The market for intelligent document processing, estimated at $ 1.1 billion in 2021, is expected to grow at a compound annual growth rate of 21.7% to reach $7.4 billion by 2031.
The global intelligent document processing market has been expanding with high revenue in recent years and is anticipated to expand over USD 5.4 billion at a CAGR of 37% during the forecast period, 2018-2028. Intelligent document processing systems convert humongous semi and unstructured data into valuable information. Unfortunately, huge amount of corporate data is contained in unstructured formats such as business papers, emails, pictures, and PDF documents, which is at the core of digital transformation.
Corporates across industries are now adopting intelligent document processing practices to categorize, and extract suitable information and validate the extracted data using artificial intelligence technologies, computer vision, deep learning, natural language processing (NLP), and machine learning (ML).
Furthermore, document processing is a term that many businesses are acquainted with, and it is something that business departments have been doing on a regular basis for some years lately. The activities necessary to handle documents are rudimentary, and owing to the humongous size, they become labor-intensive and frequently unsatisfying for the employees to manually sort and manage data. Intelligent document processing is gaining popularity because it offers game-changing methods for automating data extraction tasks. Among other benefits, intelligent document processing solutions include immediate cost savings, simplicity of use, greater accuracy, process efficiency, and strategic goal enhancement. These factors are likely to benefit the global intelligent document processing market significantly.
With the rise of digital transformation, the amount of data in organizations is quickly increasing. According to industry analysts, global data will surpass 175 zettabytes by the end of the forecast period. The majority of this data is included in text, PDFs, emails, and scanned documents. Manual document processing has long been a problem in the education, banking, healthcare, finance, and government sectors.
Organizations receive a large number of semi-structured and unstructured documents, including invoices, sales orders, and customer correspondence, which are frequently insufficiently handled by rule-based automation software. To ensure optimum utilization of such data pools, adoption of intelligent document processing is likely to gain strong grounds in the coming years.
However, owing to insufficient awareness, lack of technical know-how and initial cost investments are likely to downsize growth potential in the coming years. Subsequent advances in ML, NLP, and robotic automation are expected to unravel new growth opportunities favoring market expansion.
The prominent players of the global intelligent document processing market are ABBYY, WorkFusion, Kofax, IBM, and Automation Anywhere. The intelligent document processing industry's competitive landscape provides information provided by rivals. The facts address the business overview, financials, revenue generated, R&D investment, market potential, new market initiatives, corporate strengths and weaknesses, geographical presence, product launch, application dominance, and product width and breadth. The information given above is only pertinent to the firm's focus on the intelligent document processing business.
Intelligent Document Processing Market Scope
|Revenue forecast in 2031
|USD 7.4 billion
|CAGR of 21.7 % during 2021-2031
|Component, Organization Size, Deployment Mode, Technology, Vertical Size, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|ABBYY, WorkFusion, Kofax, IBM, and Automation Anywhere.
Key Segments of the Global Intelligent document processing Market
Component Overview (USD Billion)
Organization Size Overview (USD Billion)
- Large Organizations
Deployment Mode Overview (USD Billion)
Technology Overview (USD Billion)
- NLP (Natural Language Processing)
- DL (Deep Learning )
- ML (Machine Learning)
- AI (Artificial Intelligence)
- RPA (Robotic Process Automation)
- OCR (Optical Character Recognition)
Vertical Size Overview (USD Billion)
- Transportation & Logistics
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and Africa
Frequently Asked Questions (FAQ) :
Data has altered the way people live around the globe. Data is now being used by businesses to offer new business models, generate new income streams, improve customer experience, provide tailored services, and become more flexible. This dependency is only growing as the world's data volume grows at an unprecedented rate. The increase in data volume and variety presents new problems in data management. Without the proper data strategy, company executives would find themselves with mountains of data that are difficult to use and evaluate, resulting in operational inefficiencies and, eventually, a loss of revenues.
Intelligent document processing may be used in a wide range of corporate use cases in all sectors where knowledge employees are still manually processing documents. Horizontal use cases such as purchase order and invoice processing are examples, as are industry-specific use cases such as insurance claims, know your customer, and loan applications, among others. As a result, data-centric industries are the primary end-users of the intelligent document processing system.
The latest research suggests, the banking, financial services, and insurance (BFSI) and healthcare industries accounted for more than half of all intelligent document processing customers.
Currently, worldwide organizations create a huge amount of data on a daily basis. For organizations, processing unstructured and semi-structured material is a difficult task. Accuracy and speed are the primary factors that have grown more essential in business. OCR (Optical Character Reader or Recognition) has been available on the market for a few years for document processing; however, it has not been shown to attain the same speed and accuracy as IDP.
Businesses, on the other hand, want quick document processing with high accuracy since little errors can result in downtime and loss. As a result, IDP has evolved as a dependable software solution for processing complicated unstructured and semi-structured data using AI technology. As a result, demand for the intelligent document processing market has risen dramatically across organizations and is likely to rise even further throughout the forecast period.
The solution segment is projected to have the greatest market size in the coming years. Intelligent document processing technologies aid in the transformation of unstructured and semi-structured material into useable information.
Deployment Mode Segment
In the future, the on-premises segment is likely to account for the highest market share. On-premise solutions are supplied in exchange for a one-time licensing charge and a service agreement. Because this form of deployment necessitates a robust infrastructure and a personal data center, only major businesses can afford to install these solutions.
Organization Size Segment
SMEs have between one and 999 workers. Intelligent document processing is essential in all businesses, regardless of size, to compete in the market. Cost-effectiveness is a key need for SMEs because they are always bound by limited resources, leaving them with few options for marketing themselves and gaining adequate awareness. Due to cost limitations, SMEs typically use intelligent document processing systems based on SaaS.
Advances in technological supremacy such as NLP, machine learning and artificial intelligence are likely to contribute towards North America’s leading stance in ensuring revenue dominance in the forthcoming years, more specifically as countries such as the US and Canada are popular growth hubs.