Intelligent Document Processing Market Size - By Component (Solution, Services), Enterprise Size (SMEs, Large Enterprises), Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision, Others), Deployment, End User & Forecast, 2023 - 2032

Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

View Details Buy Now 2890 Download Sample Ask for Discount Request Customization

Intelligent Document Processing Market Size - By Component (Solution, Services), Enterprise Size (SMEs, Large Enterprises), Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision, Others), Deployment, End User & Forecast, 2023 - 2032

Intelligent Document Processing Market Size

In 2022, the intelligent document processing market was worth a whopping $1.4 billion. And guess what? It's expected to grow even faster than a rocket, at a rate of over 24.7% from 2023 to 2032. Why is this happening? Well, businesses are going digital and creating a ton of unstructured data, like invoices, contracts, emails, and forms. It's like a giant puzzle with pieces everywhere. And get thisIn 2022, over 5.3 billion people were using the internet, that's almost two-thirds of the world's population! That's a huge increase since 2019, with about 1.1 billion new people joining the online party. So, intelligent document processing, or IDP, has become super important. It helps businesses sort through all that data and pull out the important stuff, making it easier to understand and use. That's why the IDP market is growing so fast.

To get key market trends

  Download Free Sample

Implementing an IDP system can be a complex and resource-intensive process. Organizations often require integrating IDP solutions with their existing IT infrastructure and document management systems. This integration process can be challenging, time-consuming, and costly, which can act as a barrier for some organizations, especially smaller ones with limited IT resources, limiting the growth of the IDP industry.

Intelligent Document Processing Market Report Attributes
Report Attribute Details
Base Year 2022
Intelligent Document Processing Market Size in 2022 USD 1.4 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 24.7%
2032 Value Projection USD 12.8 Billion
Historical Data for 2018 - 2022
No. of Pages 250
Tables, Charts & Figures 395
Segments covered Component, Deployment, Enterprise Size, Technology, End User
Growth Drivers
  • Increasing Need for Efficient And Cost-Effective Document Processing Solutions
  • Growing Investments in Digital Transformation
  • Adopting cloud-based document processing solutions
Pitfalls & Challenges
  • Changing governance and compliance requirements
  • Data Privacy Concerns

What are the growth opportunities in this market?

 Download Free Sample

As our world becomes more connected and data-driven, governments have had to tighten the rules around how companies protect our personal information. This is especially true in industries like finance, healthcare, and law, where sensitive data is handled on a regular basis. One example is the HIPAA Privacy Rule in the United States. This law protects the privacy of Americans' medical records and other health information. It tells healthcare providers and insurance companies what they must do to keep this information safe. IDP (Identity Data Protection) systems can help companies follow these rules by automatically finding and managing sensitive data in documents. This makes it easier to keep data secure and reduces the chance of human mistakes, making IDP systems a valuable tool for companies that want to stay compliant and protect their customers' privacy.

COVID-19 Impact

The COVID-19 pandemic significantly impacted the Intelligent Document Processing (IDP) industry. As remote work became the norm, organizations accelerated their digital transformation efforts, intensifying the demand for IDP solutions. Instances included a surge in remote document collaboration, necessitating robust IDP tools for efficient data extraction and document management. Additionally, industries like healthcare urgently adopted IDP to streamline patient records, while financial institutions relied on it for processing loan applications and relief fund distribution. COVID-19 underscored the importance of IDP in enabling businesses to maintain operations in challenging circumstances, fueling its growth.

Intelligent Document Processing Market Trends

As AI and machine learning get better and better, IDP solutions are going to be even smarter and more useful. They'll get better at understanding and handling unstructured data, finding patterns, and dealing with more complex types of documents. For example, in May 2023, Xiao-I Corporation in China came out with a new IDP solution that's really smart and easy to use. It makes managing documents easier and helps businesses automate their operations. All these advancements mean IDP solutions will be more accurate and automatic, which will increase the demand for them.

Intelligent Document Processing Market Analysis

Learn more about the key segments shaping this market

 Download Free Sample

The Intelligent Document Processing (IDP) market is thriving and is projected to continue growing rapidly from 2023 to 2032. This is because businesses, especially financial institutions and healthcare organizations, are eager to automate tedious document-based tasks. By using IDP solutions, they can save time, money, and enhance efficiency. The market for IDP is divided into two main categoriessolutions and services. The solution segment accounted for a significant portion of the market in 2022, and it's expected to grow steadily in the coming years. Several factors are contributing to the rising demand for IDP solutions. First, companies are increasingly looking for ways to automate their manual processes, particularly those involving documents. This helps them streamline operations and cut down on costs. Second, the amount of unstructured data is growing rapidly, making it crucial for businesses to find ways to extract useful information from these documents. Finally, regulations often require organizations to handle sensitive data securely and accurately, which can be achieved through using IDP solutions. As a result of these factors, the IDP market is poised for continued growth in the years to come.

Learn more about the key segments shaping this market

 Download Free Sample

Think of the market like a department store, with different sections for different types of customers. These sections include banks and financial companies (BFSI), government agencies, tech and telecom companies, hospitals and clinics, factories, shipping and trucking businesses, and a bunch of others. In 2022, the BFSI section was like a popular department, taking up about a quarter of the store. And guess what? It's expected to get even bigger by 2032. Why? Because they're using these smart tools called Intelligent Document Processing (IDP) that make their lives a lot easier. These IDP tools help them do things faster and better. For example, banks use IDP to quickly check mortgage applications, which makes it less painful for you to get a loan. And in insurance companies, IDP helps them pay out claims faster, which is great news if you ever need to make a claim. Also, the government has strict rules for banks, financial companies, and insurance companies to make sure they're keeping track of who their customers are and not helping people launder money. IDP helps them follow these rules accurately and quickly, so they don't get into trouble. So, all of these reasons are why more and more BFSI companies are using IDP. It's like a secret weapon that's making their lives easier and keeping us all a little safer.

Looking for region specific data?

 Download Free Sample

North America is a major player in the world's smart document processing market, holding over 33.5% of the market in 2022. In the United States, the smart document processing (IDP) industry is booming because IDP solutions make businesses more efficient and competitive. In the healthcare industry, for example, IDP is being used to handle the huge number of patient records, billing documents, and insurance claims. This makes the process smoother and reduces the time spent on paperwork. The financial industry has also started using IDP to make mortgage applications and the "Know Your Customer" (KYC) process go faster. This makes it easier for customers and helps the company stay in line with the rules. The pandemic also pushed people to do more work from home, which led to a greater need for IDP solutions that could digitize and automate document-related tasks. Because of this, the US is a great place for IDP innovation and growth.

Intelligent Document Processing Market Share

Major companies operating in the intelligent document processing market are

  • Kofax
  • Opentext
  • Hyperscience
  • ABBYY
  • UiPath
  • Infrrd
  • AntWorks
  • JUFFY.ai
  • EdgeVerve Systems
  • Ephosoft
  • Parascript
  • IBM
  • Datamatics
  • Automation Anywhere
  • Workfusion.

Intelligent Document Processing Industry News

  • In June 2023, Datamatics, a prominent global company specializing in Digital Technologies, Operations, and Experiences, has proudly disclosed the seamless fusion of Generative AI into Datamatics TruCap+. TruCap+ is an AI-driven Intelligent Document Processing (IDP) solution that operates without templates. This groundbreaking achievement represents a substantial advancement in the domain of document processing.

The intelligent document processing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

Click here to Buy Section of this Report

Intelligent Document Processing Market, By Component, 2018 – 2032

  • Solution
  • Services

Intelligent Document Processing Market, By Deployment, 2018 – 2032

  • Cloud
  • On-premises

Intelligent Document Processing Market, By Enterprise Size, 2018 – 2032

  • SMEs
  • Large Enterprises

Intelligent Document Processing Market, By Technology, 2018 – 2032

  • Machine Learning
  • Natural Language Processing (NLP)
  • Computer Vision
  • Others

Intelligent Document Processing Market, By End User, 2018 – 2032

  • IT & telecom
  • Media & Entrainment
  • Retail & Consumer Goods
  • Government & Public Sector
  • Healthcare
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

Frequently Asked Questions (FAQ)

What is the market for intelligent document processing?

Intelligent document processing market size reached USD 1.4 billion in 2022 and is set to grow at 24.7% CAGR from 2023 to 2032, due to the rapid digitalization of business operations and the exponential growth of data usage worldwide.

Why is the demand for intelligent document processing solutions growing?

The solution component segment recorded USD 33.5 billion revenue in 2022, as several businesses across industries are seeking ways to automate manual and document-intensive tasks.

What factors are influencing intelligent document processing industry growth in North America?

North America registered over 33.5% of the market share in 2022, owing to the ability of IDP solutions to boost efficiency and competitiveness across various sectors in the region.

Who are the key intelligent document processing market players?

Kofax, Opentext, Hyperscience, ABBYY, UiPath, Infrrd, AntWorks, JUFFY.ai, EdgeVerve Systems, Ephosoft, Parascript, IBM, Datamatics, Automation Anywhere, and Workfusion are some of the major intelligent document processing companies worldwide.

Related Reports

Table of Content

Will be Available in the sample /Final Report. Please ask our sales Team.

List Tables Figures

Will be Available in the sample /Final Report. Please ask our sales Team.

FAQ'S

For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:

sales@marketinsightsresearch.com

Within 24 to 48 hrs.

You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email

You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.

Discounts are available.

Hard Copy

Email