“Document Analytics Market by Product Type (Solution and Services), Deployment Type, Industry Vertical (BFSI, Government, Healthcare, Retail and ecommerce, Manufacturing, Transportation), Organization Size, and Region - Global Forecast to 2027”, Meticulous Research® states that the overall document analyitics market will grow at a CAGR of 48.1% from 2020 to 2027 to reach $12.45 billion by 2027.
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Document analysis has revolutionized the way organizations manage and process their incoming documents. With its advanced automation capabilities, it eliminates the need for manual data entry and reduces the risk of errors. The technology identifies and extracts key information from both paper and electronic documents, providing businesses with a fast and efficient process for digitizing their content. Document analysis also offers the benefits of workflow optimization, access to valuable insights, and cost savings.
As enterprises increasingly adopt digital transformation strategies, the demand for document analysis solutions is expected to grow. With the integration of AI and ML technologies, these solutions are becoming even more intelligent, providing businesses with a competitive edge in the market. Additionally, the growing need to improve customer experiences and satisfaction is driving the adoption of document analysis solutions.
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The increasing demand for digital transformation and analytics is driving the growth of the document analytics market. With the COVID-19 pandemic forcing many businesses to adopt remote work, the need for real-time information and location data has become more crucial than ever. This has led to a growing demand for document analytics solutions that can help organizations track and monitor the spread of the virus while ensuring the safety of their employees.
The BFSI sector is projected to lead the document analytics market in 2020, due to the large volume of complex documents that the industry deals with. Meanwhile, the manufacturing sector is expected to grow at a fast pace, as the sensitive and private data produced by various processes and departments within these organizations requires accurate capture and analysis to streamline operations.
North America is expected to dominate the global document analytics market in 2020, with a strong focus on innovations and technology advancements in the U.S. and Canada. These advancements, along with the increasing demand for digital transformation and real-time information, will continue to drive the growth of the document analytics market in the coming years.
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However, the rapid digitization wave across Asia-Pacific, coupled with the growth of associated infrastructure and growing awareness about analytics, has allowed emerging economies to incorporate analytics tools. such as document analytics. Due to the growing need for advanced intelligent solutions, Asia-Pacific region is expected to emerge as the fastest-growing region for document analytics market.
Key Players:
The key players operating in the document analytics market are ABBYY (U.S.), Kofax Inc. (U.S.), WorkFusion (U.S.), Automation Anywhere (U.S.), AntWorks PTE. LTD. (Singapore), Hyland Software, Inc. (U.S.), Celaton (U.K.), Extract Systems (U.S.), HyperScience (U.S.), Parascript, LLC (U.S.), Infrrd (U.S.), IBM Corporation (U.S.), Datamatics Global Services Ltd (India), OpenText Corporation (Canada), and HCL Technologies (India), among others.
Key questions answered in the report-
• Which are the high growth market segments in terms of product type, deployment type, industry vertical, organization size, and countries?
• What is the historical market for document analysis across the globe?
• What are the market forecasts and estimates from the period of 2020-2027?
• What are the major drivers, restraints, and opportunities in the document analytics market?
• Who are the major players in the document analytics market, and what share of the market do they hold?
• Who are the major players in various countries, and what share of the market do they hold?
• How is the competitive landscape?
• What are the recent developments in the document analytics market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high growth countries?
• Who are the local emerging players in the document analytics market and how do they compete with the other players?

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