14-Jul-2021 | Market Research Store
According to a Market Research Store report, the global demand value for Intelligent Document Processing market was at nearly USD 724.6 Million in 2020 and is estimated to make revenue of approximately USD 3,905.01 Million by the end of 2026, growing at a CAGR of approximately 32.4 percent between 2021 and 2026.
On a daily basis, many businesses employ intelligent document processing to automate the document analysis process. Intelligent document processing is the process of transforming document content (electronic or physical) into actionable and organized data for further processing.
The most prevalent consumers of intelligent document processing are analysts and technological software businesses. Solution providers leverage artificial intelligence and intelligent character recognition (ICR) technology. Intelligent document processing, also known as intelligent process automation, combines natural language processing (ICR) and machine learning technologies to improve document processing performance.
In the form of sales orders, invoices, and customer correspondence, businesses receive a considerable volume of semi-structured and unstructured data, which is difficult to manage using rule-based automation tools. Businesses are using intelligent document processing systems to manage huge amounts of data and for data mining to improve data quality for analysis.
The Rising Use Of AI And Intelligent Character Recognition Technologies
As demand for automated advanced document processing software to better analyze data from unstructured databases develops, intelligent document processing (IDP) solutions are expected to gain prominence. The rising use of AI and intelligent character recognition technologies is likely to drive demand for intelligent document processing (IDP) solutions over the forecast period.
The intelligent document processing market can be segmented into solutions and services based on the component of intelligent document processing. The solution segment is predicted to have the largest market size over the forecast period. Intelligent document processing systems can convert unstructured and semi-structured material into usable information. Intelligent document processing is a new sort of automation that takes data from a variety of document formats, extracts it, and processes it. It uses AI technologies including natural language processing (NLP), computer vision, deep learning, and machine learning (ML) to classify, categorize, and extract vital information, as well as validate the extracted data. The intelligent document processing market can be segmented into two categories based on the deployment mode of intelligent document processing: on-premises and cloud. The on-premises category is predicted to have the largest market share during the projection period. On-premise deployment occurs when apps are installed on a company's own premises rather than at a third-party location. A service agreement and a one-time license fee are required for on-premise systems. The intelligent document processing market can be segmented into two categories based on the size of the organization doing the intelligent document processing: SMEs and large enterprises. To compete in the market, all businesses, regardless of size, require intelligent document processing. Small businesses need to be cost-effective because their budgets are frequently limited, leaving them with few options for marketing and raising awareness. Based on technology of intelligent document processing, the intelligent document processing market can be segmented into: Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML), Google Vision, Optical Character Recognition (OCR), Deep Learning (DL), and Natural Language Processing (NLP). Based on vertical of intelligent document processing, the intelligent document processing market can be segmented into: retail and eCommerce, healthcare and life sciences, BFSI, transportation & logistics, manufacturing, government, and others (energy and utilities, education, HR, telecom, sales, CRM, and ITeS).
North America Is Projected To Dominate Global Intelligent Document Processing Market Growth
North America holds a significant portion of the intelligent document processing (IDP) solutions market due to increased adoption of document processing technology to improve the back-office administration process, and Asia Pacific and Europe hold a significant portion of the intelligent document processing (IDP) solutions market due to the growing influence of the coronavirus on all organizations worldwide.
The major market players include Parascript, Hyperscience, IBM, Hyland, Automation Anywhere, IRIS, Evolution AI, Appian, Kofax, WorkFusion, UiPath, Datamatics, Deloitte, ABBYY, AntWorks, Extract Systems, Infrrd, Celaton, Kodak Alaris, AmyGB, OpenText, Rossum, InData Labs, Ephesoft, BIS, and HCL Technologies.
Browse the full “Intelligent Document Processing Market by Component (Solutions and Services), by Deployment Mode (On-Premises and Cloud), by Organization Size (SMEs and Enterprises), by Technology (Optical Character Recognition (OCR), Natural Language Processing (NLP), Artificial Intelligence (AI), Machine Learning (ML), Google Vision, Robotic Process Automation (RPA), and Deep Learning (DL)), by Vertical (BFSI, Manufacturing, Government, Healthcare and Life Sciences, Transportation & Logistics, Retail and eCommerce, and Others (Energy and utilities, Telecom, Sales, Education, HR, CRM, and ITeS)): Global and Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026 (Based on 2020 COVID-19 Worldwide Spread & Opportunities Assessment Beyond Covid-19 Crisis).” Report at https://www.marketresearchstore.com/market-insights/intelligent-transportation-system-market-market-828598
This report segments the Intelligent Document Processing market as follows:
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
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