Intelligent Document Processing Market Growth, Future, Scope And Forecast To 2030

The Intelligent Document Processing Market is growing at a rapid pace. Intelligent document processing (IDP) tool helps enterprises implement, understand, and gain insights from a vast set of raw and unstructured information (data). Rising demand for automated document processing drives market growth. 

The intelligent document processing market was valued at USD 765.2 million in 2020 and is projected to reach USD 6,785.2 million by 2027 with a CAGR of 35.4% during 2021–2027.

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Additionally, the proliferation of digital transformation and automation, alongside the increasing uptake of IDP solutions among many enterprises across industries, favors market growth. Advances in automation tools and increasing uses of intelligent solutions influence the development of the market. Furthermore, vast advancements in technological infrastructure influence market growth.  

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Market Dynamics

Drivers
Amount of Data Generated byEnterprises is Growing Exponentially

The amount of data across businesses is growing rapidly with the boom in digital transformation. According to industry experts, worldwide data is expected to exceed 175 zettabytes by 2025. With most of this information locked in text, emails, PDFs, and scanned documents. Banking, financial, healthcare, education, the government sector has always been facing issues to process documents manually. However, with the introduction of intelligent document processing tools, the processes get streamlined. Organizations receive a high volume of semi-structured and unstructured documents such as invoices, sales orders, and customer correspondence, which often can’t be fully processed using rules-based automation software. Therefore, intelligent document processing solutions have gained significant importance across businesses and are expected to witness a high adoption rate during the projected period. 

Rising Need for Enterprises to Process Large Volumes of Semi-Structured and Unstructured Documents with Greater Accuracy and Speed

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Currently, businesses across the globe generate a tremendous volume of data on a daily basis. To process unstructured and semi-structured documents is a complex task for businesses. Accuracy and speed is the prime factor which has become more important across the businesses. OCR is also available for few years in the market for document processing; however, speed and accuracy have not been proved to achieve as compared to IDP. On the other hand, businesses are seeking rapid speed in document processing with great accuracy as small errors can lead to downtime and loss. As a result, IDP has emerged as a reliable software tool that uses AI technology to process complex unstructured and semi-structured data. Therefore, the demand has surged exponentially across the businesses for the intelligent document processing market and is expected to boost even more during the projected period. 

Restraints 

Changing Governance and Compliance Requirements

Worldwide regulations towards the processing of the document are becoming tighter in recent years. Moreover, compliance requirements also change from time to time that is expected to pose major restraints for the intelligent document processing market. Especially across the US and countries in Europe, the document and data processing regulations change from time to time. To be compliant with these regulations is expected to act as a major restraint factor for the intelligent document processing market players. However, prominent players are making rapid technological advancements in intelligent document processing solutions.

Opportunities

Integration of RPA with Intelligent Document Processing (IDP) Solutions

Integration of RPA with IDP solutions is expected to be a major opportunity for the intelligent document processing market during the forecast period. Intelligent document processing is an essential ingredient of intelligent automation. However, automation can reach only so far as data is available to work with. Using standard RPA systems, setting up data extraction to run automation is often a separate third-party project, which adds ongoing costs and fragile integration points. Effectively extracting data and structuring information helps automating the lion’s share of business processes that today rely on manual intervention and inputs. Embedding IDP within the RPA platform is what enables business users to automate processes end-to-end. 

IDP and RPA, together, provide a simple yet effective tool to automate enterprise business processes. As RPA, IDP tools are completely non-invasive, integration-friendly, and are extensively applicable across industries and business functions. Therefore, integrating RPA with IDP could be a major opportunity for the industries and present lucrative sales and revenue opportunities for the intelligent document processing market players. 

Intelligent Document Processing Market – Regional Analysis

North America leads the global intelligent document processing market. Factors such as the rapid adoption in the various industries and the rise in IT spending drive the regional market growth. Besides, the rapid adoption of advanced technologies such as AI, ML, NLP, and computer vision, alongside the strong presence of IDP vendors in the region such as Kofax, ABBYY, IBM, Parascript, WorkFusion, Hyland, and Extract Systems, act as major growth drivers for the market.

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Major Players: 

Players leading the global intelligent document processing market include IBM (US), Kofax (US), WorkFusion (US), ABBYY (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), Deloitte (UK), AntWorks (Singapore), OpenText (Canada), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), among others.

Industry/ Innovation/ Related News

Aug. 29, 2021 —- ZEXPR, a leading IT boutique, sponsored the development of six products. BAD SISTEMS has been building various domain knowledge in different industries. Instead of taking paths like many other IT companies in Eastern Europe, the company focuses on new product development. 

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Intelligent Document Processing Market Research Report: Information by Component (Solutions and Services {Professional Services and Managed Services}), Deployment Mode (Cloud-Based and On-Premises), Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), Technology (Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Google Vision, Deep Learning (DL), Machine Learning (ML), and Artificial Intelligence (AI)), Vertical (BFSI, Government & Public Sector, Retail and E-commerce, Manufacturing, Healthcare and Life Sciences, Transportation & Logistics, and Others), and Region (North America, Europe, Asia-Pacific, South America, and Middle East & Africa) – Global Market Outlook to 2027

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