Document Capture Software Market to Derive Growth from Increasing Preference for Software

Companies Profiled in the Report: CAPSYS Technologies, Dell, Inc, Xerox Corporation, ABBYY, Ephesoft, Inc, Canon, Inc, Artsyl Technologies, Inc, IBM Corporation, Hyland Software, Inc, DocStar, Others

Pune, India, Dec. 10, 2021 (GLOBE NEWSWIRE) — The global document capture software market size is expected to gain momentum from the increasing demand for Software-as-a-service based documents and software solutions. An unpublished report by Fortune Business Insights titled, “Document Capture Software Market Size, Share & Industry Analysis, By Deployment (On-Premise, Cloud-Based), By Solution (Multiple-channel Capture, Cognitive Capture, Mobile Capture), By Application Area (Retail, Banking, BFSI, Healthcare, IT, Telecom, Government, Other) and Regional Forecast, 2021-2028,” discusses the prime growth parameters of the market in details.

The impact of the COVID-19 pandemic on the globe is devastating. There is a lack of sufficient medical aid to suffice the increasing patient pool, thereby putting the healthcare sector in a vulnerable position. The imposition of the lockdown period and social distancing regulations by the government has impacted most of the businesses. Some of them are barely able to manage meager incomes by operating from homes. At this time, the software-as-a-service market has gained pace for safe and protected operations.

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What is the Scope of the Report?

The Document Image Capture Software Market report is based on a qualitative and quantitative analysis of the market and emphasizes mainly drivers, restraints, challenges, and upcoming opportunities. It also discusses the key industry trends, current developments, and other insights into the market. The report also highlights the list of players operating in the market and their attributed factors. The report is available for sale on the company website.

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Drivers & Restraints

Adoption of Concepts Integrated with Artificial Intelligence to Boost Growth

Several business sectors today have adopted software-as-a-service for operating and maintaining business documents as they are less tedious and reduce the chances of manual errors or loss of data. Sectors such as financial services, healthcare, and business analytics opt for technology-oriented industrial developments and digital solutions, thereby, boosting the global document capture software market growth. In addition to this, the increasing trend of the mobile workforce and the additional benefits offered by document handling software will also aid in the expansion of the Document Capture Software Market.

However, the security issues related to cloud-based storage and the risk of cyber-attacks may cause hindrance to the overall growth of the market. Despite this, the increasing penetration of mobile devices and increasing implementation of big data analytics, artificial intelligence, and machine learning are anticipated to create lucrative growth opportunities for the market in the coming years.

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Segmentation-

Detailed Segmentation of Documents Capture Software Market:

The global market for documents capture software is categorized on the basis of deployment, solution, application area, and geography. Based on deployment, the market is bifurcated into on-premise and cloud. By solution, the market is grouped into mobile capture, cognitive capture, and multiple-channel capture. In terms of application area, the market is classified into government, telecom, IT, healthcare, BFSI, banking, retail, and others.

Regional Analysis

Reduced Cost and Automated Workflow to Aid Growth of the Market in Asia Pacific

Among all regions, Asia Pacific has gained significant revenues in the past owing to the advent of digitalization in both B2B and B2C systems. This, coupled with the rising inclination towards automated workflow at efficient cost by several small and medium organizations will also add impetus to the growth of the market. Moreover, projects such as Digital India adopted by the developing nations will further help this region continue attracting high revenues in the forecast duration.

On the other side, North America and Europe will also witness considerable growth document capture software market owing to increasing awareness about data security and increasing adoption of such software. Furthermore, the Latin American market will witness a steady growth rate owing to the rising adoption by the Healthcare sector for safe, paperless, and accurate patient documentation purposes.

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Players Engaging in Mergers and Acquisition Strategies to Gain Competitive Edge

The market for document capture software is highly competitive owing to the presence of major players such as IBM Corporation, Dell Technologies, and others. A few companies are engaging in joint ventures, partnerships, mergers and acquisitions, and others to gain a significant position in the market competition. The others are focusing on launching innovative software tools with new features to hold the leading position in the market.

Industry Developments

December 2019 – Vertex Scientific and Hyland Software Inc. engaged in a partnership to create a robust and complete set of solutions for clinicians.

September 2019 – Automation Anyware and Ephesoft Inc., entered into a collaboration for combining robotic process automation (RPA) and document capture technologies. This combination can unlock amorphous data and can solve the most complex content problems.

List of Companies Profiled in the Document Capture Software Market Report:

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