Intelligent Document Processing Market- Global Industry Analysis And Forecast (2023-2029)

Intelligent Document Processing Market has valued at US$ 0.98 Bn. in 2022. The Global Intelligent Document Processing Market size is estimated to grow at a CAGR of 20.4 % over the forecast period.
Intelligent Document Processing Market Overview:
Solutions for intelligent document processing (IDP) transform semi- and unstructured data into useable information. The foundation of digital transformation is business data, but 80% of it is contained in unstructured formats including business documents, emails, photos, and PDF files.To know about the Research Methodology :- Request Free Sample Report

There are many other types of documentation available nowadays, including donation receipts for charities and membership applications. Similarly, in normal operating conditions, firms have a lot of documentation. Large quantities of papers exist in almost every industry and need to be digitized.

The Intelligent Document Processing Market research contains in-depth details on variables influencing demand, growth, opportunities, challenges, and restrictions. It provides in-depth information on the structure and outlook for both global and regional industries. The report also includes data on R&D, the introduction of new products, and product reactions from the local and global markets by leading players. The structured analysis offers both a graphical and diagrammatic breakdown of the Intelligent Document Processing Market by region.

2022 is considered as a base year to forecast the market from 2022 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.
Intelligent Document Processing Market Dynamics:
The MMR report contains a detailed study of factors that will drive and restrain the growth of the Intelligent Document Processing Market

Rapid Growth in the Government Sector:

The market for intelligent document processing in the government vertical is anticipated to be driven by the growing demand for flexibility, better data security, and cutting-edge intelligence. Managing document backlogs while offering customers the services they need is challenging. Smart cities take time, especially when using antiquated paper-based procedures like processing invoices.

Installing an IDP solution that can read, analyze, and output timely, reliable data will help citizens stay connected and informed. They would also have access to information and essential services earlier.

Enterprises Are Increasingly Required to Process Large Volumes of Semi-Structured And Unstructured Documents Faster And More Accurate:

Businesses today produce a huge amount of data every day all across the world. For organizations, processing unstructured and semi-structured documents is a challenging task. The main component that has grown in importance across enterprises is accuracy and quickness. OCR has been for a while on the market for processing documents, but it hasn't been shown to be as fast or accurate as IDP.

Hampering factors:

The market growth of intelligent document processing (IDP) among small and medium businesses, however, may be constrained by the low acceptance of intelligence document processing solutions by small and midsize enterprises as a result of the solution's high cost. Furthermore, the industry has a sizable possibility due to the integration of cutting-edge technology with document processing systems.

Market Trends for Intelligent Document Processing:

 The Cloud Is in Charge
 Tackling Unstructured Data: The Last Frontier
 More small and medium-sized businesses are using IDP
 Businesses Want to Standardize Their IDP Procedures
 A Rise in Pre-Built Use Cases
Intelligent Document Processing Market Segmentation:
MMR provides an analysis of the key trends in each sub-segment of the Intelligent Document Processing Market, along with forecasts at the global, regional, and country levels from 2022-2029. Our report has categorized the market based on component, organization size, technology, and vertical.



The BFSI Sector Is Expected to Dominate the IDP Market.

Thanks to an increase in online transactions in these regions, which will fuel market expansion, the BFSI sector is seeing a boom in emerging Asian countries like China and India. Further fueling the demand for intelligent document processing solutions is the growing awareness among businesses regarding the implementation of cutting-edge technologies like automation, machine learning, and AI.

Service Sector to Witness Exponential Growth

During 2022-2029, the services segment is expected to increase rapidly. The demand for intelligent document processing solutions is increasing as a result of the expanding technical advancements. Professional services and managed services are included in the services offered by the providers of intelligent document processing solutions. Because consumers expect seamless integration of the solution, training, and support for the given solution with the enterprise's system, these IDP services are crucial for each solution provider.
Intelligent Document Processing Market Regional Insights:
In 2022, North America dominated the intelligent document processing market. The region's rise is mostly attributable to a rise in usage across a variety of industry sectors and rising IT spending. Advanced technologies like machine learning, artificial intelligence, and NLP are widely used in businesses in the area. Major suppliers are also a factor in the expansion of the regional market. In addition, the market in North America is the most competitive and active in the entire world. Additionally, it is anticipated that the region will adopt new technology more quickly than other countries worldwide.

Intelligent Document Processing Market Key Development:

The major market players have implemented a variety of methods to expand their global reach and grow their market shares. Some of the key strategies used by market participants to expand their share of the intelligent document processing market are partnerships, collaborations, mergers and acquisitions, and new product innovations. Such as,

In Feb 2021: Kofax and Coupa Software, a worldwide technology platform, joined together in February 2021. This partnership intends to support businesses as they digitally modernize+ their spend management procedures in order to achieve operational savings. Companies can automate the processing and payment of invoices by integrating Kofax ReadSoft Online with Coupa Business Spend Management (BSM) Platform.

In April 2021: IBM and myInvenio, a provider of process mining software, has agreed to be acquired. It is anticipated that this acquisition will provide businesses with data-driven software that enables them to identify the most crucial business processes to automate with artificial intelligence, including procurement, sales, production, and accounting.

In April 2021: ReadyAI, a comprehensive portfolio of abilities and services, was introduced by Deloitte. This initiative intends to assist businesses in advancing and expanding their artificial intelligence (AI) projects. Additionally, ReadyAI is anticipated to unite qualified AI experts with managed services in a more adaptable AI-as-a-service model created to help clients extend AI throughout their enterprises.

In March 2021, Vantage 2, a low-code/no-code platform, was unveiled by ABBYY. This platform gives RPA robots, chatbots, automation systems, and mobile solutions cognitive abilities that enable businesses to derive insights from documents and material. ABBYY Marketplace, the first open marketplace where businesses could find, buy, and test reusable AI skills to support their automation ambitions, was also launched by the company. At the same time, partners could create and publish skills to automate various types of content-centric operations.

The objective of the report is to present a comprehensive analysis of the global Intelligent Document Processing Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Intelligent Document Processing Market dynamic, and structure by analyzing the market segments and projecting the Intelligent Document Processing Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Intelligent Document Processing Market make the report investor’s guide.
Intelligent Document Processing Market Scope: Inquire before buying



Intelligent Document Processing Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 0.98 Bn.


Forecast Period 2023 to 2029 CAGR:
20.4%
Market Size in 2029:
US $ 3.59 Bn.


 Segments Covered:
by Component
• Solutions
• Services


by Organization Size
• SMEs
• Large Enterprises


by Technology
• Natural Language Processing (NLP)
• Optical Character Recognition (OCR)
• Machine Learning (ML)
• Artificial Intelligence (AI)
• Robotic Process Automation (RPA)
• Deep Learning (DL)


by Vertical
• BFSI
• Government
• Healthcare and Life Sciences
• Retail and eCommerce
• Manufacturing
• Transportation & Logistics
• Others



Intelligent Document Processing Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Intelligent Document Processing Market Key Players
• Deloitte
• ABBYY
• Workfusion Inc
• Kofax Inc
• AntWorks
• Amazon Web Services
• Google Cloud
• Accenture
• Parascript
• KPMG International
• Capsys Technologies
• HCL Technologies
• InData Labs
• Datamatics Technology Solutions
• Ephesoft
• Rossum
• IBM Corp
• Appian
• Open Text Corporation.
• Hyland Software, Inc.
• Extract Systems

Frequently Asked Questions:

1. Which region has the largest share in Global Intelligent Document Processing Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Intelligent Document Processing Market?
Ans: The Global Intelligent Document Processing Market is growing at a CAGR of 20.4% during forecasting period 2023-2029.

3. What is scope of the Global Intelligent Document Processing Market report?
Ans: Global Intelligent Document Processing Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Intelligent Document Processing Market?
Ans: The important key players in the Global Intelligent Document Processing Market are – Deloitte, ABBYY, Workfusion Inc, Kofax Inc, AntWorks, Amazon Web Services, Google Cloud, Accenture, Parascript, KPMG International, Capsys Technologies, HCL Technologies, InData Labs, Datamatics Technology Solutions, Ephesoft, Rossum, IBM Corp, Appian, Open Text Corporation., Hyland Software, Inc., and Extract Systems

5. What is the study period of this Market?
Ans: The Global Intelligent Document Processing Market is studied from 2022 to 2029.