Intelligent Document Processing Market

Market Size:

The global Intelligent Document Processing Market was valued at XX in 2020 and is expected to reach around XX by 2028, at a CAGR of about XX % during the forecast period.

Market Overview:

Intelligent document processing refers to the practice of intelligently acquiring specific information and expediting document processing. It is acquired by many companies to perform the document-related analysis process on a daily basis. Intelligent document processing is meant to perform document scanning activities regardless of the type of file that must be processed. Sometimes it is also known as intelligent data capture and intelligent process automation

Intelligent document processing is used in the process of translating document content (electronic or physical) into actionable and organized data for further processes. Organizations are using intelligent document processing solutions to manage and organize large data and for data mining to improve the data quality for analysis. Analysts and technology software vendors are majorly used Intelligent document processing for easy processing of data.

Market Dynamics:  

Digital transformation is the pivotal factor that drives the global market for Intelligent Document Processing. Enterprises have invested in digital, AI, and automation to increase revenue, reduce costs, offer customers the services they need, and significantly transform the way they do business. Intelligent document processing is a key component of business process automation today.

The rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed, and the rising adoption of cloud-based document processing solutions are the major factors driving the Intelligent Document Processing market's growth. Low acceptance of intelligence document processing solutions by small and midsize enterprises results in the solution's high cost, which in turn hamper the market.

Drivers:

• Increasing use of AI and intelligent character recognition technology 

• Adoption of new technology

• The increasing processing of unstructured and semi-structured documents 

• Shift towards Digital Transformation

Restraints:

• Changing governance and compliance requirements

• Low acceptance of intelligence document processing solutions by small and midsize enterprises

Opportunities:

• Rising need for improving customer satisfaction 

COVID-19 Impact:

The COVID-19 pandemic has impacted every aspect of life and business. It has emerged as a global pandemic that has affected almost all countries across the globe and disrupted various business functions around the world. The demand for IDP is increasing in healthcare for maintaining the records of the patients after the pandemic.

During the COVID-19 pandemic, the government is running a health checkup campaign for identifying COVID-19 patients to control the pandemic condition. A large amount of patients’ data-id requires to store in an actionable structured data format. Therefore the demand for IDP solutions has increased in the healthcare sector during lockdown conditions.

Segmental Analysis:

The global Intelligent Document Processing Market is segmented based on Component Organization Size, Deployment Mode, Technology, Vertical, And Region.

The service Segment Dominated the Market in 2020 and is estimated to grow at a higher CAGR during the forecast period

Based on Component type, the market is segmented into Service and Solution. The service segment is further categorized into Professional services and managed services. Because consumers expect seamless integration of the solution, training, and support for the given solution with the enterprise's system, these IDP services are crucial for each solution provider.

Large Enterprises Segment Dominated Market in 2020 and is projected to account for the largest market size during the forecast period

Based on Organization Size, the market is segmented into Small & Medium Enterprises and Large Enterprises. The large enterprise segment is expected to dominate the global intelligent document processing market in terms of market share. The shift toward advanced technologies, such as AI/ML, OCR, Google Vision, NLP, and others helps large enterprises to lead the market compared to SMEs.

Large organizations in the BFSI, retail, healthcare and telecommunications verticals need intelligent document processing solutions to identify patterns in data and develop chatbots to carry out different tasks such as making payments, checking account details, and analyzing customer feedback. Therefore, this segment dominates the market day by day.

The cloud segment is estimated to grow at a higher CAGR during the forecast period

Based on Deployment Mode, the market is segmented into Cloud and On-premises. The cloud deployment for intelligent document processing while using different disruptive technologies is expected to grow with the increasing awareness of the benefits of cloud-based solutions. The cloud-based deployment of intelligent document processing has made it easy for users to apply predictive capabilities to the entire organization.

The BFSI Segment is projected to account for the largest market size during the forecast period.

Based on Vertical Type, the market is segmented into BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Manufacturing, Transportation & Logistics, and Other Verticals (ITeS, telecom, HR, CRM, sales, education, and energy and utilities).  The need to ensure seamless execution of transactions and fix bottlenecks in workflows is expected to drive the adoption of intelligent document processing in the BFSI vertical.

Regional Analysis:

North America is projected to Dominate the Regional Market in the future and the Asia Pacific to Register Fastest Growth over Forecast Period:

At the regional level, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. During the forecast period, the North American region is expected to become the biggest market share owner across the globe. Leading intelligent document processing vendors and early adoption of automation-based technologies in this region drive the adoption of the intelligent document processing market.

The Asia Pacific is estimated to be the fastest-growing region in the intelligent document processing market due to the increase in adoption of new technologies, rising investments in digital transformation, and growing GDP in Asia Pacific countries. Due to the presence of rapidly growing economies, such as China, Japan, and India, globalization, digitalization, and the increased adoption of cloud-based technologies are other key factors driving the growth of the market in this region.

Key Market Players:

• Deloitte

• ABBYY

• Workfusion Inc

• Kofax Inc

• AntWorks

• Amazon Web Services

• Google Cloud

• Accenture

• Parascript

• KPMG International

• Capsys Technologies

• HCL Technologies

• InData Labs

• Datamatics Technology Solutions

• Ephesoft

• Rossum

• IBM Corp

• Appian

• Open Text Corporation.

• Hyland Software, Inc.

• Extract Systems

Company overview, financial overview, product portfolio, business strategy, and recent developments for major market players operating in Intelligent Document Processing Market are included.

Intelligent Document Processing Market Report Scope:

Attribute

Details

Market Size in 2020

XX Billion

Market Size in 2028

XX Billion

CAGR (%)

XX% from 2021 to 2028

Historic Period

2017 – 2019

Base Year

2020

Forecast Period

2021 – 2028

Segments Covered

Component (Solutions And Services), Organization Size, Deployment Mode, Technology, Vertical, And Region

Regional Scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies Profiled

• Deloitte

• ABBYY

• Workfusion Inc

• Kofax Inc

• AntWorks

• Amazon Web Services

• Google Cloud

• Accenture

• Parascript

• KPMG International

• Capsys Technologies

• HCL Technologies

• InData Labs

• Datamatics Technology Solutions

• Ephesoft

• Rossum

• IBM Corp

• Appian

• Open Text Corporation.

• Hyland Software, Inc.

• Extract Systems

The report segments of the global Intelligent Document Processing Market are as follows:

By Component Type

• Solutions

• Services

By Organization Size

• SMEs

• Large Enterprises

By Deployment Mode

• Cloud

• On-Premises

By Technology

• Natural Language Processing (NLP)

• Optical Character Recognition (OCR)

• Machine Learning (ML)

• Artificial Intelligence (AI)

• Robotic Process Automation (RPA)

• Google Vision

• Deep Learning (DL)

• Vision API

By Vertical

• BFSI

• Government

• Healthcare and Life Sciences

• Retail and eCommerce

• Manufacturing

• Transportation & Logistics

• Other Verticals (ITeS, telecom, HR, CRM, sales, education, and energy and utilities)

By Region

• North America

o U.S.

o Canada

o Rest of North America

Europe

o UK

o Germany

o France

o Italy

o Spain

o Russia

o Rest of Europe

Asia Pacific

o China

o Japan

o India

o Australia

o Southeast Asia

o Rest of Asia Pacific

Latin America

o Brazil

o Mexico

o Rest of Latin America

Middle East and Africa

o Saudi Arabia

o UAE

o South Africa

o Rest of Middle East and Africa

 

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Report Detail

  • Status:Published
  • Report Code:NNRR 24
  • No. of Pages:169
  • Published DateJune 2023
  • Category:ICT
  • Delivery Timeline:48 hrs

Customized

  • => Region Level Market Share
  • => Import Export Analysis
  • => Additional Company Profiles
  • => Region Specific Market Dynamics
  • => Production Analysis
  • => Additional Countries (Apart From Mentioned Countries)
  • => Country/Region-specific Report