Scope of the Study
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.
The market study is being classified and major geographies with country level break-up. According to AMA, the Global Document Analysis market is expected to see growth rate of 56.18%
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 profiled in the study.
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. Research Analyst at AMA predicts that North America and Europe Players will contribute to the maximum growth of Global Document Analysis market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Document Analysis market by Type, Application 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 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Enables to Gains an Extensive Knowledge about the Area Of Business Analysis Activity
- Increasing Adoption of Cloud-Based Document Analysis Solution
- Increased Spending for Intelligent Automation
- Trend to Digitalize Content across Enterprises
- Use of Machine Learning and Artificial Intelligence Technology
- Consumes Relatively a Lot of Time
- Addressing Governance and Compliance Requirements
- Cost-effectiveness and Stability of Data Analysis
- Growing Demand for Data Analysis due to its Efficient and Effective Way of Gathering Data
- Integration of Advanced Technologies With Document Analysis Solution
- Collecting the Relevant Documents is a Challenge
Market Leaders and their expansionary development strategies
In November 2018, Kofax acquired Nuance’s Document Imaging business for USD 400 million. This acquisition will enhance Kofax capabilities by adding key technologies, including cloud compatibility, scan-to-archive, scan-to-workflow, print management, and document security, to our end-to-end Intelligent Automation platform.
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 CommentThe 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 AudienceNew 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
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