Rising Adoption of the Cloud-based Services Across the Globe Has Increased the Demand for Document Capture Software Market

Globally, the document capture software market is expected to grow with a CAGR of 13.3% during the forecast period from 2023 to 2030 and had registered a market value of US$ 7.97 Bn by 2020. A document capture software is defined as an application used for converting physical documents into digital, resulting in a reduction of workload among the business and allows the organizations to manage the business flow. Moreover, this software also enhances customer experience and increases operational efficiencies.

The rise in IoT devices and adoption cloud-based software are some of the key factors driving the growth of the market. Additionally, this software also proves various advantages to the companies and the business such as its easy retrieval of the documents, an advantageous collaboration of the information captured and others.

Document Capture Software with Mobile Capture in its Solutions Segment Continue Dominating the Market

In 2021, the global document capture software market was dominated by the mobile capture segment in its solutions segment accounting for around 40% of the total revenue generated worldwide, and is estimated to grow with a significant CAGR over the forecast period. The mobile capture solution captures the images immediately without the requirement of paper and can share the images in real time, allowing the information to reach the destination.

North America Dominates the Market by Region

The global document capture software market was led by North America with a market share of more than 40% in the year 2020. The presence of various companies in the region such as IBM Corporation, Oracle Corporation, and other companies offers various software solutions to small and medium enterprises for capturing documents electronically. Additionally, the region is one of the earliest adopters of the technology which also contributes to the growth of the market in the region.

Some of the prominent players operating in the document capture software are 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Document Capture Software market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Document Capture Software market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Document Capture Software market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Document Capture Software market?
• Which is the largest regional market for Document Capture Software market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Document Capture Software market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Document Capture Software market worldwide?