics market segments, market trends and opportunities, and any further data you may need to thrive in the document analytics industry. This document analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06320093/?utm_source=GNW
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