Document Analysis Market Forecast, Trends, Scope by 2031
The document analysis market size is projected to reach US$ 31.98 billion by 2031 from US$ 1.97 billion in 2023. The document analysis market is expected to register a CAGR of 41.7% in 2023–2031. The increasing inclination towards digitization of content and the need to derive insights from that.
Document Analysis Market Analysis
Document analysis offers businesses a structured approach to extract valuable insights from various documents efficiently. Organizations can identify hidden patterns and make informed decisions by employing techniques such as content analysis and leveraging tools such as OCR and qualitative data analysis software.
Document Analysis Market Overview
The document analysis allows users to automated check data with variable data. It enables individuals to find valuable insights, detect patterns, and derive conclusions from texts ranging from historical manuscripts to contemporary digital documents. The manual processes are neither 100% accurate nor cost-effective, due to which various organizations are deploying document analysis. In business, it is crucial in financial analysis, contract review, market research, and competitive intelligence in the corporate world. Scrutinizing business documents such as financial reports, contracts, and market studies can help organizations make informed decisions, capitalize on opportunities, and identify risks.
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Document Analysis Market: Strategic Insights
Market Size Value in US$ 577.4 Million in 2019 Market Size Value by US$ 8023.6 Million by 2027 Growth rate CAGR of 39.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Customize Research To Suit Your Requirement
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Document Analysis Market: Strategic Insights
| Market Size Value in | US$ 577.4 Million in 2019 |
| Market Size Value by | US$ 8023.6 Million by 2027 |
| Growth rate | CAGR of 39.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Document Analysis Market Drivers and Opportunities
Increasing Digitization of the Content to Favor Market
Businesses across the world are digitizing their content to streamline their operations, reduce costs, and improve their bottom line. Document digitization is helping organizations to converte paper documents into digital formats that can be stored, edited, accessed, and shared online. For example, in October 2022, a study observed that Indian organizations be determined to increase their investment in these capabilities by 25% over the next 12 months. The survey saw the involvement of 150-business decision-makers across Australia-New Zealand, India, and Singapore. Businesses are increasing reliance and are opting for digitized document workflows. Content digitization and creation help organizations streamline their workflows, enhance their security, reduce their costs, and improve their productivity. Thus, digitization of all the contents helps organizations to automate, analyze, and compare complex documents - completely reliable, automated, and independent of the format and structure of the files to be checked. Digitization of content enables spot-checking, which helps to derive instant, meaningful insights. Thus, increasing digitization of the content drives the growth of the document analysis market.
Growing need for Insightful Data Extraction.
Efficient handling of data is crucial for the productivity and success of the business. Document analysis allows for streamlining document-related processes, enabling organizations to draw valuable insights, enhance their decision-making process, and optimize workflows. It automates the extraction of relevant information from unstructured documents such as invoices, contracts, and reports. By leveraging advanced algorithms, it identifies key data points (e.g., invoice amounts, due dates, vendor details) and populates databases or enterprise systems. For instance, consider an accounts payable department that receives hundreds of invoices daily. Document analysis software can swiftly extract invoice data, reducing manual data entry errors and accelerating payment processing.
Document Analysis Market Report Segmentation Analysis
Key segments that contributed to the derivation of the document analysis market analysis are solutions, deployment type, organization size, and industry vertical.
- Based on solutions, the document analysis market is segmented into products and services.
- Based on deployment type, the document analysis market is segmented into cloud and on-premise.
- Based on organization size, the document analysis market is segmented into large enterprises and small & medium enterprises (SMEs).
- Based on industry verticals, the document analysis market is segmented into BFSI, government, healthcare, retail, manufacturing, and others.
Document Analysis Market Share Analysis by Geography
The geographic scope of the document analysis market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Companies across North America have increasingly adopted digital documents, requiring document analysis solutions. Further, the growing economies such as Europe and the Asia Pacific are adopting document analysis.
Document Analysis Market Report Scope
Document Analysis Market News and Recent Developments
The document analysis market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In September 2023, - Ocrolus launched a fully automated document processing that offers insights in seconds. The launched product Instant is an AI-powered service offering that empowers lenders to efficiently analyze bank statements and other financial documents more than ever before.
(Source: Ocrolus, Press Release, 2023)
- In July 2022, Canadian document quality control company GlobalVision launched the latest innovation in industry compliance proofreading technology named Text Inspection 2; this algorithm, an update from the company's Cloud-based proofreading system Verify, circles a new standard for speed and accuracy in digital document reading and analysis.
(Source: Palo Alto, Press Release, 2021)
Document Analysis Market Report Coverage and Deliverables
The "Document Analysis Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Solutions ; Deployment Type ; Organization Size ); Industry Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global document analysis market was estimated to be US$ 1.97 billion in 2023 and is expected to grow at a CAGR of 41.7% during the forecast period 2023 - 2031.
Increasing digitization of the content is the major factors that propel the global document analysis market.
Integration of AI and ML in document analysis is anticipated to play a significant role in the global document analysis market in the coming years.
The key players holding majority shares in the global document analysis market AntWorks, Automation Anywhere, Inc., Celaton, Datamatics Global Services Limited, Extract Systems, and HCL Technologies.
The global document analysis market is expected to reach US$ 31.98 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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