Market Size 2023 (Base Year) | USD 1.77 Billion |
Market Size 2032 (Forecast Year) | USD 19.08 Billion |
CAGR | 30.24% |
Forecast Period | 2024 - 2032 |
Historical Period | 2018 - 2023 |
As per the published report by Market Research Store, the Global Intelligent Document Processing Market size was estimated at USD 1.77 Billion in 2023 and is anticipated to reach reach USD 19.08 Billion by 2032, growing at a projected CAGR of 30.24% during the forecast period 2024-2032. The report provides a detailed analysis of the global Intelligent Document Processing Market, including market trends, market dynamics, and market opportunities during the forecast period (2024-2032). It delves deeper into several market facets, such as market definition, size, growth, forecast, segmentation, competitive analysis, growth drivers, restraints, financial analysis, SWOT analysis, PORTER’s five force analysis, PESTEL analysis, market share analysis, cost-benefit analysis, challenges, restraints, strategic recommendations, and market players.
Report Attributes | Report Details |
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Report Name | Intelligent Document Processing Market |
Market Size in 2023 | USD 1.77 Billion |
Market Forecast in 2032 | USD 19.08 Billion |
Growth Rate | CAGR of 30.24% |
Number of Pages | 155 |
Key Companies Covered | Datamatics, Deloitte, ABBYY, IBM, Automation Anywhere, IRIS, Evolution AI, Appian, Kofax, WorkFusion, UiPath, AntWorks, Parascript, Hyperscience, Extract Systems, Infrrd, Celaton, HCL Technologies, AmyGB, OpenText, Kodak Alaris, Rossum, InData Labs, Ephesoft, BIS, and Hyland |
Segments Covered | By Component, By Deployment, By Organization Size, By Technology, By Vertical, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2023 |
Forecast Year | 2024 to 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Intelligent Document Processing Market: Overview
Many firms use intelligent document processing to automate the document analysis process on a daily basis. The process of converting document content (electronic or physical) into actionable and organized data for subsequent processing is known as intelligent document processing.
Analysts and technological software companies are the most common users of intelligent document processing. Artificial intelligence and intelligent character recognition (ICR) technology are used by solution providers. Intelligent document processing, also known as intelligent process automation, is a method of enhancing document processing performance by combining natural language processing (ICR) and machine learning technology.
Organizations receive a large amount of semi-structured and unstructured data in the form of sales orders, invoices, and customer correspondence, all of which are challenging to manage using rule-based automation tools. Intelligent document processing solutions are being used by businesses to manage massive amounts of data and for data mining to increase data quality for analysis.
REPORT SNAPSHOT & REPORTING DATA TIMEFRAME | |
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Parameter | Details |
2020 Market Size | ~USD 724.6 Million |
2026 Market Size | ~USD 3,905.01 Million |
CAGR (2021 – 2026) | ~32% |
Base Year Data | 2020 |
Current Year Date | 2021 |
Projected Data | 2021 - 2026 |
Intelligent Document Processing Market: Growth Factors
According to various estimates, 80 percent of enterprise data is unstructured, and traditional automation solutions struggle to automate activities using unstructured data. When businesses expand, so do their client bases, processes, and, eventually, incoming papers. To be competitive, businesses are dealing with bigger volumes of semi-structured and unstructured information that must be processed faster and more correctly than before. Manually processing these massive volumes of papers takes an inordinate amount of time. As a result, businesses are increasingly required to process enormous amounts of semi-structured and unstructured materials with increased precision and speed.
Intelligent document processing (IDP) solutions are predicted to rise in popularity as demand for automated advanced document processing software to better data analysis from unstructured databases grows. During the projected period, demand for intelligent document processing (IDP) solutions is expected to rise due to the increased use of AI and intelligent character recognition technologies.
Intelligent Document Processing Market: Segmentation
Based on component, the intelligent document processing market is segmented into solutions and services. During the projection period, the solution segment is expected to have the greatest market size. Unstructured and semi-structured data can be transformed into useable data with the help of intelligent document processing systems. Intelligent document processing is a new type of automation that takes, extracts, and processes data from a variety of document formats. It classifies, categorizes, and extracts important information using AI technologies such as natural language processing (NLP), computer vision, deep learning, and machine learning (ML), as well as validating the extracted data.
Based on the deployment mode of intelligent document processing, the market is segmented into on-premises and cloud. During the forecast period, the on-premises category is expected to account for the greatest market share. On-premise deployment refers to the installation of apps on a company's facilities rather than at a third-party location. On-premise solutions are offered with a service agreement and a one-time license charge. Only large enterprises can afford to install these solutions since they require a strong infrastructure and a personal data centre. As a result, SMEs are frequently faced with the decision of whether to use cloud or on-premise solutions. Based on the organization size, the market can be segmented into SMEs and Enterprises. Intelligent document processing is necessary in all firms, regardless of size, to compete in the market. Cost-effectiveness is a critical requirement for SMEs, as their finances are usually limited, leaving them with few options for marketing and gaining sufficient awareness. Based on technology, the market can be segmented into: Optical Character Recognition (OCR), Natural Language Processing (NLP), Artificial Intelligence (AI), Machine Learning (ML), Google Vision, Robotic Process Automation (RPA), and Deep Learning (DL). Based on vertical, the market is segmented into BFSI, manufacturing, government, healthcare and life sciences, transportation & logistics, retail and eCommerce, and others (energy and utilities, telecom, sales, education, HR, CRM, and ITeS). The government vertical's intelligent document processing market is predicted to be driven by rising need for increased flexibility, improved data protection, and advanced intelligence.
Intelligent Document Processing Market: Regional Analysis
Because of the increased adoption of document processing technology to improve the back-office administration process, North America is holding a significant proportion of the intelligent document processing (IDP) solutions market and because of the growing influence of the coronavirus on all organizations worldwide, the intelligent document processing (IDP) solutions industry in the Asia Pacific and Europe is projected to suffer a financial crisis.
Intelligent Document Processing Market: Competitive Players
The major market players include Datamatics, Deloitte, ABBYY, IBM, Automation Anywhere, IRIS, Evolution AI, Appian, Kofax, WorkFusion, UiPath, AntWorks, Parascript, Hyperscience, Extract Systems, Infrrd, Celaton, HCL Technologies, AmyGB, OpenText, Kodak Alaris, Rossum, InData Labs, Ephesoft, BIS, and Hyland.
Because of their extensive product portfolios and well-established strategic relationships, these market players have a strong presence in both local and worldwide marketplaces. Furthermore, in the unorganized sector, there are several vendors who jointly control a significant portion of the market. As a result, the market's competitive rivalry is intense.
Intelligent Document Processing Market: By Component Segmentation Analysis:
Intelligent Document Processing Market: By Deployment Segmentation Analysis:
Intelligent Document Processing Market: By Organization Size Segmentation Analysis:
Intelligent Document Processing Market: By Technology Segmentation Analysis:
Intelligent Document Processing Market: By Vertical Segmentation Analysis:
Intelligent Document Processing Market: Regional Segmentation Analysis
Frequently Asked Questions
What are the key factors driving Intelligent Document Processing Market?
Intelligent document processing (IDP) solutions are predicted to rise in popularity as demand for automated advanced document processing software to better data analysis from unstructured databases grows. During the projected period, demand for intelligent document processing (IDP) solutions is expected to rise due to the increased use of AI and intelligent character recognition technologies.
What will be the value of the Intelligent Document Processing Market during 2021- 2026?
According to the report published by Market Research Store, the global demand for intelligent document processing market is expected to generate revenue of around USD 3905.01 Million by end of 2026, growing at a CAGR of around 32.4% between 2021 and 2026.
Which region will make substantial contributions to global revenues from Intelligent Document Processing Market?
Because of the increased adoption of document processing technology to improve the back-office administration process, North America is holding a significant proportion of the intelligent document processing (IDP) solutions market.
What are the key players leveraging Intelligent Document Processing Market?
The major market players include Datamatics, Deloitte, ABBYY, IBM, Automation Anywhere, IRIS (Europe), Evolution AI, Appian, Kofax, WorkFusion, UiPath, AntWorks (Singapore), Parascript, Hyperscience, Extract Systems, Infrrd, Celaton, HCL Technologies, AmyGB, OpenText, Kodak Alaris, Rossum, InData Labs (Belarus), Ephesoft, BIS, and Hyland.
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Intelligent Document Processing
Intelligent Document Processing
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