MarketsandMarkets forecasts the document analysis market size to grow from USD 438 million in 2019 to USD 3,855 million by 2024, at a CAGR of 54.5% from 2019 to 2024. Growing initiatives to digitalize content across enterprises expected to increase the adoption of document analysis across the globe during the forecast period.
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The document analysis market includes major vendors, such ABBYY (US), WorkFusion (US), Kofax (US), IBM (US), AntWorks (Singapore), Parascript (US), Automation Anywhere (US), Datamatics (India), Hyland (US), Extract Systems (US), HyperScience (US), OpenText (Canada), Infrrd (Belarus), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (Czech Republic), InData Labs (US), Ephesoft (US), and IRIS (Belgium). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the important strategies adopted by the major players to grow further in the document analysis industry.
IBM (US) is recognized as one of the leading vendors in the document analysis market. The company offers an extensive set of products and solutions across categories, such as cloud cognitive, commerce, analytics, Internet of Things (IoT), mobile, and security. It also offers consulting services and managed services to its commercial clients. In an document analysis market, IBM offers Document Capture Imaging products, such as Datacap, Datacap on Cloud, Datacap Mobile, and FileNet Capture. These products offer features, such as multi-channel capture, AI-infused intelligent processing, and advanced document capture to increase efficiency and productivity, and reduce operating costs. IBM’s varied technologically advanced solutions help its clients gain a competitive edge, minimize the risk of losing data, and maximize profits company also aims at increasing its global presence by expanding to new regions, thereby catering to the local customers’ demands. IBM helps its customers drive their business outcomes by facilitating them with innovative solutions for document analysis in a rapidly changing environment. In July 2019, IBM enhanced its Datacap version 9.1.6. With the new version, it updates OCR/A engine files, enhanced Datacap to support SQL Server AlwaysOn Availability Groups, and enhanced image ruleset for changing color depth of an image.
Kofax (US) is one of the leading providers of document analysis solution. Kofax has a varied portfolio of products, such as Intelligent Automation, Robotic Process Automation, Cognitive Capture, Process Orchestration, Advanced Analytics, Mobility and Engagement, and Accounts Payable Automation. Kofax provides automation solutions to transform information-intensive business processes, reduce manual work and errors, minimize cost, and improve customer engagement. In the document analysis market, Kofax offers Cognitive Capture. Kofax recently acquired the Nuance Imaging Division. With closure of the acquisition, Kofax’s position will strengthen in the document analysis market as a solid market shareholder. In February 2019, Kofax acquired Nuance Document Imaging (NDI), a division of Nuance Communications for USD 400 million in cash. With this acquisition, Kofax drives customer value to its existing portfolio by adding technologies, such as cloud compatibility, scan-to-archive, scan-to-workflow, print management, and document security to its end-to-end Intelligent Automation platform.
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