For Immediate Release
Worldwide
Capture Software Market grows 16.5%
Capture
2.0 enabled Cloud Services thrive in post-COVID19 workplace
Geneva, Switzerland – October 6, 2020 – Infosource, the leading analyst firm
covering the Capture Software market, reported that analysis of its annual
Worldwide Market Survey showed that the market for Capture Software experienced
double-digit growth for the fourth year in a row.
Capture 2.0 Intelligent
Capture Cloud-based services, and Robotic Process Automation were the key
drivers of revenue growth. In 2019,
the worldwide market grew by 16.5% reaching US$5.5bn in end-user revenues. Robotic Process Automation (RPA) Capture
Systems are contributing to strong growth with an increase of more than 60%
year-over-year. Cloud services are forecasted to continue to grow by more than
25% CAGR through 2024 to over $1.7bn.
RPA is generating high interest and expectations. Organizations are continuing to look for
solutions for transferring data from one system to another in a Òtouch less
fashionÓ, without human intervention. RPA is being implemented to solve simple
data look up and transfer tasks.
But to be more impactful on business process automation, intelligent
Capture 2.0, based on artificial intelligence and invoking machine learning, is
critical. RPA companies are
investing in these technologies while major enterprise software platform
providers are integrating RPA and Capture 2.0 into their systems.
The pandemic has accelerated the digital transformation. Changes in the workplace and the demand
for real-time information at any location is creating demand for Capture
2.0. Intelligent Capture
Technologies are enabling automated near real-time, customer facing business
applications. Case Management applications are in demand in top vertical
markets including: Government, Retail Banking, and Healthcare. Capture 2.0 is
improving efficiencies in loan processing, supply chain tracking and patient
care, to name a few.
Capture 2.0 includes AI technologies that provide the ability to
classify, apply business rules and extract needed data from a variety of media
types not limited to traditional documents. Voice, object and image
understanding are included in the Infosource Capture
2.0 definition. Cloud Service platforms are the new standard for
development and delivery of Capture applications where Capture Services will be
integrated quickly and efficiently with other applications—all of which
is designed to automate specific business processes.
The dynamics of the Capture
Software market also are changing rapidly, providing new opportunity. Capture 2.0 Services are being
implemented in automated business solutions by enterprise software companies as
well as a new generation of Service Providers. The Capture Software vendors that
are the traditional market leaders are being challenged. There are a number of up and coming
vendors focused on vertical market solutions that are challenging the Òtop 5Ó
with portfolios powered by Capture 2.0.
Infosource
estimates the worth of the total potential market for Capture 2.0 Services at
$32bn worldwide. Capture 2.0 will have far reaching effect on the market
resulting in opportunities for software vendors, integrators, scanner and MFP
hardware vendors, as well as business process service providers.
Infosource is a
leading worldwide market research firm providing accurate analysis and market
sizing data across a range of office automation industries. With 50 years of combined market
experience the Infosource Capture Software team (www.hsassocs.com) has focused on and specialized in
technologies used to create, understand, extract and create meaningful relevant
information for business from human understandable semi and unstructured data
sets. Annual subscriptions include Market Analysis, Technology Planning
Assistance, Product Positioning, Product Management, Client Sponsored Research
and Strategic Planning Services.
Media contact: Ralph Gammon
rg@infosource-analysts.com
1+ 302.467.2255 ext 33
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