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: April - 2025 | 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 CustomizationIntelligent Document Processing Market Size
In 2022, intelligent document processing as a market reached a staggering value of $1.4 billion. And that's not it? It will grow even higher than a rocket, by over 24.7% in the period of 2023 to 2032. What's causing that? Well, companies are making the switch and generating a load of unstructured data, such as invoices, contracts, emails, and forms. It is like a large puzzle with all the pieces everywhere. And here's the kickerIn 2022, more than 5.3 billion individuals were connected to the internet, nearly two-thirds of the global population! That's an enormous jump from 2019, with approximately 1.1 billion additional individuals entering the online fray. So, smart document processing, or IDP, has become extremely critical. It assists companies in filtering through all that information and extracting the key information, making it simpler to comprehend and utilize. That is why the IDP market is developing so rapidly.
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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.
| 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 |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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. Moreover, sectors such as healthcare desperately incorporated IDP to automate patient records, whereas banks and financial institutions depended on it for the processing of loan requests and disbursement of relief funds. COVID-19 highlighted the value of IDP in facilitating companies to function in the face of adverse situations, which boosted its growth.
Smart Document Processing Market Trends
As machine learning and AI improve and improve, IDP solutions will become even smarter and more effective. They'll become more proficient at dealing with and interpreting unstructured data, discovering patterns, and processing more intricate types of documents. For instance, in May 2023, China's Xiao-I Corporation released a new IDP solution that's actually intelligent and intuitive. It simplifies document management and enables companies to automate their processes. All these advancements mean IDP solutions will be more accurate and automatic, thus there will be a growing demand for them.
Intelligent Document Processing Market Analysis
Discover more about the major segments driving this market
The Intelligent Document Processing (IDP) market is flourishing and is expected to keep expanding quickly between 2023 and 2032. This is due to the fact that companies, particularly financial organizations and healthcare firms, are willing to automate labor-intensive document-oriented processes. They can save money, time, and improve efficiency by using IDP solutions. The IDP market is classified into two primary categoriessolutions and services. The solution segment held a majority of the market in 2022, and it's anticipated to increase gradually in the future. Various drivers are pushing the demand for IDP solutions upward. To begin with, businesses are in need of solutions to automate their document-intensive manual operations. This assists them in running their operations more efficiently and reducing expenses. Second, the volume of unstructured data is increasing exponentially, and therefore it is imperative that companies look for means to glean valuable information from such documents. Lastly, compliance regulations mandate that organizations manage sensitive information in a secure and correct manner, which can be possible through the implementation of IDP solutions. Due to these factors, the market for IDP is set to grow in the coming years.
Find out more about the most important segments that drive this market
Imagine the market as a department store, where each section is for a different kind of customer. Some of these sections are banks and financial institutions (BFSI), government departments, computer and telecom organizations, clinics and hospitals, manufacturing plants, shipping and trucking firms, and dozens more. 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 instance, banks utilize IDP to screen mortgage applications immediately, making it less agonizing for you to secure a loan. And at insurance companies, IDP makes it easier for them to pay out claims, which is welcome news if ever you need to make a claim. Also, there are strict regulations for banks, financial institutions, and insurance companies by the government to ensure that they're keeping records of their customers and not assisting individuals in money laundering. IDP ensures that they adhere to these regulations properly and efficiently, so they don't land in trouble. So, all these reasons are why increasing numbers of BFSI companies are employing IDP. It's like having a secret weapon that's simplifying their lives and making all of us just a little safer.
Need region-specific data?
North America is the key player in the global smart document processing market, with a share of more than 33.5% of the market in 2022. Smart document processing (IDP) in the United States is booming due to IDP solutions making businesses more efficient and competitive. In the healthcare sector, for instance, IDP is being utilized to manage the large volume of patient information, billing papers, and insurance claims. It streamlines the process and lessens paperwork time. The banking sector also began utilizing IDP to accelerate mortgage applications and the "Know Your Customer" (KYC) process. This makes it convenient for customers and allows the company to remain compliant with the regulations. The pandemic also forced individuals to conduct more remote work, which resulted in increased demand for IDP solutions that could automate and digitize document-related processes. Due to this, the US is an ideal location for IDP innovation and expansion.
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
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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
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