The global Intelligent Document Processing market size is expected to grow from USD 1.1 billion in 2022 to USD 5.2 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 37.5% during the forecast period. The major factors driving the growth of the Intelligent Document Processing market include the shift toward digital transformation, increasing adoption of cloud-based document processing solutions, and rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed.
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Based on component, the solution segment is projected to hold the largest market size during the forecast period
Intelligent document processing solutions help transform unstructured and semi-structured information into usable data. The growing need to automate the documentation process is expected to drive the adoption of intelligent document processing solutions. Organizations can significantly reduce the time and cost needed to model and implement business processes, services, and applications with Intelligent document processing solutions. The rising need for streamlining business flows, adapting intelligent processes, and continuously improving workflows to become more responsive to customers’ dynamic requirements is driviibg the adiption of intelligent document processing solutions.
Based on deployment, the cloud segment is expected the segment to grow at a higher CAGR during the forecast period
The cloud-based deployment mode allows users to access intelligent document processing solutions from anywhere or from any device, such as Personal Computers (PCs), laptops, and mobiles. Implementing cloud-based intelligent document processing solutions help SMEs and large enterprises focus on their core competencies rather than IT processes. The cloud-based deployment of intelligent document processing has made it easy for users to apply predictive capabilities to the entire organization Large-scale offerings of intelligent document processing solutions through the cloud model would increase customer reliance on such solutions and enhance their penetration across SMEs.
Based on organization size, the large enterprises segment is expected to hold the highest market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The demand for intelligent document processing among large enterprises is higher than among SMEs. This is due to the affordability and high economies at stake that enables organizations to adopt intelligent document processing. Companies spend a significant amount to adopt intelligent tactical techniques. Large enterprises are the leading adopters of intelligent document processing solutions and services due the rising need for operational efficiency drives the demand for intelligent document processing solutions among large enterprises.
APAC is expected to grow at a higher CAGR during the forecast period
The Intelligent document processing market has been segmented into five regions: North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America. Due to growing technology adoption APAC is expected to register the highest CAGR in the intelligent document processing market during the forecast period.In APAC, China, Japan, and India are expected to drive the overall market. Rapid economic development, globalization, digitalization, and increased adoption of cloud-based technologies are other key factors driving the growth of the intelligent document processing market in this region. Further, banking industry in APAC countries is continuously investing in cutting-edge solutions to enhance customers’ banking experience. This will drive the adoption of intelligent document processing solutions and services in APAC.
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Unique Features in the Intelligent Document Processing Market
Intelligent Document Processing (IDP) significantly enhances automation and efficiency in handling large volumes of documents. By leveraging artificial intelligence, machine learning, and natural language processing (NLP), IDP solutions automate the extraction, classification, and processing of information from various document types. This reduces the need for manual data entry, minimizes human error, and accelerates business processes.
IDP systems excel in advanced data extraction and classification. They can accurately identify and extract relevant data from structured, semi-structured, and unstructured documents, including invoices, contracts, emails, and forms. Through machine learning algorithms and NLP, these systems improve over time, increasing their accuracy and reliability in data processing tasks.
A notable feature of IDP solutions is their ability to seamlessly integrate with existing enterprise systems such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Document Management Systems (DMS). This integration ensures a smooth flow of information across different platforms, enhancing overall operational efficiency and enabling end-to-end automation of business processes.
Intelligent Document Processing enables real-time data processing, providing businesses with up-to-date information for quicker decision-making. By processing documents as they are received, IDP solutions allow organizations to respond promptly to customer inquiries, regulatory requirements, and other critical business needs, thereby improving agility and responsiveness.
IDP solutions offer enhanced security and compliance features. They ensure that sensitive information is handled securely, with advanced encryption and access controls protecting data throughout the processing lifecycle. Additionally, these solutions help organizations comply with regulatory requirements by maintaining accurate records and generating audit trails, reducing the risk of non-compliance penalties.
Major Highlights of the Intelligent Document Processing Market
The market for intelligent document processing, or IDP, is expanding quickly due to the growing need for efficiency and automation in managing enormous volumes of unstructured data. IDP solutions are being adopted by companies in a variety of industries in order to increase accuracy, decrease human labor, and streamline document-related procedures.
Considerable progress in technology is reshaping the IDP industry. The capabilities of IDP solutions are being improved by advancements in artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and optical character recognition (OCR). These developments make IDP solutions more durable and dependable by enabling more precise data extraction, enhanced comprehension of complicated documents, and faster processing times.
IDP is becoming a crucial component of digital transformation initiatives. As organizations strive to modernize their operations and become more agile, IDP solutions play a vital role in automating document-intensive processes. The integration of IDP with other digital technologies, such as robotic process automation (RPA) and enterprise content management (ECM) systems, is driving the adoption of comprehensive digital strategies.
Regulatory compliance is a major highlight of the IDP market. Industries such as finance, healthcare, and legal are subject to strict regulations regarding data handling and documentation. IDP solutions help organizations ensure compliance by automating the extraction and management of regulatory information, generating accurate audit trails, and providing secure data storage. This reduces the risk of non-compliance penalties and enhances data governance.
Data security and privacy are critical concerns in the IDP market. IDP solutions are equipped with advanced security features, including encryption, access controls, and secure data transfer protocols, to protect sensitive information. These features ensure that data is processed and stored securely, addressing the growing concerns around data breaches and privacy regulations such as GDPR and CCPA.
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Top Companies in the Intelligent Document Processing Market
Major Intelligent Document Processing vendors include ABBY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (US), HyperScience (US), OpenText (Canada), Hyland (US), Extract Systems (US), Infrrd (US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (UK), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), Evolution AI (England), BIS (US), and AmyGB (India), Acodis (Switzerland), Ocrolus (US), Hive (California), Hypatos (Germany), and IN-D (Singapore). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2022, which helped companies innovate their offerings and broaden their customer base.
IBM is a multinational technology and consulting corporation that offers infrastructure, hosting, and consulting services. The company operates through five major business segments: Cloud and Cognitive Software, Global Business Services, Global Technology Services, Systems, and Global Financing. IBM’s product portfolio comprises various segments, including IoT, analytics, security, mobile, social, and Watson. IBM Cloud has emerged as a platform of choice for all business applications, as it is AI compatible and safe to use. It is a unifying platform that integrates IBM’s capabilities with a single architecture and spans public and private cloud platforms. With this powerful cloud platform, the company can cater to the requirements of different businesses across the globe. In the intelligent document processing market, IBM offers IBM Datacap and IBM FileNet Content Manager solutions. IBM Datacap uses NLP, text analytics, and ML technologies, similar to those in IBM Watson, to automatically identify, classify, and extract content from unstructured or variable documents. The software can reduce labor and paper costs, deliver meaningful information, and support faster decision-making. IBM caters to various verticals that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a robust presence in the Americas, Europe, Middle East and Africa, and Asia Pacific, and it has clients in more than 175 countries.
WorkFusion is one of the leading providers of intelligent document processing solutions. The company’s AI-based offerings help enterprises automate their business operations, improve customer experiences, and experience profitable growth. The company’s product portfolio includes smart process automation, RPA express, and intelligent automation. These solutions are capable of automating trade, finance, accounts payable invoices, and email task routing. It provides enterprises with workflow design tools to standardize business processes and automate legacy application tasks. It provides intelligent automation by using historical data and real-time human actions to train ML models to automate judgment work. The company caters to its solutions across verticals, such as BFSI, insurance, and healthcare. The company has a presence across North America, Europe, and Asia Pacific. WorkFusion’s Intelligent Automation solutions are powered by pre-trained bots, proprietary AI technology, and advanced analytics to automate various business processes. WorkFusion’s Intelligent Automation platform is uniquely designed to automate these processes within one platform, with material outcomes in a short amount of time. This is made possible with its solutions that comprise expertly designed ML models, workflows, and analytics created expressly for the banking, financial services, and insurance industries. WorkFusion’s intelligent automation platform can be easily configured without any IT support.
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