Intelligent Document Processing Market Research Report—Global Forecast till 2027
The Intelligent Document Processing Market is growing at a rapid pace. Intelligent document processing (IDP) tool helps enterprises implement, understand, and gain insights from a vast set of raw and unstructured information (data). Rising demand for automated document processing drives market growth.
Besides, increasing demand for document automation technology to extract meaningful information from paper/electronic documents and other forms of unstructured data substantiates the market size. Market Research Future (MRFR) asserts that the global intelligent document processing market would reach exponential heights by 2027, posting a whopping CAGR during the forecast period (2020 – 2027).
Massive investments made into the development of IDP solutions influence market growth. Improved intelligent document processing is a key pillar in making unstructured data easily accessible, helping organizations to deliver business efficiency and innovation. Given the ongoing digital transformation and the changing business world, enterprises extensively use sustainable solutions and adapt to evolutions.
IDP combines human interaction and AI & machine learning (ML) technologies, managing component monitoring accuracy and automation. Besides, IDP provides a cost-efficient method for extracting key information from any unstructured document without human intervention. Automation of various processes has become imperative in enterprises irrespective of the size of organizations.
Additionally, the proliferation of digital transformation and automation, alongside the increasing uptake of IDP solutions among many enterprises across industries, favors market growth. Advances in automation tools and increasing uses of intelligent solutions influence the development of the market. Furthermore, vast advancements in technological infrastructure influence market growth.
Global Intelligent Document Processing Market – Segmentation
The market is segmented into components, deployment modes, technology, organization size, verticals, and regions. The component segment is sub-segmented into solutions and services. The deployment mode segment is sub-segmented into on-premises and cloud-based.
The technology segment is sub-segmented into natural language processing (NLP), optical character recognition (OCR), robotic process automation (RPA), Google vision, deep learning (DL), machine learning (ML), and artificial intelligence (AI).
The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into BFSI, government & public sector, retail & e-commerce, manufacturing, healthcare & life sciences, transportation & logistics, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East & Africa, and others.
Intelligent Document Processing Market – Regional Analysis
North America leads the global intelligent document processing market. Factors such as the rapid adoption in the various industries and the rise in IT spending drive the regional market growth. Besides, the rapid adoption of advanced technologies such as AI, ML, NLP, and computer vision, alongside the strong presence of IDP vendors in the region such as Kofax, ABBYY, IBM, Parascript, WorkFusion, Hyland, and Extract Systems, act as major growth drivers for the market.
Global Intelligent Document Processing Market – Competitive Analysis
The well-established intelligent document processing market appears fragmented due to the presence of several key intelligent document processing companies. Big data as service providers incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch to gain a competitive advantage. Big data service providers focus on innovations and the development of new solutions, fueling the already intensified market competition.
Players leading the global intelligent document processing market include IBM (US), Kofax (US), WorkFusion (US), ABBYY (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), Deloitte (UK), AntWorks (Singapore), OpenText (Canada), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), among others.
Industry/ Innovation/ Related News
Aug. 29, 2021 ---- ZEXPR, a leading IT boutique, sponsored the development of six products. BAD SISTEMS has been building various domain knowledge in different industries. Instead of taking paths like many other IT companies in Eastern Europe, the company focuses on new product development.
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Network Slicing Market Research Report: Information by Component (Solution and Services), End User (Telecom Operators and Enterprises), Application (Manufacturers, Healthcare, Automotive, Media & Entertainment, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2026
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