Document Analysis Market worth $3,855 million by 2024

(IT-NEWSWIRE.COM, August 10, 2021 ) According to a research report "Document Analysis Market by Solution (Product and Services), Deployment Type (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare and Life Sciences, and Government), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global document analysis market size is expected to grow from USD 438 million in 2019 to USD 3,855 million by 2024, at a CAGR of 54.5% during the forecast period. Growing initiatives to digitalize content across enterprises and increasing the adoption of cloud-based document analysis solutions are some of the major factors driving the growth of the market.

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The on-premises segment is expected to account for the larger market share during the forecast period.

On-premise deployment refers to the installation of applications on the premises of an organization rather than at a remote facility. On-premise solutions are delivered for a one-time license fee along with a service agreement as on-premise deployment requires developing infrastructure and a personal data center, only large organizations that can afford the cost to deploy these solutions. Therefore, SMEs often face the dilemma of choosing between hosted and on-premises solutions. However, the on-premises deployment model has several advantages, including system and data control, and dedicated maintenance and support staff. Consequently, many organizations opt for the cloud model due to its cost-effectiveness.

The managed services segment to grow at a higher CAGR during the forecast period

Managed services play a crucial role in reducing existing overheads of enterprises and enabling them to be product-focused and innovation-friendly. These services further enable organizations to concentrate on their core business processes, without worrying about the maintenance and servicing of the deployed solution. Managed Service Providers (MSPs) are third-party companies that charge on the basis of operational costs, without billing their clients for capital costs, as per the subscription model or a Service- Level Agreement (SLA). For instance, organizations can make use of the document analysis solution, without having to worry about cloud storage used to store the streaming data and hosting the automation software or platform. All the pre- and post-deployment questions and needs of clients are taken care of, under the managed services segment. Organizations mostly outsource such services to offer on-time delivery to clients. Thus, MSPs undertake the complete responsibility of customer needs and deliver optimum services. This segment is expected to be mainly driven by the increasing adoption of outsourced managed services in the document analysis market.

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North America estimated to lead the document analysis industry during the forecast period

North America is expected to account for the largest share of the document analysis market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting technologically advanced emergency equipment. The North American region exhibits a wide presence of key industry players offering document analysis solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.

ABBYY (US), WorkFusion (US), Kofax (US), IBM (US), AntWorks (Singapore), Parascript (US), Automation Anywhere (US), Datamatics (India), Hyland (US), Extract Systems (US), HyperScience (US), OpenText (Canada), Infrrd (Belarus), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (Czech Republic), InData Labs (US), Ephesoft (US) , and IRIS (Belgium) are some of the leading companies operating in this market.

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Document Analysis Market worth $3,855 million by 2024