Digitalization and Cloud-based Deployments Trends to Portray a Positive Outlook for Intelligent Enterprise Data Capture Software Market

The intelligent enterprise data capture software facilitates organizations to extract meaningful information from the data captured through handwriting recognition and intelligent document recognition software. Increasing cloud-based deployments are supporting the adoption of the software by many small and medium enterprises. Furthermore, the digitalization trend across the globe is anticipated to portray a positive outlook for the market players in the coming years.

As per a study report by Future Market Insights, the global intelligent enterprise data capture software market is estimated at US$ 9 Bn in 2022, and is projected to close in on a valuation of US$ 21.1 Bn by 2029, expanding at a CAGR of 12.9% from 2022 to 2029.

Increasing Advancements in Data Management Software Stimulating Market Progression

The data capture software takes control and accumulates a large volume of structured, semi-structured, and unstructured data. This technology enables the rapid transformation of critical business documents into business process-ready digital content by using advanced recognition technology.

Intelligence data capture software uses various technologies to capture all kinds of data such as texts, pictures, printed documents, and several others. This software helps users streamline the data capture, recognition, and classification of business documents, and extract meaningful information from captured data.

In addition, intelligent data capture software supports multi-channel data capturing by processing paper documents on multi-functional electronic devices such as mobile phones, scanners, and others.

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 to get lost or deleted. With an enterprise-grade automated process, such as data capture software, a business can reduce the number of errors during the data capture stage.

Thus, 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 document processing, which is expected to drive the growth of the global data capture software market during the coming years.

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 data capture software in small and medium businesses is expected to grow substantially during the coming years.

Dominant Region for Intelligent Enterprise Data Capture Software

The North American regional market is expected to account for 30.7% of the global market share in 2022, as per market analysis by Future Market Insights.

Ever-increasing usage of intelligent commercial and industrial activity control systems and rising adoption of business intelligence software solutions can be credited to the market growth in North America. Prominent presence of data processing services and systems providers are driving the intelligent data capture software market in the U.S.

Because of increased investments by the BFSI industries in research & development programs related to data processing services and systems, the United States market is expected to remain the largest intelligent data recording software market.

Advancements in the retail industry have revolutionized the adoption of advanced data capture technology in various developing as well as developed regions. To meet the growing demand for error reduction and improved accuracy in the East Asia and South Asia regions, several intelligent data capture software platform providers have started investing in these regions. The established as well as growing data capture software platform providers are focusing on expanding their businesses across untapped developing country markets to enhance their market share.

In addition, it has been observed that growing companies from various sectors are investing significantly on next generation data management solutions and business analytics platforms. Across the world, a growing number of small and medium enterprises are becoming prominent targets for the providers of data capture software. Hence, East Asian and South Asian markets are creating new business models for data capture software platform providers.

The market for data capture technology in China is estimated to register a prominent CAGR over coming years. Growing number of small and medium enterprises are becoming prominent targets for the providers of data capture software. Hence, the market in China is creating new enterprise models for business management software providers.

Significant growth of connected devices in China is generating a large amount of data on a daily basis, which acts as a primary factor boosting the adoption of business management software in the market.

Ongoing Innovations in Software to Encourage Product Usage

At present, advanced 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.

The era of data capture technology has seen the adoption of novel technological capabilities to innovate business models, which has favoured 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 intelligent data capture software developers.

Retail & BFSI Industry Emerging as Lucrative Target for Intelligent Enterprise Data Capture Software Investors

Advancements in the retail industry have revolutionized the adoption of advanced data capture software components in various developing as well as developed regions.

Digitization of industries across the globe is increasing. Companies are moving from traditional manufacturing to digital manufacturing and adopting advanced technologies.

Rising investments in the retail industry will bring about a significant change in the near future. Intelligent data capture software plays a crucial role in industrial automation.

BFSI (Banking, Finance, and Security & Insurance) will remain one of the largest sectors for this software as efficient and accurate document processing with minimum errors remains one of the critical success factors for this industry. Intelligent data capture software helps BFSI institutes provide better customer service along with increased accuracy and enhanced security. Additional advantages of these technologies are reduced paper usage and fewer human interventions.   

Future Game Plan of Key Market Players

Key players are focusing on increasing their market shares in the intelligent enterprise data capture software market by entering into joint ventures and strategic partnerships with regional players. In addition, major data capture software providers are also expanding their global presence via strategic mergers and acquisitions.

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

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

Nikhil Kaitwade is Associate Vice President (AVP) – Market Research at Future Market Insights, ESOMAR-certified market research and consulting firm Future Market Insights (FMI). The award-winning firm is headquartered in Dubai, with offices in the US, UK, and India. MarketNgage is the Market Research Subscription Platform from FMIthat assists stakeholders in obtaining in-depth research across industries, markets and niche segments. You can connect with Nikhil on LinkedIn.