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Many sectors, such as government, financial services, business analytics, healthcare, are facing the complex task of importing, scanning, sorting, indexing, organizing, and maintaining the documents. Organizing physical documentation also increases manual work, manual mistakes, and the possibility of lost any valuable data. As a result, technology-oriented industrial developments are replacing physical documentation with digital solutions. With the increasing scope of digital businesses, several organizations are focussing on secure, integrated, and highly collaborative cloud-based documentary systems.
Document capture software offers the capability of automation in document scanning and importing electronic files or documents to extract a relevant collection of data from them. The system enables businesses to securely store, maintain and access digital records systematically and efficiently. Incorporating intelligent character recognition (ICR), which can read and analyze hand-printed characters, enhances the document capture software.
Key Market Driver -
• Integration of document capture software with AI/ Machine learning • Increasing use in big data analytics • Rapid growth in the use of cloud computing technology in various business segments
Key Market Restraint -
• Cloud-based storage may create security issues like cyberattacks
The key players in the global document capture software market include Dell, Inc., IBM Corporation, Canon, Inc., DocStar, Hyland Software, Inc., CAPSYS Technologies, ABBYY, Artsyl Technologies, Inc., Ephesoft, Inc., Xerox Corporation, etc.
CAPSYS develops web-based, affordable, easy-to-deploy document capture software solutions through a client application that does not need for workstation software to be installed, maintained, or upgraded.
Ephesoft, Inc. provides advanced document capture software which can extract valuable metadata from the document. The company offers data classification solutions that can capture any data, accurate contents of data through machine learning. The company also provides product training and certification, support services, and professional services.
Managing records and reduced paperwork are remarkable vital factors for the adoption of document capture software. Growth in big data analytics in BFSI, healthcare, and retail industries offer chances for the approval of document capture software, which further drives the demand for the market.
The digitalization of business boosts the growth of document capture software market globally. Asia Pacific is estimated to see growth in the global document capture software market during the forecast period. In this region, increased demand for document capture software market, which allows small and medium organizations to maintain an automated workflow and reduce cost. Digital India project becomes the initiative for the adoption of document capture software. With the rapid growth in big data analytics, North America is probable to drive the market growth exponentially. In Europe, growing awareness regarding data security and technological developments enhances the document capture software market. The safe, fast, paperless, and accurate patient documentation in the healthcare sector led to an increase in the adoption of document capture software, which contributes to the growth of the market in Latin America.
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