Intelligent Document Processing Market Overview:
The Intelligent Document Processing market 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 increasing need for businesses to handle
large volumes of semi-structured as well as unstructured documents with higher
accuracy and speed, growing investments within digital transformation, as
well as the increased adoption of cloud-based document processing remedies are
among the leading driving factors in the Intelligent Document Processing
market's development.
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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)
- UiPath (United States)
Market Segmentation:
Component, organization size, technology,
deployment model, and vertical have all been divided in the worldwide
intelligent document processing market.
The intelligent document processing industry has
been divided into solutions and services depending on the component. The
solutions segment held the most market share and is predicted to continue to do
so over the forecast period. This is due to the widespread usage of powerful
intelligent processing software solutions across industries. On-premises and
cloud-based solutions are being deployed.
The intelligent document processing industry is
divided into on-premises plus cloud-based deployment modes. During the
projection period, the cloud-based deployment paradigm is predicted to rise at
a substantial CAGR. The software as a service concept has exploded in
popularity among small and large organizations in recent years. A hybrid cloud
method is being used by several large organizations to implement cloud-based
models.
Natural Language Processing (NLP), Robotic Process
Automation (RPA), Optical Character Recognition (OCR), Google Vision, Machine
Learning (ML), Deep Learning (DL), and Artificial Intelligence have been
classed as segments of the intelligent document processing industry
dependant on technology (AI).
The global intelligent document processing industry
is divided into two categories: small and medium-sized businesses and large
businesses. Within the market, the small and medium-sized enterprises category
held the largest market share.
The intelligent document processing industry is
fragmented into BFSI, retail and e-commerce, government and public sector,
manufacturing, transportation & logistics, healthcare, and life sciences,
and many others, depending on verticals.
Regional Classification:
During the forecast period, the global intelligent
document processing industry is estimated to generate considerable revenue from
various continents. For the Middle East and Africa, North America,
Asia-Pacific, Europe, and South America, a geographical analysis of the
worldwide intelligent document processing industry was undertaken.
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Industry News:
According to different estimates, 80 percent of
enterprise data is unstructured, hence traditional automation solutions
struggle to automate processes using unstructured data. When a company expands,
so do the procedures, the number of clients, and, eventually, the volume of
incoming documents. To stay competitive, businesses are dealing with bigger
volumes of semi-structured and unstructured information that must be processed
faster and more correctly than before. Manually processing these massive
volumes of papers takes an inordinate amount of time. As a result, businesses
are increasingly required to analyze massive amounts of semi-structured and
unstructured documents more accurately and quickly.
The practice of intelligently acquiring specific
information and expediting document processing processes is known as
intelligent data processing, sometimes referred to as intelligent data
capture. Intelligent document processing is meant to perform document scanning
activities regardless of the type of file that has to be processed. Data
capture makes data management simple for any company. The information can be
organized more quickly and efficiently now that the documents have been
converted to digital format.
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