DUBLIN--(BUSINESS WIRE)--The "Document Analysis Market to 2027 - Global Analysis and Forecasts by Solutions, and Deployment Type" report has been added to ResearchAndMarkets.com's offering.
The global document analysis market was valued US$ 421.4 million in 2018 and is expected to reach US$ 8023.6 million by 2027; it is expected to grow at a CAGR of 39.2% during 2019-2027.
The banking, financial services, and insurance sector is continuously experiencing the emergence of advanced technological solutions to increase efficiency. However, the market players operating in this sector are challenged with an enormous quantity of data that varies from the financial statement, invoices, legal contracts, emails, and receipts. Analyzing these documents are of utmost importance to the players operating in the BFSI sector. The BFSI companies across the globe are experiencing continuous growth in customer base, which is increasing the documentation size. With an aim to categorize the data, the BFSI sector players are utilizing or deploying natural language processing (NLP) to ensure customer and enterprise data in document mining applications. The consciousness related to the advantages of document analysis software among the BFSI sector players is stimulating the growth of the document analysis market.
The market for document analysis is segmented on various parameters such as solutions, deployment type, organization size, industry vertical, and geography. Based on organization size, SMEs are expected to witness growth at a high CAGR. The need for document analysis is equally required in all organizations, regardless of their size, to compete in the market efficiently. Cost-efficiency is a vital need of the SMEs as they are constantly controlled by limited budgets, which leaves them with restricted methods to market themselves and improve visibility. Further, the government segment in the document analysis market is projected to grow at the highest CAGR. Government agencies manage the confidential and secured data of individuals, processes, departments, and agencies.
The government agencies generate an enormous amount of data, which is usually in an unstructured format. This data is required to be accurately captured, classified, and extracted to restructure the government process. Further, government agencies are required to team up for ensuring the migration and integrity of the data. Additionally, enhanced management of IT infrastructure for supporting resource sharing offers better security compliance controls as well as enhanced data security. As government agencies are exposed to strict data security policies, regulations, and audit policies, the demand for efficient document tools by these agencies is witnessing high growth. Thus, boosting the global document analysis market.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global document analysis market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global document analysis market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Demand for Gathering Meaningful Insights from Unstructured Data
- BFSI Sector to Continue Stimulate the Demand
- Cybersecurity Pose a Critical Challenge
- Growing Awareness in Developing Countries
- Enhancing Business Process
- Impact Analysis of Drivers And Restraints
- Automation Anywhere, Inc
- Datamatics Global Services Limited
- Extract Systems
- HCL Technologies
- Hyland Software, Inc.
- IBM Corporation
- OpenText Corporation
For more information about this report visit https://www.researchandmarkets.com/r/k0zyza