Market overview:
The Intelligent Document Processing market industry is projected to grow from USD 1,465.6 million in 2022 to USD 14,789.7 million by 2030, exhibiting a compound annual growth rate (CAGR) of 33.5% during the forecast period (2022 - 2030).
The intelligent document processing market is currently in high demand because they put various documents together in order. By doing so, they make valuable connections and do strategic analysis for data and information that may seem to be irrelevant and/or unrelated on the surface. In reality, this data is very relevant and related. This process makes it easier for companies to get the insights that they need to make strategic business decisions.
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Key Players:
Key Companies in the Intelligent Document Processing market include,
- IBM (United States)
- Kofax (United States)
- WorkFusion (United States)
- ABBYY (United States)
- Automation Anywhere (United States)
- Appian (United States)
Intelligent document processing can be seen as being a ‘godsend technology’ in many ways because it allows businesses to structure and therefore give meaning and order to the 80% of data that happens to be unstructured and that flows through organizations in a random format.
Market Segment overview:
By component
This segment can be grouped as follows:
- Solutions
- Services
The solutions sub-segment currently enjoys the largest market share. This is expected to continue for the time period that this report covers. The reason for its dominance can be attributed to the fact that many companies across all industries are adopting advanced IT systems that are either on their premises or based in the cloud.
By deployment mode
This segment can be grouped as follows:
- On-premises
- Cloud-based
The cloud-based sub-segment is expected to enjoy one of the highest CAGRs for the time period that this report covers. The reason for this is that most businesses around the world either have adopted or are adopting the cloud-based model of technological services.
By technology
This segment can be grouped as follows:
- Natural language processing
- Optical character recognition
- Robotic process automation
- Google Vision Deep Learning
- Machine Learning
- Artificial Intelligence
By organization size
This segment can be grouped as follows:
- SMEs
- Large companies
The SMEs sub-segment has historically held the largest market share. This is expected to continue for the time period that this report covers. The reason for this is that most smaller businesses are adopting intelligent processing systems in their organizations.
Regional analysis:
The global intelligent document processing market can be grouped into the following geographic regions:
- North America
- The European Union
- Asia-Pacific
- The Middle East and Africa
- South America
Most companies in the United States of America and Canada were among the first to adopt intelligent document processing systems. Therefore, this region currently commands the greatest market share. This is expected to continue for the time period that this report covers.
The fact that most of the world’s largest intelligent document processing companies are located in North America also gives this region a sustainable competitive advantage. It also explains why the region leads the world in terms of market share.
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Industry news
Appian introduced a new intelligent document processing system that integrates AI into its daily operations.
Deloitte and UPath recently entered into a joint venture. The resulting company will deliver a new generation of on-premises and cloud-based technologies that will have more innovative and useful applications
IBM recently launched a new intelligent document processing system technology
Intelligent Document Processing Industry Developments:
January: IBM announced the launch of its new intelligent document processing (IDP) platform, which uses machine learning and natural language processing to automate the extraction of data from documents.
February: OpenText acquired Cloud Sherpas, a provider of cloud-based IDP solutions.
March: ABBYY released its new ABBYY FlexiCapture 12 software, which includes new features for automating the processing of unstructured documents.
April: WorkFusion announced the launch of its new WorkFusion AI Cloud Platform, which provides a unified platform for building and deploying IDP applications.
May: Kofax released its new Kofax Transformation Platform 7.0 software, which includes new features for automating the processing of documents in multiple languages.
June: Google Cloud announced the availability of its new Cloud Vision API, which can be used to extract data from documents using machine learning.
July: Microsoft announced the availability of its new Azure Document AI service, which can be used to automate the processing of documents using machine learning.
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