According
to a research report "Document Analysis Market demand
is increasing due to Growing initiatives to digitalize content across enterprises
and increasing adoption of cloud-based document analysis solutions are some of
the major factors expected to drive the growth of this market. Document
Analysis Market provide detailed information related to the primary factors
(drivers, restraints, opportunities, and challenges) influencing the growth of
the market - Global Forecast to 2024"
published
by MarketsandMarkets. The document analysis market size to grow from USD 438
million in 2019 to USD 3,855 million by 2024, at a CAGR of 54.5% from 2019 to
2024.
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The on-premises segment is expected to
account for the larger market share during the forecast period.
On-premise deployment
refers to the installation of applications on the premises of an organization
rather than at a remote facility. On-premise solutions are delivered for a
one-time license fee along with a service agreement as on-premise deployment
requires developing infrastructure and a personal data center, only large
organizations that can afford the cost to deploy these solutions. Therefore,
SMEs often face the dilemma of choosing between hosted and on-premises
solutions. However, the on-premises deployment model has several advantages,
including system and data control, and dedicated maintenance and support staff.
Consequently, many organizations opt for the cloud model due to its
cost-effectiveness.
The managed services segment to grow at a
higher CAGR during the forecast period
Managed services play a crucial role
in reducing existing overheads of enterprises and enabling them to be
product-focused and innovation-friendly. These services further enable
organizations to concentrate on their core business processes, without worrying
about the maintenance and servicing of the deployed solution. Managed Service
Providers (MSPs) are third-party companies that charge on the basis of
operational costs, without billing their clients for capital costs, as per the
subscription model or a Service- Level Agreement (SLA). For instance,
organizations can make use of the document analysis solution, without having to
worry about cloud storage used to store the streaming data and hosting the
automation software or platform. All the pre- and post-deployment questions and
needs of clients are taken care of, under the managed services segment.
Organizations mostly outsource such services to offer on-time delivery to
clients. Thus, MSPs undertake the complete responsibility of customer needs and
deliver optimum services. This segment is expected to be mainly driven by the
increasing adoption of outsourced managed services in the document analysis
market.
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North
America estimated to lead the document analysis industry during the forecast
period
North
America is expected to account for the largest share of the document analysis
market in 2019. The region comprises developed countries, such as the US and
Canada, and is considered the most advanced region in terms of adopting
technologically advanced emergency equipment. The North American region
exhibits a wide presence of key industry players offering document analysis
solutions and services, and its financial position enables it to invest majorly
in leading tools and technologies for effective business operations.
ABBYY
(US), WorkFusion (US), Kofax (US), IBM (US), AntWorks (Singapore), Parascript
(US), Automation Anywhere (US), Datamatics (India), Hyland (US), Extract
Systems (US), HyperScience (US), OpenText (Canada), Infrrd (Belarus), Celaton (UK), HCL Technologies (India), Kodak
Alaris (UK), Rossum (Czech Republic), InData Labs (US), Ephesoft (US) , and
IRIS (Belgium) are some of the leading companies operating in this market.
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