The document capture software market is forecasted to expand at 8.6% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 8,785.9 million in 2023. The market is expected to reach US$ 20,109.8 million by 2033.
Many organizations across the globe are embracing eminently secure, collaborative, and integrated cloud-assisted systems in an attempt to permeate the idea of digital business. In today’s technologically driven market space, where industries can be seen aggressively shifting gears toward digital documentation. Thus, giving a boost to the document capture software as a viable solution.
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Enterprises have been effortlessly riding the change in the wave so far. This can be credited to the presence of ‘Platform as a Service’ tools and cloud-based utilities, which have been fueling the ‘paperless’ journey.
The contracting workforce and several issues related to managing paper records are some gripping factors affecting organizations. In response, organizations are leveraging cloud-based services, consequently enhancing the scope of services based on Software-as-a-Service that enables pay-per-use and easy accessibility.
Despite cloud computing’s strong impact on document capture software solutions, manufacturers are inclined toward concentrating their efforts on ‘mobile-friendly’ advancements. Constantly on-the-move professionals and uninterrupted access to important documents and files are key factors behind this shift in focus.
Market vendors can be seen leaving behind a ‘one size fits all’ approach and embracing personalized services and products that are within the limited budget of small businesses.
Small and mid-sized enterprises (SMEs) have been far behind in enjoying the new technologies, as much as large enterprises have. However, many governments are undertaking initiatives to boost their capacity to gather technology and management skills. This is expected to enhance the SME’s growth trajectory going forward.
Key players are also concentrating on bettering the subscription models that give access to SMEs for document management solutions, without having to invest in any infrastructure.
Innovation Watch: Key Developments in the Market
In August 2018, Xerox Corp. introduced Xerox DocuMate 6710, which is a new Xerox production scanner that offers scanning innovation. The solution is designed to be used by industries like education, healthcare, the legal world, etc. that still use large quantities of documents.
In May 2023, Join, which is a collaborative project delivery platform released an Autodesk construction cloud integration to simplify document management and collaboration.
