Home / Press Release / Document Capture Software Market Is Driven By Increasing Demand For Document Management

Document Capture Software Market Is Driven By Increasing Demand For Document Management

According to a new market research report published by Credence Research “Global Document Capture Software Market  (Solutions (Multiple-Channel Capture, Cognitive Capture, Mobile Capture, Others); Organization Size (Large Enterprises, Small and Medium Enterprises); Deployment (Cloud, On-Premise); End-Users (Retail, Government, BFSI, IT  & Telecommunication, Healthcare, Transportation, Energy  & Utility, Others)) – Growth, Future Prospects and Competitive Analysis,2019 - 2027”,the overall document capture software market worldwide is had registered a market value of US$ 6.30  Bn in 2018 and is set to grow with a CAGR of 13.30 % during the forecast period.

Market Insights

Rising digitalization and adoption of advanced solutions and services by the organization, enterprises, and businesses is considered as one of the major factors increasing the demand for document capture software. These software’s reduces the manual work and human efforts for sending the document physically to any destination or offices. Additionally, this software also reduces the usage of paper and save a large cost of the organization, which is also considered as a driving factor. The data capture software is coupled with the data management software to increase the working efficiency of the organizations and also, this software allows the companies to compress the documents resulting in less space acquired by these files.

Based on end-user, the document capture software market has been segmented retail, government, BFSI, IT & Telecommunication, healthcare, transportation, energy & utility and others. The BFSI segments are the dominating segment in 2018 with a market share of more than 25.0% and are expected to dominate the market during the forecast period. The increasing transactions are one of the major factors driving the segment. Increasing the adoption of cloud services by BFSI is also a major factor driving the market. Similarly, document capture software allows the enterprises to accurately and rapidly resolve inquiries with requires information captured from client documents, this reduces the human efforts and increases the work efficiency.

Asia-Pacific is expected to be the fastest-growing region due to rising awareness about the various benefits offered by document capture software in the business process in the region. Additionally, increasing. The rising BFSI, e-commerce, IT & telecom and other industries in the region is a major factor driving the market in the region. China accounts for the largest market share in the region due to the increasing digitalization in the country and the presence of various BFSI, IT & Telecom companies present in the region which is driving the market.

Some of the prominent players operating in the document capture software market include BBYY Software, Adobe Systems Software Ltd., Canon, Inc., Artsyl Technologies, Inc, CAPSYS Technologies, LLC, EMC Corp., Oracle Corp. DocuLexInc (DocStar), Ephesoft Inc., IBM Corporation, Hyland Software Inc., Knowledge Lake Inc., Kofax, Inc., Kodak Company, Meniko, Nuance, Communications, Inc., Notable Solutions Inc., and Xerox Corporation.

Browse the full report at https://www.credenceresearch.com/report/document-capture-software-market

The Global Document Capture Software Market is Segmented into:

Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion

 By Solutions Segment (2017–2027; US$ Bn)

 By Organization Size Segment (2017–2027; US$ Bn)

 By Deployment Segment (2017–2027; US$ Bn)

 By End-Users Segment (2017–2027; US$ Bn)

 By Geography Segment (2017–2027; US$ Bn)

*Complete segmentation list is on report page

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