Intelligent Enterprise Data Capture Software Market

Intelligent Enterprise Data Capture Software Market: 'Cloud-first' Transformation Underpinning Demand from SMEs: Global Industry Analysis 2014-2018 and Opportunity Assessment 2019 - 2029

Intelligent Enterprise Data Capture Software Market - Key Research Findings

  1. Global intelligent enterprise data capture software market size in 2018 – ~US$ 6 Bn.
  2. The intelligent enterprise data capture software market is expected to grow at a CAGR of ~12% during the forecast period of 2019 to 2029.
  3. Intelligent enterprise data capture software helps users streamline the data capture, recognition, and classification of business documents, and extract meaningful information from captured data. In addition, intelligent enterprise data capture software supports multi-channel data capturing by processing paper documents on multi-functional electronic devices such as mobile phones, scanners, and others.
  4. Nowadays, small and medium enterprises are moving towards data support and data management systems. Thus, due to increasing cloud-based deployments, the market for intelligent enterprise data capture software in small and medium businesses is expected to grow substantially during the forecast period.
  5. The intelligent enterprise data capture software markets in North America and Europe are estimated to remain the largest markets throughout the forecast period
    • The need for an error-free and cost-effective solution for data capture is driving the intelligent enterprise data capture software markets in North America and Europe.
  6. The intelligent enterprise data capture software market in South Asia is estimated to register a prominent CAGR during the forecast period.
    • The significant growth of connected devices in this region is generating large amount of data on daily basis, which acts as a primary factor boosting the adoption of intelligent enterprise data capture software in the South Asia market.
  7. As compared to intelligent enterprise data capture services, intelligent enterprise data capture software solutions are estimated to continue to hold a significant share of the global intelligent enterprise data capture software market throughout the forecast period
    • At present, intelligent enterprise data capture software is a solution that facilitates single and multiple entry points so that it can capture the documents procured by fax, e-mail, scanners, and other multi-functional devices.

Top Factors Shaping the Intelligent Enterprise Data Capture Software Market

  1. Error reduction and improved accuracy

    The usage of paper while capturing, storing, and archiving data increases the chances of error. Moreover, manual data punching is likely to result in human errors or the file containing the data is likely get lost or deleted. With an enterprise-grade automated process, such as intelligent enterprise data capture software, a business can reduce the number of errors during the data capture stage.

    Thus, intelligent enterprise data capture software helps businesses cut expenditure and enhance customer service since the delivery of efficient customer service is made easier when the data is accurate. It lowers the time wasted on fixing errors and improves the productivity of an enterprise. Such factors motivate enterprises to adopt intelligent enterprise data capture software, which is expected to drive the growth of the global intelligent enterprise data capture software market during the forecast period.

  2. Lack of standards and common practices within and across companies

    A majority of companies still have vast untapped opportunities when it comes to the intelligent enterprise data capture software market. This can be mainly attributed to the lack of reliable data, standards, and common practices within & across companies, which has led to missed opportunities.

    Only large enterprises are practicing intelligent enterprise data capture software. The lack of standards and initiatives by industrial companies is likely to hamper the growth of the intelligent enterprise data capture software market.

Intelligent Enterprise Data Capture Software Market Structure Analysis

Some of the top participants in the global intelligent enterprise data capture software market include

  • IBM Corporation
  • Oracle Corporation
  • Microsoft Corporation
  • Newgen Software Technologies Limited
  • SAP SE
  • Open Text Corporation
  • Hyland Software, Inc.
  • BOX
  • M-Files Inc.
  • and Micro Focus

When compared to service providers, vendors offering intelligent enterprise data capture software have been observed to garner a higher share of the market. Moreover, active players providing intelligent enterprise data capture solutions other than software and services, are likely to hold a considerable revenue share in the global intelligent enterprise data capture software market.

The ongoing trend of acquisitions and mergers among stand-alone intelligent enterprise data capture software vendors and well-established intelligent enterprise data capture software and service providers is estimated to promote growth and revenue generation in the global intelligent enterprise data capture software market. 

Intelligent Enterprise Data Capture Software – Installations Driven by Growing Business Model Innovation

The era of intelligent enterprises has seen adoption of novel technological capabilities to innovate business models, which has favored advances in data capture software to be more automated and connected. Leverage of automated data capture solutions by data-driven organizations to outrun their competitors, continues to pave lucrative avenues for the intelligent enterprise data capture software developers.

Market Set to Grow 3X between 2019 and 2029

Improved accuracy and error reduction in data capture are key attributes of intelligent enterprise data capture software that serve as productivity enhancers for organizations. As major industry verticals focus on going digital, cloud deployments are expected to witness a surge, creating demand for intelligent enterprise data capture software.

Opportunities Abound in Developing Markets

North America and Europe remain leading markets for intelligent enterprise data capture software, as organizations in these regions were first to embrace the digital revolution. However, opportunities are strong in developing markets - South Asia, East Asia, and MEA - for the market stakeholders, as industry verticals in these markets make high investment in data management solutions and new business models.

The Broader Perspective

Modern enterprises are leveraging advanced analytics, AI, and machine learning, to enhance customer experience, distribution, and enterprise resource. As demand for cloud storage increases, data capture solutions are going mobile, and stakeholders are investing more in R&D to come up with advanced offerings.

How Growth will Unfold

On-premise deployments of intelligent enterprise data capture software are expected to lead the way, with 3/5th market shares. Revenues from SaaS & PaaS deployment will increase relative faster through 2029. Adoption of hybrid deployment is expected to remain relatively lowe

INTELLIGENT ENTERPRISE DATA CAPTURE SOFTWARE MARKET TAXONOMY

The global intelligent enterprise data capture software market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

By Product Type

  • Software
    • Handwriting Recognition
    • Optical Character Recognition
    • Intelligent Document Recognition
  • Services
    • Consulting
    • Training
    • Implementation & Support

By Deployment

  • On-premise
  • SaaS & PaaS
  • Hybrid

By Line of Business

  • Finance
  • Sales
  • Human Resource
  • Marketing
  • Legal

By Industries

  • BFSI
  • Healthcare
  • Media & Entertainment
  • Education
  • Professional Services
  • Construction
  • Retail
  • Government
  • Manufacturing
  • Others

Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

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