During the projection period of 2022-2032, the global document capture software market is expected to reach US$ 17.1 billion, with a CAGR of 8.5 percent. In 2021, the market was worth US$ 6.9 billion, and in 2022, it is predicted to be worth US$ 7.6 billion. The growth can be due to the increasing adoption of IoT and cloud computing technology. Shortly, rising demand for SaaS-based document capture software is projected to propel the market.
SaaS-based services provide a pay-per-use model, which increases demand for the services and benefits the sector during the projection term. Another element driving the industry’s growth is a growing awareness of the dangers connected with legal liability and the need for compliance in the IT, transportation, and FMCG sectors. Document capture systems are gaining acceptance in industries such as healthcare, banking, education, insurance, and transportation to meet everyday document imaging needs.
Takeaways from the Market Research
- In 2021, the global document capture software market will be worth US$ 6.9 billion.
- From 2022 to 2032, the global document capture software market is expected to grow at an annual rate of 8.5 percent.
- During the projected period, the hybrid segment is expected to grow at an annual rate of 8.8%.
- During the assessment period, the Large Enterprises segment is expected to grow at an annual rate of 8.3 percent.
- By 2032, the US market is expected to reach USD 5.3 billion, rising at an annual rate of 8.4%.
- During the projection period, the Chinese market will be worth USD 1.1 billion.
- From 2022 to 2032, India’s market will be worth $1.4 billion.
Analyze the Competition
Adobe Systems Software Ltd., ABBYY Software, Artsyl Technologies Inc., Canon Inc., and IBM Corporation are among the leading competitors in the worldwide document capture software industry. Players in the industry use a variety of actions to increase their worldwide reach. Partnerships, mergers & acquisitions, and other strategies are among the options.