Demand for document capture software market is anticipated to reach USD 8,785.9 million in 2023, against USD 8,211.1 million in 2022. According to the latest report by FMI, the global document capture software market is expected to garner USD 20,109.8 million by 2033, exhibiting a CAGR of 8.6% during the forecast period.The growing penetration of IoT is likely to fuel the market expansion during the aforementioned timeframe.
Increasing adoption of cloud computing technology is expected to propel the market owing to large participation from SMEs. Also, the growing demand for the usage of cloud-computing technology in several business sectors is projected to positively influence the market in the coming time. These business sectors include retail banking, insurance, healthcare, banking, and insurance, among others
| Attributes | Details |
|---|---|
| Global Document Capture Software Market CAGR (2023 to 2033) | 8.6% |
| Global Document Capture Software Industry CAGR (2018 to 2022) | 6.5% |
| Global Document Capture Software Industry Size (2022) | USD 8,211.1 million |
| Global Document Capture Software Market Size (2023) | USD 8,785.9 million |
| Global Document Capture Software Market Size (2033) | USD 20,109.8 million |
| Document Capture Software Market Attraction | Growing demand for Software as a Service (SaaS) based document capture software, which is user-friendly and allows pay-per-use, is a salient factor driving the market in the forecast period. |
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The Emergence of SaaS-based Document Captures Software Solutions to Boost the Market
Growing demand for SaaS-based document captures software is anticipated to fuel the market in the coming years. SaaS-based deployment offers a model which allows pay-per-use and easy accessibility, driving the demand for SaaS-based document capture software.
In addition, increasing awareness about risks associated with legal liability with compliance needed in IT, FMCG, and the transportation industry is projected to augment the market size from 2023 to 2033.
The ability of the solution to manage data and enhance the effectiveness of the data in the organization is anticipated to spike the market growth graph. Moreover, growing requirements for web-based document management solutions as they allow businesses to store, access, and maintain digital records are likely to offer remunerative opportunities to the market in the forecast period.
Document capture solutions are gaining significant traction to cater to routine document imaging needs for sectors like healthcare, finance, education, insurance, and transportation.
Growing issues associated with professional expertise, scalability, and automation are anticipated to act as a significant challenge to market growth. Also, threats associated with data sharing and security are projected to limit the industry expansion in the forecast period. In addition, surging adoption of cloud-based platforms for storage has taken place, however, if compared to on-premise storage, cloud-based platform is weak in terms of security.
Cloud gives users ease of storage, access, and flexibility. It has resulted in various security concerns. Other factors like data theft and cyber-attacks are expected to further inhibit market growth in the future. However, with growing demand for highly advanced applications and research and development facilities across SMEs is expected to counter impeding factors and propel the market growth in the assessment period.
The increasing adoption of cloud computing technology in organizations is expected to offer significant opportunities for expansion to the document capture software industry. It allows large participation from small organizations and meets the core demands while reducing their expenses on IT infrastructure integration.
Sectors such as retail, BFSI, FMCG, healthcare, and pharmaceuticals are witnessing significant demand, thereby, offering remunerative opportunities for market expansion during the forecast period.
The healthcare sector is anticipated to offer remunerative opportunities for market expansion. Healthcare workers have developed complicated workaround solutions to manage paper records and match them with limited technology. Thereby, providing expansion opportunities for document capture software industry growth in the healthcare sector.
The document capture software industry has been spotted exhibiting a CAGR of 6.5% in the historical period. The market attained a value of USD 6,370.0 million in 2018 and USD 8,211.1 million in 2022.
The market growth can be attributed to the challenges faced during sorting, organizing, and maintaining documents. Consequently, technology-oriented industrial developments are opting for digital solutions in place of physical documentation.
With the heightened scope of digital businesses, numerous organizations are concentrating on integrated, secure, and extremely collaborative cloud-based documentary systems. Over the span of the next 10 years, the market is expected to witness a CAGR of 8.6%. In 2023, the market is expected to be valued at USD 8,785.9 million, as per FMI’s analysis. By 2033, the market is forecasted to reach USD 20,109.8 million.
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According to the latest FMI report, by deployment, the hybrid segment is anticipated to dominate the market during the forecast period. The segment is projected to expand at an 8.8% CAGR from 2023 to 2033. The growth of the segment can be attributed to the benefits such as better workflow management, enhanced productivity, and minimal time consumption to locate a document.
By organization size, the large enterprise segment is projected to lead the market in the forecast period. The segment is expected to exhibit a growth rate of 8.3% in the assessment period. Expansion of the segment can be credited to ease of collaboration and better document security, among others.
| Country/ Region | North America |
|---|---|
| Market Share % (2022) | 31.2% |
| Country/ Region | The United States |
|---|---|
| Market Share % (2022) | 18.2% |
Analysis reveals that the global document capture software market is likely to be dominated by North America during the forecast period. In the region, the United States market is expected to take the lead in the assessment time. The United States market is anticipated at USD 5.3 billion while recording a CAGR of 8.4% during the forecast period from 2023 to 2033.
The development of the regional market can be attributed to rapid technological development and rising awareness regarding data security. Besides, North America is home to various established key players who make massive investments for the efficient functioning of their organizations. It is another salient factor driving the industry’s growth during the forecast period.
There has been a significant rise in demand for effective document capture scanner software from the healthcare and BFSI sectors, which is another salient cause propelling the market rise in the forecast period.
| Europe Market Share (2022) | 25.5% |
|---|---|
| Germany’s Market Share (2022) | 9.2% |
| The United Kingdom CAGR (2023 to 2033) | 9.6% |
Europe is projected to be yet another important market for the document capture software industry. According to the observations, the region is expected to show significant growth owing to great accessibility due to the application of modern technologies and better awareness.
The United Kingdom is likely to make the most notable contribution to developing the market. The country is anticipated to garner USD 1.3 billion while recording a 9.6% growth rate from 2023 to 2033.
| China CAGR (2023 to 2033) | 9.3% |
|---|---|
| India CAGR (2023 to 2033) | 12.3% |
| Japan Market Share (2022) | 6.1% |
Asia Pacific has been identified as the most notable market during the forecast period. The region is anticipated to comprise various expansion opportunities. The growth of the market can be attributed to the increasing awareness of such software.
There has been significant growth in the number of SMEs which offers a considerable boost to the document capture software market. The presence of significantly evolving countries like China, Japan, and India is expected to play an important role in driving Asia Pacific market. Moreover, favorable initiatives of the government of India, such as Digital India, are anticipated to favor Asia Pacific market expansion in the forecast period.
According to the analysis, China, Japan, and India can be estimated at USD 1.1 billion, USD 60 million, and USD 1.4 billion respectively. China is anticipated to exhibit a growth rate of 9.3%, Japan to record a 10% CAGR, and India to expand at a 12.3% CAGR from 2023 to 2033.
IBM Corporation: IBM Corporation, known as Big Blue, is an MNC in America, headquartered in Armonk, New York. The company offers IBM Datacap, which is an automated enterprise capture technology that incorporates complex document management capabilities with digital workflow.
The software procures documents, derives useful information, and feeds them into other downstream processes. The software helps complete the task with a high level of flexibility, accuracy, and automation.
Canon Inc.: Canon Inc. is an MNC in Japan, headquartered in ?ta, Tokyo. The company specializes in imaging, optical, and industrial products like printers, sensors, cameras, etc. The company offers a range of solutions including Therefore™, which is an intelligent document solution. This scalable solution aims to efficiently capture, retrieve, index, and archive information, thus enhancing the document’s workflow in SMEs.
ABBYY Software: ABBYY Software is an intelligent automation corporation that offers the facility of data capture and document conversion software. The company holds expertise in intelligent document processing, OCR technology, and process mining.
Other Players Operating in the Market
Recent Key Developments in the Market
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million/ billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | The United States, Brazil, Mexico, Germany, the United Kingdom, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Deployment, Organization Size, Solution, Industry, Region |
| Key Companies Profiled | Adobe Systems Software Ltd.; ABBYY Software; Artsyl Technologies Inc; Canon Inc.; IBM Corporation; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 8,785.9 million in 2023.
The market rose at a 6.5% CAGR from 2018 to 2022.
The market is estimated to register an 8.6% CAGR through 2033.
The market is estimated to reach USD 20,109.8 million by 2033.
The market was valued at USD 8,211.1 million in 2022.
| Market Value for 2024 | USD 6.9 billion |
|---|---|
| Market Value for 2034 | USD 18.38 billion |
| Market Forecast CAGR for 2024 to 2034 | 10.20% |
| Projected Growth Rate (2023 to 2033) | 17.6% CAGR |
|---|---|
| Expected Market Value (2023) | USD 7624.9 million |
| Market Value (2033) | USD 38684.6 million |
| Market Value (2023) | USD 8,736.6 million |
|---|---|
| Market Anticipated Value (2033) | USD 33,347.9 million |
| Projected CAGR (2023 to 2033) | 14.3% |
| Market Share (2023) | USD 4,041.4 million |
|---|---|
| Market Share (2033) | USD 16,538.7 million |
| Market CAGR (2023 to 2033) | 15.1% |
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Document Capture Software Market
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