The global document capture software market is expected to witness significant growth over the next eight years on account of increasing regulatory compliance. The emergence of SaaS-based document capture software solutions has enabled organizations to reduce the cost and improve their efficiency of deploying valuable information technology (IT) infrastructure.
Growing demand for SaaS-based document capture software will propel document capture software industry expansion in the near future. One of the drivers of SaaS-based document capture software is that SaaS-based deployment provides a model which facilitates pay-per-use and easy accessibility. However, increasing issues related to professional expertise, automation, and scalability is expected to act as a challenge for the market expansion. In addition, risk associated with data sharing and security will hinder industry growth over the next seven years.
Rising awareness for threats associated with legal liability along with compliance requirements in FMCG, IT, and the transportation sector will augment document capture software market demand over the next seven years. In addition, growing demand for document capture software as it manages data and increases the effectiveness of the data in organization will lead to spur industry growth in the near future. Increasing requirements of the web-based document management solutions as they enable businesses to securely store, maintain and access digital records in a systematic and efficient way is expected to create immense market potential over the next seven years. These service applications provide a better understanding in a timely and effective manner is expected to add a lot of value to the organization.
Cloud systems are expected to expand and provide a better platform for capturing into business processes. Rising adoption of cloud computing technology will fuel industry expansion as it enables larger participation from smaller organizations and caters needs of core requirements. Increasing usage of cloud-computing technology in various business sectors including FMCG, retail, banking, insurance, and healthcare and pharmaceuticals as it provides enterprise storage solutions, will stimulate market growth over the next seven years.
Document capture solutions are becoming very essential to meet the routine document imaging needs for sectors including healthcare, education, finance, transportation and insurance. Healthcare providers have developed complex workaround solutions to manage paper records and match with the inadequate and limited technology, thereby creating growth opportunities for document capture software industry growth.
North America and Europe are the prominent market for the product and is expected to grow on account of technological development and growing awareness regarding data security. Growing healthcare sector in various countries including India, China, U.S., Mexico and Saudi Arabia will promote market demand in the near future. Security applications of the product in various sectors is likely to act as a key driver for document capture software market growth.
Tasks including data entry and invoice processing have been performed manually and on paper traditionally which are time utilizing and are not cost-efficient. Document capture technology overpowers these limitations by automating the entire process, thereby driving industry size. The software enables accurate extraction of data and captures the data from forms owing to the intention that can be processed electronically with ease. Which in turn will result in a reduction of emphasis on manual labour and human involvement, thereby resulting in cost savings.
Document capture spending has increased and is likely to experience sustained growth in the upcoming years. Manual labor and usage of paper is slow, exorbitant, and are wasteful. Document capture technology is a smart solution that improves productivity, accessibility, and efficiency which will open new market avenues in the near future.
The key players of the market include ABBYY Software, Hyland Software Inc., Canon Inc., Capsys Corp., Adobe Systems, EMC Corp., KnowledgeLake Inc., IBM Corp., Kofax, Oracle Corp., Omtool Ltd., Perceptive Software, Xerox Corp., Readsoft Inc., Notable Solutions Inc., DocuLex Inc, Outback imaging Pty ltd, Nuance Communications Inc. and Kodak Company.
Xerox Corp. has recently launched DocuMate 752 owing to new regulatory compliance requirements which is expected to witness a sudden demand increase in companies in order to implement safe, secure, and reliable records management and document capture solutions.
Production scanners with low volume are suitable for document management ranging from small to medium volume applications and are expected to act as a substitute or a compliment for distributed scanning settings that require high volume applications. However, the DocuMate 752 offers a better solution when integrated with today's prominent medical records and workflow software applications for the healthcare industry, which will promote market growth.
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