Most of the business data in recent years are unstructured, and the end-users face a significant challenge in gathering meaningful insights from the data. The data are represented in various modules, including documents, emails, spreadsheets, audio & visual, presentations, images, and web searches, among others. In order to gain maximum information from the unstructured data, several end-users or industries are opting for document analysis software, which facilitates them in extracting important insights. The rising demand for the extraction of insights from unstructured data is catalyzing the growth of the document analysis market over the years. The awareness related to the advantages of document analysis software is maximum among the large enterprises, which incurs enormous data on a daily basis. These large enterprises invest substantial amounts towards enhancing the respective business process and optimize the efficiency of the business. Thus, the demand for document analysis software among the large enterprises is at a constant rise, which is allowing the market players operating in the document analysis market to experience growth in respective sales, which is ultimately driving the document analysis market.
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In the IT sector, the economic strain resulting from COVID-19 and government measures to prevent the spread is expected to have a higher negative impact on IT services companies than any other sector of the industry as the contracts and prospective projects get canceled. The impact of COVID-19 on the IT services sector is expected to be immediate, deep, and long-lasting. As the lockdown across the globe is removed, and the world’s economy moves back onto a business-as-usual foothold, the immediate objective of most companies will be to cut costs. Major IT projects are expected to be canceled or put on hold, leaving very little new business for the IT services sector. Also, existing projects are expected to be scaled back to the bare minimum; thus, as the document analysis market will get affected. Also as the number of SMEs, are expected to grow during the forecast period, due to the effect of COVID-19, these enterprises are also expected to try to reduce the cost spent on different software solutions.
Key findings of the study:
the growing penetration of automated enterprise software and solutions for achieving operational efficiency is gaining momentum. Currently, the North America leads the global market with 37% of the market share followed by Europe, and Asia-Pacific. Factors such as adoption of digital transformation, automated tools, and increasing awareness regarding the benefits of the software, are propelling the growth of the market. End-user industries such as BFSI, manufacturing, and government based lead ing market players across the different region have attributed in the solution popularity. For instance, the strong presence of manufacturing and BFSI sector in China and India respectively have witnessed substantial demand for robust and efficient document analysis tool in the past few years which is likely to drive the document analysis market. Some of the major companies such as IBM Corporation, Automation Anywhere Antworks, among others are focusing on offering advanced document analysis solutions. The industries in the developing countries are heavily emphasizing on reducing staff-hours to analyze unstructured data and feed the same to the final destination. Pertaining to this, the end-users in the above-mentioned developing countries are continuously investing in procuring document analysis software, which is expected to catalyze the growth of the market. Also, growth in the number of SMEs in the developing countries is acting as a key growth opportunity for the market players operating in document analysis market.
The banking, financial services, and insurance sector is a matured industry and is continuously experiencing the emergence of advanced technological solutions in order to increase efficiency. However, the market players operating in this sector are challenged with an enormous quantity of data that varies from the financial statement, invoices, legal contracts, emails, and receipts. Analyzing these documents are of utmost importance to the players operating in the BFSI sector. The customer base of each BFSI sector player is continuously rising, which is increasing the documentation size. With an aim to categorize the data, the BFSI sector players are utilizing or deploying natural language processing (NLP) to ensure customer and enterprise data in document mining applications. The consciousness related to the advantages of document analysis software among the BFSI sector players, which is stimulating the document analysis market size.
Merger & acquisition strategy is commonly adopted by companies in document analysis market to expand their footprint worldwide and meet the growing demand. This strategy in document analysis market is mostly observed in North America, Europe and Asia-Pacific. The players present in the document analysis market adopt the strategy of expansion and investment in research and development to enlarge customer base across the world, which also permits the players to maintain their brand name globally. Few of the recent acquisitions in document analysis market are listed below.
- 2019: Blue Prism announced an extended partnership with IBM. The partnership integrates three core capabilities of IBM Cloud Pak for Automation, with Blue Prism’s digital workforce. Specific IBM Cloud Pak for Automation capabilities consist business automation content analyzer – an AI-powered data capture facility to extract and organize data from unstructured content, requiring minimal document training.
- 2019: Automation Anywhere has declared advances to its IQ Bot, designed to accelerate intelligent automation to aid in intelligent document processing. The new version of IQ Bot, offers both via the cloud and on premises, expands AI-driven document processing capabilities seamlessly to almost any user and most businesses anywhere in the world.
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