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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