Document Analysis Market Worth $3,855 million by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, Nov. 11, 2019 /PRNewswire/ -- According to a new market research report "Document Analysis Market by Solution (Product and Services), Deployment Type (On-premises and Cloud), Organization Size, Vertical (BFSI, Healthcare and Life Sciences, and Government), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Document Analysis Market size is expected to grow from USD 438 million in 2019 to USD 3,855 million by 2024, at a CAGR of 54.5% during the forecast period. Growing initiatives to digitalize content across enterprises and increasing the adoption of cloud-based document analysis solutions are some of the major factors driving the growth of the market.

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The on-premises segment is expected to account for the larger market share during the forecast period.

On-premise deployment refers to the installation of applications on the premises of an organization rather than at a remote facility. On-premise solutions are delivered for a one-time license fee along with a service agreement as on-premise deployment requires developing infrastructure and a personal data center, only large organizations that can afford the cost to deploy these solutions. Therefore, SMEs often face the dilemma of choosing between hosted and on-premises solutions. However, the on-premises deployment model has several advantages, including system and data control, and dedicated maintenance and support staff. Consequently, many organizations opt for the cloud model due to its cost-effectiveness.

The managed services segment to grow at a higher CAGR during the forecast period

Managed services play a crucial role in reducing existing overheads of enterprises and enabling them to be product-focused and innovation-friendly. These services further enable organizations to concentrate on their core business processes, without worrying about the maintenance and servicing of the deployed solution. Managed Service Providers (MSPs) are third-party companies that charge on the basis of operational costs, without billing their clients for capital costs, as per the subscription model or a Service- Level Agreement (SLA). For instance, organizations can make use of the document analysis solution, without having to worry about cloud storage used to store the streaming data and hosting the automation software or platform. All the pre- and post-deployment questions and needs of clients are taken care of, under the managed services segment. Organizations mostly outsource such services to offer on-time delivery to clients. Thus, MSPs undertake the complete responsibility of customer needs and deliver optimum services. This segment is expected to be mainly driven by the increasing adoption of outsourced managed services in the Document Analysis Market.