Global Intelligent Document Processing Market Size By Component (Solution, Services), By Technology (Natural Language Processing (NLP), Optical Character Recognition (OCR)), By End-User (BFSI, Government And Public Sector), By Geographic Scope And Forecast

Intelligent Document Processing Market Size And Forecast

Intelligent Document Processing Market size was valued at USD 1.32 Billion in 2021 and is projected to reach USD 9.12 Billion by 2030, growing at a CAGR of 27.64% from 2023 to 2030.

Implementation of cloud-based deployments, financing in digitalization, & growing need for businesses to process the huge amounts of unstructured documents propelling the market growth. Processing unstructured and semi-structured information is a difficult task for corporations. Accuracy and speed are the primary factors that have increased in relevance for businesses. The Global Intelligent Document Processing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Intelligent Document Processing Market Definition

IDP is an automation technique for capturing, extracting, and processing data from a wide range of document formats. This classifies, categorizes, and extracts relevant information using Artificial Technologies (Al) technologies such as deep learning, Natural Language Processing (NLP), computer vision, and Machine Learning (ML), to validate extracted data. Intelligent document processing solutions convert unstructured and semi-structured data into usable information. This technology can process a wide range of document types, including papers, Portable Document Format (PDFs), word documents, spreadsheets, and numerous other formats. IDP’s main purpose is to automatically extract useful data from massive data sets without human intervention.

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.

Global Intelligent Document Processing Market Overview

In the contemporary era, digitalization has become essential for a company that wants to stay competitive. Artificial intelligence (Al)-enabled technology has quickly transitioned from fringe to mainstream. As a result, sophisticated technologies must be integrated with existing intelligent document processing. Organizations worldwide are investing heavily in these technologies to improve user experience and remain competitive in an ever-changing market environment.

Moreover, according to various estimates, more than 75% of business data is unstructured, and traditional automation technologies tussle to automate operations using unstructured data. When businesses expand, so do their client base, procedures, and incoming papers. Businesses deal with surplus semi-structured and unstructured information to remain competitive in the market.

The market growth of intelligent document processing (IDP) among small and medium businesses is significant, however, it 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. Moreover, growing technology adoption and digitalization among developing countries such as India, South Africa, and Indonesia are likely to offer significant growth opportunities for the market. Data privacy concerns are a challenge for the market as the documents are likely to contain sensitive and personal information and any data breaches may hamper the market growth.

Global Intelligent Document Processing MarketSegmentation Analysis

The Global Intelligent Document Processing Market is Segmented on the basis of Component, Technology, End-User, And Geography.

Intelligent Document Processing Market, By Component

• Solution
• Services

Based on Component, the market is segmented into Solution and Services. The Solution segment dominated the market for Intelligent Document Processing in 2021. This can be attributed to the availability of various intelligent document-processing software packages and tools with multiple deployment options. Moreover, the growth of the segment can be attributed to the availability of various intelligent document processing platforms and software packages offering multiple features, such as fast processing and intelligent data classification.

Intelligent Document Processing Market, By Technology

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

Based on Technology, the market is segmented into Natural Language Processing (NLP), Optical Character Recognition (OCR), Machine Learning (ML), Artificial Intelligence (AI), Robotic Process Automation (RPA), Deep Learning (DL) Voice Capture, and Others. The Machine Learning (ML) segment dominated the market for Intelligent Document Processing in 2021. Machine learning allows faster document data processing to complete tasks that previously took months or weeks and also eliminates errors associated with manual data entry and processing. It reads, comprehends, and extracts data from documents using machine learning algorithms. The data is then arranged and by software to produce useful insights.

Intelligent Document Processing Market, By End-User

• BFSI
• Government & Public Sector
• Retail and E-commerce
• Manufacturing
• Healthcare and Life Sciences
• Transportation & Logistics
• Others

Based on End-User, the market is segmented into BFSI, Government & Public Sector, Retail and E-commerce, Manufacturing, Healthcare and Life Sciences, Transportation & Logistics, and Others. Among these, BFSI holds a prominent market share in 2021. This can be attributed to a large number of documents processed in the BFSI sector to provide products and services. Moreover, intelligent document processing solutions serve many use cases in the BFSI sector, such as Know Your Customer (KYC), mortgage applications, and bank statements.

Intelligent Document Processing Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on Regional Analysis, the Intelligent Document Processing Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The North American region has the greatest market share and is expected to grow at the highest CAGR over the forecast period. This is due to the increasing adoption of automation-based technologies and the trend of digital transformation among organizations in countries across this region, especially in the U.S. and Canada. In the U.S. alone, there are over 4 trillion paper documents and the number is growing at a rate of 22% per year, which creates high demand for intelligent document processing in this country. Clients can use DocVu.Al to extract, analyze, search, and manage datasets from complex, industry-specific contracts, trade documents, and agreements. In addition, the growing adoption of cloud-based document processing services is driving revenue growth in this region.

Key Players

The “Global Intelligent Document Processing Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as 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.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2022, ABBYY launched the no-code platform Vantage 2 and Al Marketplace to reimagine digital transformation. Vantage 2 delivers ready-to-use Al skills for intelligent automation. The ABBYY Marketplace allows users to incorporate cognitive skills to accelerate their automation initiatives.
• In May 2021, Appian unveiled the latest version of the Appian Low-code Automation Platform. The new release expanded the boundaries of the low-code industry with the introduction of low-code data, a new code-free approach to unifying enterprise data.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Intelligent Document Processing Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Intelligent Document Processing Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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