Northport, NY (PRWEB) August 20, 2013
Harvey Spencer Associates, Inc. (HSA) released its annual study of the Worldwide Document Capture Software Market for 2012 – 2017. In 2012, the worldwide market grew by 8.2% reaching US$2.7bn in end user revenues, paced by 23% growth in the on-demand transaction segment which reached nearly $500m.
Market growth declined somewhat from its previous double digit rates as the business started to change and mature. “This was a little slower than we expected,” said Harvey Spencer President of HSA. “Growth in the first half of the year was strong, but problems in the Eurozone affected the second half, with a marked slowing in the fourth calendar quarter, which is usually the strongest. The On-demand Transaction segment continued to outperform, indicating the value associated with intelligently understanding and extracting the contents of incoming documents as quickly as possible.”
Traditionally Capture has been a solution to enable Records Management of paper based documents, converted using traditional high speed document scanners, to be stored more cost effectively as electronic media. But HSA research has found that Records Management now accounts for just one third of the Capture output. After Records Management, the second largest area for document capture sales is in Accounting, which primarily consists of processing Invoices for Accounts Payables and processing Remittance Sheets for Accounts Receivable. This is followed by Case Management. “We expect Records Management to decline as the primary reason to capture documents, with a corresponding increase in Case Management, as the need to capture all attributes of a document moves to the front end to provide real time information and analytics. We also believe that there is still a lot of growth available for Invoice and Remittance processing,” explained Harvey Spencer.
Document Capture has traditionally relied on high speed document scanners, which still account for over 50% of inputs, but over 20% of input is now from MFP’s (multi function peripherals – networked office digital copiers), with the remainder coming primarily from Fax Servers, e-Mail and Mobile. “MFP’s are increasingly being used and clearly mobile capture has started to have an impact, but the value is in the Business Solution not in the device, which is an enabler,” Harvey Spencer said.
The study now in its 9th year, is available to Harvey Spencer Associates’ clients who have subscribed to the 2013 Document Capture Software Market Analytics Subscription Service. This service, which is used by leading vendors in the ECM and Document Capture software market, offers year round expert analysis of, and commentary on, industry trends and events. The 2013-14 Worldwide Market for Document Capture Software, is complemented by a comprehensive Vendor Tracking Report that profiles software vendors active in this market; a Vertical Market analysis, regional Reports and quarterly updates.
Founded in 1989 Harvey Spencer Associates is an analysis company specializing in unstructured transactional information capture for business. An annual conference is held every September in Glen Cove, New York (http://www.capture2013.com). For more information please contact HSA at 1-631-368-8393, or e-mail: inquiries(at)hsassocs(dot)com.