The global intelligent document processing market is projected to expand as demand for automated advanced IDP software rises
Many businesses routinely utilize intelligent document processing to conduct document-related studies. The process of turning the content of a document (physical or electronic) into actionable and organized data for later actions is known as intelligent document processing. The global intelligent document processing market is projected to grow at 37% CAGR to reach a total valuation worth USD 5.4 billion during the estimated period.
The need for IDP in healthcare is likely to rise in order to keep patient records up-to-date. During the lockdown, federal governments have been conducting health check-up campaigns to identify COVID 19 patients in order to limit the pandemic. A huge volume of patient data must be stored in an actionable structured data format to derive logical conclusions and insights. During lockdown situations, the demand for IDP solutions has skyrocketed extensively and is likely to continue the trends in the coming years as well .
Due to the lockdown in major Asian and European countries, all industrial and information technology firms are experiencing a financial catastrophe. Analysts and technological software suppliers are the primary users of intelligent document processing. Intelligent data processing is the technique of collecting specific information intelligently and simplifying document processing processes. Intelligent document processing is meant to execute document scanning operations regardless of the kind of file to be processed.
Intelligent document processing is capable of processing both paper and electronic documents. Data capture simplifies the management of information in any company. Because the papers have been transformed to digital format, arranging the material has become faster and more efficient. Intelligent document processing (IDP) is gaining popularity because it offers comprehensive solutions to automate the previously difficult-to-manage data extraction process.
Document processing is a well-known phrase used by many businesses to describe a variety of business tasks that have been carried out on a daily basis for many years. Document processing refers to the process of converting the contents of any document, whether physical or electronic, into usable information or organized data with meaning. The activities required to execute document processing were manual and repetitive, and due to the massive volume of data collected, it became a labor-intensive process that was usually unsatisfying for the workers. Furthermore, several government laws and compliances encourage the use of intelligent document processing solutions to protect the security of customers' sensitive data, which is projected to drive the regional intelligent document processing market's growth. All of these variables are working together to propel the intelligent document processing market in this area forward.
This elaborate research report by Adroit market Research assessing the growth milestones in the global intelligent document processing market renders a holistic overview of the market across current and past timelines to decipher vital factors and their impact in orchestrating futuristic growth in the global intelligent documentation market. The market has been critically assessed in the historic years comprising, 2018-2020 with 2020 fixed as the base year. Forecast projections have been compiled for the years 2021-2028. Internationally accepted research and data triangulation methodologies have been adhered to all along the research process to gain critical and unbiased information about the market dynamics.
In terms of components, the solution segment is likely to have the highest market revenue in the future. Intelligent document processing technologies help in the conversion of unstructured and semi-structured data into usable data.
In terms of the deployment mode, the on-premises segment is likely to have a major share in the IDP market. In return for a one-time license fee and a service agreement, on-premise solutions are provided.
In terms of the organization size, the SMEs segment is accounted for greater market size in the coming years.
In terms of region, the North American market is likely to be the leading revenue-generating region across the globe.
Key Segments of the Global Intelligent document processing Market
Component Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
- Large Organizations
- Small & Medium-Sized Organization
Deployment Mode Overview, 2018-2028 (USD Billion)
Technology Overview, 2018-2028 (USD Billion)
- Natural Language Processing (NLP)
- Machine Learning (ML)
- Optical Character Recognition (OCR)
- Artificial Intelligence (AI)
- Deep Learning (DL)
- Robotic Process Automation (RPA)
Vertical Size Overview, 2018-2028 (USD Billion)
- Transportation & Logistics
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and Africa