Document capture software is an easy to use solution to store and capture electronic paper at the click of a button. It is used to automate and accelerate business procedure by capturing all types of electronic and paper forms and documents, translating them into actionable and accurate information, and providing them to all core business applications, workflows, and processes. The software allows accurate extraction of data and captures the data from documents, resulting in reduced emphasis on manual labor and human contribution, thus resulting in cost savings.
Document capture software is a smart technology that enhances the efficiency, accessibility, and productivity of an organization, which in turn creates new market avenues for the growth of this market. The rise of software-as-a-service based document capture software solutions allows organizations to enhance their competence of deploying valuable IT infrastructure and diminish the labor cost.
Currently, document capture software is striving to cope with recent trends such as social integration, cloud computing, workflow collaboration and smartphone accessibility. Document capture software solutions are becoming very crucial to meet the routine document imaging requirements of industries such as education, transportation, healthcare, finance and insurance. For instance, healthcare providers have introduced intricate workaround solutions in order to manage paper records and accelerate document workflows, thereby creating huge opportunities for the growth of this market.
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The document capture software market is witnessing significant growth owing to factors such as increasing regulatory compliances and growing adoption of cloud computing technology. Cloud computing technology allows more contribution from smaller organizations and caters to needs of core requirements. Therefore, cloud systems are anticipated to develop and deliver an improved platform for capturing into business processes.
Apart from this, increasing demand for software-as-a-service based document capture software is also anticipated to fuel the demand for document capture software in the forthcoming years. SaaS-based deployment provides a pay-per-use model, which offers cost-effective and easy accessibility and a model where document capture solutions can be accessed in any place at any time by various users. However, growing concerns related to automation and scalability and professional expertise is anticipated to hinder the growth of the document capture software market. Besides this, risk associated with data security and sharing is also a major factor which is restraining the growth of this market across the world.
The global document capture software market can be segmented on the basis of deployment type and industry. Based on deployment type, the market is bifurcated into cloud-based and on-premise. Furthermore, on the basis of industry, the global market is segmented into BFSI, IT & telecommunication, retail, government, healthcare, transportation, education and others.
The market in North America is estimated to witness significant growth during the forecast period. This is primarily due to technological advancement and rising awareness regarding data security across the region. Apart from this, continuous healthcare industry development in various countries such as the U.S., India, Mexico, Saudi Arabia, and China is expected to fuel the demand for document capture software in the near future. Moreover, security applications of the product in several regions are expected to act as a major driver for the growth of this market. Eemerging economies such as Middle East & Africa, Asia Pacific, and South America are also expected to bring potential growth opportunities to stir the market in the coming years.
Major players in the global document capture software market includes ABBYY Software, Adobe Systems, Seiko Epson Corporation, Canon Inc., Capsys Corp., Nuance Corporation, PSIGEN Software Inc., DocuLex Inc., IBM Corp., Hyland Software Inc., Kodak Company, Notable Solutions Inc., Kofax, Inc., KnowledgeLake Inc., Omtool Ltd., Outback Imaging Pty Ltd, Oracle Corp., Perceptive Software, Office Gemini, LLC, ReadSoft Inc. and Xerox Corp.