Gasket and Seals Market in US 2019-2023
About this market
Intelligent character recognition to gain traction in the market. ICR can read and analyze hand-printed characters. Software vendors are adopting this latest technology to ensure smooth flow of the process. Technavio’s analysts have predicted that the document capture software market will register a CAGR of close to 12% by 2023.
Growing use of big data analytics
The adoption of big data analytics among enterprises is increasing as it offers many business benefits, including improving customer service and operational efficiency, devising effective marketing strategies, identifying new revenue opportunities and gaining competitive advantages over rivals.
Risks of data theft and cyberattacks
Cybersecurity and privacy concerns pose a challenge for the adoption of document management systems, which include document capture software.
For the detailed list of factors that will drive and challenge the growth of the document capture software market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Kofax and Xerox the competitive environment is quite intense. Factors such as the intelligent character recognition and the growing use of big data analytics, will provide considerable growth opportunities to document capture software manufactures. ABBYY, Adobe Systems, Canon, Kofax, and Xerox are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Gasket and Seals Market in US 2019-2023
Technavio recognizes the following companies as the key players in the gasket and seals market in US: Dana, ElringKlinger, Flowserve, SKF, Tenneco (Federal-Mogul), and Trelleborg.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increase in R&D activities.”
According to the report, one of the major drivers for this market is the growth in automotive industry.