Global Form Automation Software Market
Global Form Automation Software Market By Component, By Pricing Analysis, By Deployment Type, By Geographic Scope And Forecast
According to Verified Market Research, the Global Form Automation Software Market was valued at USD 7.09 Billion in 2018 and is expected to witness a growth of 17.97% from 2019-2026 and reach USD 26.03 Billion by 2026.
Form Automation can be defined as a tool that is used by many businesses to aid them in eliminating the wasteful tasks and tedious manual work occurring from the routinely processes such as applications, contracts, questionnaires, surveys, almost everything that could be printed to paper. The principle idea of the system is to create, share, complete and manage forms electronically to eliminate waste and efficiency that can be caused while using the paper-based systems. Form automation systems can also help the organizations to store important forms and documents securely as well as provide a quick search option by giving access to only authorized users.
The form automation software can prove to be helpful for an organization in mainly two ways: Firstly, for creating and managing electronic forms; certain tools are used to completely digitized the life-cycle of a form as it allows for a truly paperless workflow and the highest degree of automation and efficiency. The tools used can take the form of either a CRM or and electronic survey and contract, or even a report generated from analytical data. Secondly, a form of automation software can provide a wide scope for managing the legacy paper forms; the printed text is automatically scanned using Optical Character Recognition (OCR) techniques to create a digital copy of the document.
Form automation software offers time-saving features like a premade template or auto-fill forms that help the user to build and deploy workflows that can automate the recurring manual tasks. Due to the quick search feature, searching for forms in a digital database is more instant and saves more time for the employees of an organization to focus on the necessary things. The formats that are used for the workflow automation are mainly based on optical character recognition (OCR), optical mark recognition (OMR), text, audio, video and other file formats. These formats are used to maintain than necessary records of business processes, thus eliminating the mundane business process and reducing human intervention.
Data privacy concerns could potentially hinder the market growth for the form automation software market as it includes interference of third-party vendors. Reluctance among the customers/clients to adopt such software could also restrain the market over the forecast period.
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