Worldwide Capture Software Market grows 11.3%
Cloud Services and Robotic Process Automation enabled by Capture 2.0 energizes market
Northport, NY – September 18, 2018 – HSA, Inc., 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.
Capture 2.0 Intelligent Capture services, Cloud based systems, along with a strong revenue base from On-Demand and Batch Capture systems are positively impacting revenues. In 2017, the worldwide market grew by 11.3% reaching US$4.1bn in end-user revenues. Robotic Process Automation (RPA) Capture Systems are also contributing to strong growth with an increase of more than 110% year over year. Cloud services are forecasted to continue to grow by 40% CAGR through 2022 to over $1.4bn.
RPA is generating high interest and expectations. Organizations are finding that a lot of effort is being spent on keystrokes devoted on transferring data from one system to another. RPA is being implemented to solve simple data look up and transfer tasks. But “Intelligent Capture 2.0 is critical to take RPA to the next level” says Mike Spang, VP Research for Harvey Spencer Associates.
Intelligent Capture Technologies are affecting near real time, customer facing business applications. Case Management applications are in demand in top vertical markets including: Retail Banking, Insurance, and Healthcare. They have applicability in loan processing, supply chain tracking and Human Resources onboarding to name a few.
Cloud Services enable automation of business processes in enterprise size business but HSA is seeing these capabilities now extended to the mid-market. These include 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 what HSA defines as Capture 2.0. Cloud Service platforms will be the new standard for development and delivery of Capture applications where Capture APIs will be integrated quickly and efficiently with other applications all of which is designed to automate a particular business process.
The dynamics of the Capture Software market also are changing providing new opportunity. The Capture Software vendors that are the traditional market leaders are being challenged by ECM players that have invested in and integrated Capture into their solution portfolio. There are also a number of up and coming vendors that are challenging the “top 5” with a portfolio if Capture 2.0 Service.
HSA estimates the worth of the total available market for Capture 2.0 Services at $30bn worldwide. Transformation to Capture 2.0 will have far reaching effect resulting in opportunities for software vendors, integrators, scanner and MFP hardware vendors, as well as business process solution providers.
About Harvey Spencer Associates
Established in 1989 Harvey Spencer Associates (HSA) specializes in technologies used to create, understand and extract meaningful information from data sets. Now in its 16th year, the HSA World Wide Capture Software Market Report is the only study providing complete coverage of the Capture Software market. It is available to HSA clients who have subscribed to the 2018 Document Capture Software Market Analytics Subscription Service. This service, which is used by leading vendors and service providers in the Business Application and Document Capture software and hardware market, offers year round expert analysis of, and commentary on, industry trends and events. The Worldwide Market for Document Capture Software, is complemented by a Vendor Landscape Report, Vertical Market analysis, special reports, quarterly updates, as well as, access to HSA industry analysts.