Document capture software is used to convert physical document into digital representation. Major types of document capture software include barcode recognition, patch code recognition, optical character recognition (OCR), optical mark recognition (OMR), and indexing. Document capture software scans documents and creates an image of documents in various formats such as portable document format (PDF), tagged image file format (TIFF), joint photographic expert group (JPEG), bitmap (BMP), etc. as per user requirements.
Rising demand for software as a service (SaaS) based document capture software that facilitates pay-per-use, and has user friendly interface is a key factor driving growth of the global document capture software market. In addition, increasing penetration of Internet of Things (IoT), and growing adoption of cloud based software are other factors expected to boost growth of the global document capture software market over the forecast period.
However, concerns related to data security during data sharing is a major factor restraining growth of the global document capture software market. Additionally, lack of professional workforce, and concerns related to automation are some other factors expected to hamper growth of the global document capture software market over the forecast period.
Increasing demand for document capture software by healthcare industry to manage records, and to reduce paperwork is expected to generate potential growth opportunities for key players. A major and rising trend in the global document capture software market is increasing adoption of cloud technology in business process as it offers enterprise storage solutions. This is another factor expected to aid in growth of the global document capture software market over the forecast period.
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