Kofax’s Growing Market Share Confirmed
A new report published by Harvey Spencer Associates, an independent industry analyst firm, finds that Kofax has continued increasing its share of the capture software and services market. The report, entitled “The 2011-2012 Worldwide Market for Document Capture Software,” states that Kofax increased its overall market share to 15 percent in 2010 from 11 percent in the prior year. The report concludes that the market will expand from approximately $2.2 billion in 2010 to over $4.1 billion in 2015, representing a compound annual growth rate (CAGR) of approximately 13.5 percent, and the following:
- In the “Batch Image Capture” segment, defined as scanning, indexing and then exporting document images and index data, Kofax increased its leading market share to 35 percent in 2010 from 25 percent in the prior year, which is 20 percentage points higher than the nearest competitor. From 2010 to 2015, the Batch Image Capture segment is expected to have a CAGR of approximately 8 percent.
- In the “Batch Transaction Capture” (or “Batch Content Capture”) market segment, defined as scanning, classifying and extracting critical business data and then exporting document images and data to downstream business processes, Kofax is the leader with a 17 percent market share in 2010, up from 13 percent in the prior year. The CAGR for the Batch Transaction Capture segment is expected to be approximately 9 percent.
- Kofax was included in the “Ad Hoc Transaction Capture,” (or “Ad Hoc Content Capture”) market segment for the first time, having achieved a 10 percent market share. The CAGR for this segment is expected to be approximately 53 percent.
- These three segments account for what Kofax considers to be the enterprise portion or approximately 70 percent of the overall market.
“Kofax has made major advances in the transaction capture segment by providing business solutions,” said Harvey Spencer, Principal of Harvey Spencer Associates. “By making a strategic move to brand itself as a capture driven process automation solution provider, Kofax leverages its broad customer base with value added functionality. We believe this capability will be key to much of the company’s growth in the near future.”
Harvey Spencer Associates
Founded in 1989, Harvey Spencer Associates is a New York based independent industry analyst firm specializing in the capture software and services market. Mr. Spencer has extensive background in the information technology industry gained from over 40 years as an end user, reseller, manufacturer and consultant. More information is available at www.hsassocs.com/index.html.
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