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 “touch less fashion”, 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 “top 5” 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.