LONDON, Nov. 5, 2020 /PRNewswire/ -- According to a new market research report titled, "Document Analytics Market by Product Type (Solution & Services), Deployment Type, Industry Vertical (BFSI, Government, Healthcare, Retail & eCommerce, Manufacturing, Transportation), Organization Size, and Region – Global Forecast to 2027", the document analytics market is expected to grow at a CAGR of 48.1% from 2020 to 2027 to reach $12.45 billion by 2027.
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Document analytics is the process of translating a document (physical or electronic) into something actionable and with meaning. This analysis is typically performed by the analyst who evaluates documents for various purposes, such as making business plans, proposals, and benchmarking studies. The growth of this market is attributed to the growing initiatives to digitize content across enterprises coupled with the increasing adoption of cloud-based document analysis solutions. In addition, the integration of advanced technologies such as AI and ML with document analysis solutions and increasing need to improve customer experience offers significant growth opportunities for the document analytics market. However, addressing governance and compliance requirements in line with the stringent guidelines might pose a challenge to the growth of this market to some extent.
Impact of COVID-19 on Document Analytics Market
The COVID-19 pandemic has adversely hit many economies around the globe. The combat measures like complete lockdowns and quarantines to fight against COVID-19 have had a strong adverse impact on many businesses globally, including the document analytics market.
Demand for digital transformation, increased investments in analytics. Growing demand for remote services & location data and the increasing need for real-time information to track and monitor the COVID-19 spread are creating opportunities for the growth of the document analytics market. Furthermore, post-COVID-19, enterprises are expected to automate as much as possible to reduce dependence on the human workforce and cut costs. Automated data extraction using document analysis solutions will enable organizations to process large volumes of semi-structured and unstructured documents with low-touch processing, greater accuracy, and faster turnaround times, thus helping deal with volume fluctuations.
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Adoption of automation products in general, and document analysis products specifically, will intensify considerably, particularly in industries such as banking, insurance, and healthcare, which are already leading the way in adopting document analysis solutions. Post-COVID 19, these industries will seek to accelerate low-touch processing and faster turnaround times through automated data extraction.
Although the COVID-19 has affected the document analytics market globally, businesses are expected to make a strong comeback in the post-COVID-19 business environment. Positive government initiatives to uplift different sectors affected by COVID-19 are also expected to help businesses recover faster and support the strong recovery of the document analytics market.
The document analytics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on product type (solution & services (professional & managed)), deployment type (cloud & on-premise), industry vertical (BFSI, government, healthcare & life sciences, retail & e-commerce, manufacturing, transportation & logistics, and others), organization size (large and small & medium-sized enterprises), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on product type, the solutions segment is projected to command the largest share of the overall document analytics market in 2020. Rising initiatives to digitize content across enterprises to manage large and unstructured data to improve the quality for analysis is one of the key factors fueling investments in the document analysis solutions market. However, the services segment is expected to grow at the fastest CAGR during the forecast period. This segment's growth can be attributed to the increasing deployment of analytics solutions, which leads to the growing demand for pre and post-deployment services.
Based on industry vertical, the BFSI segment is expected to command the largest share of the overall document analytics market in 2020. Organizations and agencies associated with the BFSI sector deal with sensitive and complex documents, including invoices, receipts, legal contracts, emails, and financial statements. Data extraction is available in different formats, including PDFs, images, and excels sheets, which is quite difficult to perform manually. As a result, the BFSI vertical is anticipated to hold the largest share of the document analytics market. However, the manufacturing vertical is expected to grow at the fastest CAGR during the forecast period. Manufacturing organizations handle tons of sensitive and private data of working individuals, different operational departments, various manufacturing processes, and supply chains. The volume of data generated in a manufacturing unit is enormous and in an unstructured format. To reduce latency and boost accuracy, manufacturing sectors are adopting document analytics that is expected to drive the segment with the fastest growth rate.
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Based on organization size, the large-size enterprises segment is expected to command the largest share of the overall document analytics market in 2020. The traction of document analysis in large enterprises is higher than SMEs due to the affordability and top economies of scale that enables the organizations to leverage document analysis. However, the SMEs segment is expected to grow at the fastest CAGR during the forecast period. The need for document analysis is equally required in all organizations, irrespective of the size, to compete in the market. Cost-effectiveness is an essential need of the SMEs, as they are always constrained by limited budgets, which leaves them with limited ways to market them and gain visibility. SMEs usually opt for Software as a Service (SaaS)-based document analysis solution, due to cost constraints; additionally, the SaaS model minimizes the IT requirement.
Geographically, North America is poised to command the largest share of the global document analytics market in 2020. In North America's developed economies, such as the U.S. and Canada, there is a high focus on innovations obtained from R&D and technology. Also, companies' indispensable requirement to transform their traditional business operations into digital, coupled with the rapid adoption of mobile devices, IoT solutions, and cloud technology, has led to the increased adoption of document analysis solutions in this region. Furthermore, many document analytics solutions and services providers in North America are expected to drive growth significantly. The APAC region is expected to be the fastest-growing region globally due to the growing need for advanced intelligent solutions.
The report also includes an extensive assessment of the key strategic developments adopted by the industry's leading market participants over the past four-five years. The document analytics market has witnessed several product launches in recent years. The document analytics market is consolidated and dominated by few major players, namely Huawei technologies co., Ltd. (China), Saguna Networks, Ltd. (Israel), Juniper Networks, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Vapor IO (U.S.), ZephyrTel (U.S.), AT&T, Inc. (U.S.), Nokia Corporation (Finland), Renesas Electronics Corporation (Japan), Corning, Inc. (U.S.), Adlink Technology, Inc. (Taiwan), Advantech Co., Ltd. (Taiwan), Emerson Electric co. (U.S.), and GigaSpaces Technologies, Inc. (U.S.), among others.
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Scope of the Report
Document Analytics Market by Product Type
- Professional Services
- Managed Services
Document Analytics Market by Deployment Type
Document Analytics Market by Industry Vertical
- Healthcare and Life Sciences
- Retail and e-commerce
- Transportation and Logistics
Document Analytics Market by Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Document Analytics Market by Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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