New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Document Capture Software Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06370331/?utm_source=GNW
The global document capture software market is expected to grow from $ 7.27 billion in 2021 to $ 8.16 billion in 2022 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The document capture software market is expected to grow to $ 12.34 billion in 2026 at a CAGR of 10.9%.
The document capture software market consists of sales of document capture software by entities (organizations, sole traders, and partnerships) that are used to capture incoming documents and store them in a central digital repository.Document capture software is specialized software for digitalizing the documentation process and reducing the burden of paper documents and storage-related issues.
The software combines importing, scanning, and integration capabilities to digitize all the documents in a single location so that they are easily accessible.
The main types of deployment in document capture software are cloud, on-premise, and hybrid. The cloud is used to access the software without the need to establish a server and data center. "Cloud" refers to services provided via the internet. The software is stored on the remote host server and is accessible to the customer via the internet. This type is beneficial in low IT-cost operations. The different solutions include multiple-channel capture, cognitive capture, mobile capture, and others. The organizations that use document capture software are small and medium enterprises (SMEs) and large enterprises. It is employed in retail, banking, financial services and insurance, telecom and IT, healthcare, transportation and logistics, energy, and other industries.
North America was the largest region in the document capture software market in 2021. The regions covered in the document capture software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing adoption of cloud-based software is expected to propel the growth of the document capture software market going forward.Cloud-based software is software that is hosted in the cloud and is accessed via a web browser using the internet.
It lowers IT and maintenance costs for enterprises, which is why many enterprises are going for cloud-based software to store and track electronic files and folders, which in turn is promoting the adoption of document capture software.For instance, according to the 2019 State of the Cloud Survey by Flexera, a US-based software company, out of 786 technical professionals surveyed, 94% use cloud solutions, and 69% of them are using hybrid cloud solutions.
Therefore, the increasing adoption of cloud-based software is propelling the document capture software market.
Technological advancements are the key trends gaining popularity in the document capture software market.The players operating in the document capture software sector are constantly innovating and incorporating new technologies to increase their consumer base.
For instance, in July 2022, Kodak Alaris, a UK-based photographic hardware and software manufacturer, released Capture Pro, a next-generation document capture software.This is available with security updates, feature enhancements, and integrations with third-party applications.
This features conformance with PDF/UA (Portable Document Format/Universal Accessibility) that ensures accessibility for people using assistive technology to read electronic content.
In June 2021, Kofax, a US-based software company, acquired Psigen Software Inc. for an undisclosed amount. The acquisition would add to Kofax’s previously existing document capture software and solutions offerings and further extend the leadership position of the company in the market. Psigen Software, Inc. is a US-based software company that develops document capture software.
The countries covered in the document capture software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The document capture software market research report is one of a series of new reports that provides document capture software market statistics, including document capture software industry global market size, regional shares, competitors with document capture software market share, detailed document capture software market segments, market trends, and opportunities, and any further data you may need to thrive in the document capture software industry. This document capture software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06370331/?utm_source=GNW
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