According to a new market report published by Transparency Market Research , the global document capture software market is expected to reach a value of US$ 11,384.5Mn by 2026, supported by rising adoption of compliance initiatives, distributed capture, and the reduction of expenses by investing in advanced document processing. The market is projected to expand at a CAGR of 10.3% during the forecast period from 2018 to 2026. Increasing demand for document management, growing trend of mobile workforce, coupled with multiple benefits offered by document management software are encouraging the higher adoption of document capture software. In addition, rising penetration of mobile devices is boosting the global demand for mobile based document capture software. Asia Pacific is anticipated to be the fastest growing region during the forecast period which is expected to be followed by Europe. Document capture software is experiencing flourishing growth in terms of adoption across different industry verticals around the globe. Increase in the implementation of big data analytics and machine learning offered by vendors is further contributing to the growth of the document capture software market.
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Growing list of vendors providing multi-channel capture solutions likely to boost demand for document capture solutions over the forecast period
Adoption of document capture software by small and medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as well as limited capital investment required for subscription based (cloud) services. Installing document capture software in an organization for cost cutting and time savings (process optimization) is fuelling the growth of the market substantially with the trend expected to be maintained during the forecast period.