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The Rise of Intelligent Document Processing: Revolutionizing Efficiency and Accuracy in the Digital Age

Dec 15, 2023 9:00 PM ET

The Rise of Intelligent Document Processing: Revolutionizing Efficiency and Accuracy in the Digital Age

Intelligent Document Processing Market Overview:

The market size for intelligent document processing was estimated at USD 1,068.3 million in 2021. It is anticipated that the market for intelligent document processing would increase from USD 1,465.6 million in 2022 to USD 14,789.7 million in 2030, with a compound annual growth rate (CAGR) of 33.5% over the five-year forecast period (2022–2030). The market is expanding as a result of the surge in digital transformation, which is increasing the amount of data across all businesses.

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Key Players:

Key Companies in the Intelligent Document Processing market include

  • IBM (United States)
  • Kofax (United States)
  • WorkFusion (United States)
  • ABBYY (United States)
  • Automation Anywhere (United States)
  • Appian (United States)
  • UiPath (United States)
  • Datamatics (India)
  • Deloitte (United Kingdom)
  • AntWorks (Singapore)
  • OpenText (Canada)
  • Celaton (United Kingdom)
  • HCL Technologies (India)
  • Kodak Alaris (United Kingdom)

 

During the projected period, the market is anticipated to have significant growth due to the integration of RPA with IDP solutions. Intelligent automation requires intelligent document processing as a key component. IDP and RPA work together to offer a straightforward but powerful tool for automating enterprise business processes.

IDP tools are equally as non-intrusive, integrable, and broadly applicable across sectors and business functions as RPA. As a result, the industries may have a lot to gain from integrating RPA and IDP. As a result, new sales and income prospects should become available to market participants.

On the other hand, businesses strive for high accuracy and speed in document processing because even little mistakes can result in lost time and money. As a result, IDP has become a trustworthy software solution that processes complex unstructured and semi-structured data using AI technology. As a result, the demand for the IDP has grown rapidly across enterprises and is anticipated to grow even more so during the anticipated time.

Market Segmentation:

The market has been divided into solutions and services based on the component. The solutions market category held the biggest market share and is anticipated to continue to dominate during the anticipated period.

The market has been divided into On-Premises and Cloud-based based on the deployment. During the projected period, the cloud-based deployment methodology is anticipated to expand at a sizable CAGR.

Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Google Vision, Deep Learning (DL), Machine Learning (ML), and Artificial Intelligence (AI) are the technology-based market segments. The most popular category was machine learning (ML).

The market has been divided into small and medium-sized businesses and large businesses based on the size of the organisation. The highest market share is held by small and medium-sized businesses.

Market segments include BFSI, government & public sector, retail and e-commerce, manufacturing, healthcare and life sciences, transportation & logistics, and others based on the market’s verticals. The primary sectors driving the intelligent document processing market’s considerable revenue growth are the public sector, BFSI, healthcare, and life sciences.

One important segmentation criterion is the component. The market consists of both solutions and services. Document processing solutions encompass software tools and platforms that enable automated extraction, classification, and validation of data from documents. On the other hand, services include professional services such as consulting, implementation, and support provided by solution vendors or third-party service providers.

Another crucial segmentation parameter is deployment. Intelligent document processing solutions can be deployed either in the cloud or on-premise. Cloud-based solutions offer flexibility, scalability, and ease of access, while on-premise solutions provide enhanced security and control over data.

The enterprise size is also a key segmentation category. The market caters to both small and medium-sized enterprises (SMEs) and large enterprises. SMEs may have different requirements and budget constraints compared to larger organizations, necessitating solutions that are tailored to their specific needs.

Furthermore, the industry in which organizations operate is an essential segmentation factor. The intelligent document processing market serves various industries such as manufacturing, banking, financial services, insurance (BFSI), government, healthcare, and more. Different industries have unique document processing requirements, compliance regulations, and workflows, which influence the selection and customization of intelligent document processing solutions.

By segmenting the market based on these factors, vendors and organizations can better understand the specific needs and preferences of different customer segments. This allows for the development of targeted solutions and services that align with industry requirements, enterprise size, and preferred deployment models, ultimately driving improved efficiency, accuracy, and productivity in document processing workflows.

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North America, Europe, Asia-Pacific, the Middle East & Africa, and South America are the regions into which the study divides the market. North America accounted for the highest portion of revenue in 2021 as a result of strong R&D expenditures and a significant number of clinical trials on brain devices being undertaken there. the quick adoption in several industry sectors and the increase in IT spending. Enterprises have a very high acceptance rate for technologies like AI, ML, NLP, and computer vision. Another important aspect influencing the adoption of intelligent document processing in the region is the presence of well-known vendors there including ABBYY, Kofax, IBM, WorkFusion, Parascript, Hyland, Automation Anywhere, and Extract Systems. The government, the BFSI sector, logistics and transportation, manufacturing, and the healthcare and life sciences sectors are among those leading the way in implementing intelligent document processing technologies.

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