The document analytics market is expected to reach $12.45 billion by 2027, at a CAGR of 48.1% during the forecast period of 2020 to 2027.
The growth of document analytics market is primarily driven by the increasing need to digitize content across enterprises coupled with the rising adoption of big data and other associated technologies. Besides, the integration of AI & ML with document analytics offers lucrative opportunities for market growth. However, legal concerns and data privacy issues can obstruct the growth of the market. In this study, the document analytics market is broadly segmented based on offering, deployment mode, organization size, end user, and geography.
Here are the top 10 companies operating in Document Analytics Market
Founded in 2003, Automation Anywhere is a developer of robotic process automation (RPA) software, which employs software bots to complete processes. The company empowers people by freeing them from repetitive, manual tasks and making end-to-end business processes more efficient and productive. They have built the world’s most advanced digital workforce platform, which combines robotic process automation (RPA), artificial intelligence, machine learning, and analytics. Their intelligent document processing (IDP) platform automatically extracts information from any business document to enable end-to-end business process automation. The Automation Anywhere services team works with companies of all sizes to automate their business processes to discover new automation ideas and maximize ROI.
With its subsidiaries and a strong distribution network, the company has its presence across North America, Europe, Asia-Pacific, the Middle East and Africa. Some of the subsidiaries of Automation Anywhere include Cathyos Labs Private Limited and Klevops SAS.
Founded in 1985, Kofax Inc. (Kofax) is an American process automation software provider. Their intelligent automation software platform helps organizations transform information-intensive business processes, reduce manual work and errors, minimize costs, and improve customer engagement. The company combines RPA, cognitive capture, process orchestration, mobility and engagement, and analytics to ease implementations and deliver dramatic results that mitigate compliance risk and increase competitiveness, growth, and profitability. Their document analytics product Kofax Transformation automates and accelerates document processing, making it possible to reduce labor costs, increase productivity and push document processing speed and accuracy to optimal states.
With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia-Pacific, the Middle East and Africa. Some of the subsidiaries of Kofax Inc. include Kofax Malaysia Sdn. Bhd. (Malaysia), Kofax Australia Pty Ltd. (Australia), Kofax London Holdings Ltd. (U.K.), Kofax Singapore Pte. Ltd. (Singapore), and Kapow Software, Inc. (U.S.).
ABBYY is a digital intelligence company. It provides a digital intelligence platform that delivers a complete understanding of business processes and raises organizations’ Digital IQ. Their technologies are used by fortune 500 companies in finance, insurance, transportation, healthcare, and other industries to make intelligent business decisions. ABBYY helps enterprises understand their business processes to accelerate digital transformation with a platform enabled with AI, NLP. ABBYY is a global company with offices in 13 countries. Some of the subsidiaries of ABBYY include ABBYY Language Services, ABBYY USA Software House, Inc. (U.S.), ATAPY Software GmbH (Russia), and ABBYY Europe GmbH (Germany).
Founded in 2010, WorkFusion, Inc. is a leading vendor of intelligent automation solutions combining AI, RPA & machine learning capabilities for business process automation. Their intelligent automation solutions are powered by pre-trained bots, proprietary artificial intelligence technology, and advanced analytics, working together to automate a wide range of business processes. Leading organizations worldwide use WorkFusion to automate their operations with ease and speed, helping them up-skill employees, reduce costs and unlock growth like never before. With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, and Asia-Pacific.
AntWorks PTE LTD
Founded in 2015, AntWorks is a global artificial intelligence (AI) and intelligent automation (IA) company that creates new possibilities with data through digitization, automation, and enterprise intelligence. As the world’s only integrated Intelligent Automation Platform (IAP) powered by fractal science principles and pattern recognition, ANTstein digitizes every type of data for forward-thinking companies looking to achieve straight-through processing. With its subsidiaries and strong distribution network, the company has its presence across North America, Europe, Asia-Pacific, the Middle East and Africa.
Meticulous Research in its latest publication on Document Analytics Market has predicted the growth of 48.1% during the forecast year 2020-2027.
OpenText Corporation, a market leader in Enterprise Information Management software and solutions, enables intelligent and connected enterprises by managing, leveraging, securing, and gaining insight into enterprise information, on-premise, or in the cloud. The company provides its customers with choice and flexibility in their path to digital transformation with solutions that can be run on-premise (off-cloud), hybrid, cloud, or as a managed service. OpenText ECM Capture products transform paper and electronic documents into digital content to reduce cost, speed up processes and compliance. The company operates in four business segments: License, Cloud Services and Subscriptions, Customer Support, Professional Service, and Others. The company offers automotive services through its Transportation segment.
With its subsidiaries and strong distribution network, the company has its presence across the Americas, EMEA, and Asia-Pacific. Some of the subsidiaries of OpenText Corporation include Carbonite, Inc. (U.S.), EasyLink Services International Corporation (U.S.), Liaison Technologies, Inc. (U.S.), Actuate Corporation (U.S.), and Bluebird Systems Inc. (U.S.)
HCL Technologies is a next-generation global technology company that helps enterprises reimagine their businesses for the digital age. Their technology products, services, and engineering are built on four decades of innovation, with a world-renowned management philosophy, a strong invention and risk-taking culture, and a relentless focus on customer relationships. The company offers an integrated portfolio of products, solutions, services, and IP through its Mode 1-2-3 strategy, built around Digital, IoT, Cloud, Automation, Cybersecurity, Analytics, Infrastructure Management, and Engineering Services, among others. The company operates in three business segments: IT and Business Services, Engineering and R&D Services, and Products & Platforms.
With its subsidiaries and strong distribution network, the company has its presence across the Americas, EMEA, and Asia-Pacific. Some of the subsidiaries of HCL Technologies include HCL America, Inc. (U.S.), Geometric Limited (India), Intelicent India Limited (India), Hönigsberg & Düvel Datentechnik GmbH (Germany), and Urban Fulfillment Services, LLC. (U.S.)
Founded in 1996, Parascript LLC automates the interpretation of contextual information from image and document-based data to support financial services, government agencies, and the healthcare industry, processing over 100 billion documents annually. Parascript software processes any document with any data from any source with its easy-to-use, image-based analysis, classification, data location, extraction technology, and other machine learning techniques, including digital image analysis and advanced pattern recognition. Parascript software enables the digital workforce with unattended document automation. Parascript software supports transaction processing, customer onboarding, case management, mail processing and fraud prevention, and other document processing.
Founded in 2014, Hyperscience is the world’s first Software-Defined, Input-to-Outcome Automation Platform used by the global 2000s and government organizations worldwide to build and run mission-critical processes with ease and speed. Hyperscience helps enterprises quickly build and roll out new business processes with built-in automation, reduce manual errors, increase high and low-skill employee productivity, and eliminate the need for costly transformation. Hyperscience intelligent document processing solution has been implemented at some of the world’s leading financial services, insurance, healthcare, and government organizations. With its subsidiaries and a strong distribution network, the company has its presence across North America and Europe.
Founded in 1996, Infrrd is one of the leading AI technology companies, and they have been in the industry for 10+ years. The company’s main goal is to remove digital transformation bottlenecks caused by manual data entry and performance limitations of OCR. Their intelligent document processing platform maximizes straight-through processing, and their template-free approach outperforms OCR when there are many document types and variations. Infrrd’s unique ML-first approach can automatically extract data from documents with complex visual elements, such as images, tables, graphs, handwriting, symbols, logos, and rubber stamps.
Popular Mentions: Celaton, Extract Systems, Hyland Software, Inc., Datamatics Global Services Ltd, and IBM Corporation
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Authoritative Research on the Documet Analytics Market – Global Opportunity Analysis and Industry Forecast (2020-2027)
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