Intelligent Document Processing Market Size is projected to reach USD 6,785.2 MN by 2027, growing at a CAGR of 35.4% MRFR Research
Sep 28, 2022
The intelligent document processing market is growing rapidly, witnessing continually rising demand across the globe. The rising demand for automated document processing to extract meaningful information from paper/electronic documents and unstructured data drives market growth. Besides, massive R&D investments in developing innovative IDP solutions substantiate the Intelligent Document Processing Market size.
Enterprises are increasing intelligent automation to respond to the COVID-19 disruptions. The pandemic has put large-scale digital transformations on hold but accelerated deployments of automation and other capabilities that bring immediate benefits. Companies increasingly want providers to deliver already developed and integrated solutions as backbones for digital transformation.
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|Revenue Forecast in 2030||USD 6,785.2 Million|
|Growth Rate:||CAGR of 35.4% from 2022 to 2030|
|Study Period:||2022 -2030|
|Report Coverage:||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
Enterprises are also boosting investments in intelligent document processing, process mining, and conversational AI amid a fast IT rebound across the globe, influencing market revenues. Technology advances and the business services boom is fostering the adoption of a wide range of automation technologies, especially in process discovery and mining. Automation to streamline document processing is surging rapidly.
With the increasing demand for automated document technology, the market is projected to garner significant traction in the years ahead. In this regard, Market Research Future (MRFR) asserts that the global intelligent document processing market is expected to escalate to USD 6,785.2 MN by 2027, expanding at a significant 35.4% CAGR throughout the assessment period (2021 – 2027).
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The intelligent document processing market is witnessing a constant uptick. Enterprises are increasingly realizing the need to free their employees from the tedious tasks of reading documents and extracting information from them. Many organizations have implemented IDP solutions to digitize and automate their business-critical information requiring subject matter expertise to analyze and draw valuable insights.
Also, solution providers foster R&D investments to develop new customized solutions and advance the existing ones. Besides, the spurring rise in the IT & telecom sectors and digital transformations across industries contribute to the market upend. During lockdown policies mandated to control the COVID-19 outbreak, businesses struggled to handle their data while they faced other challenges related to growth and sustainability.
Additionally, the rapid digital transformation and automation worldwide, alongside the increasing uptake of IDP solutions by many enterprises across industries, push market revenues. The increasing uses of intelligent solutions and advanced automation tools influence market shares. Furthermore, vast advances in technological infrastructure influence market value.
Stricter regulations for document processing and changing compliance requirements pose multiple challenges for market players. At the same time, the lack of awareness about benefits and reluctance to adopt IDP technologies are major factors hindering the market growth. However, the increasing adoption of advanced IDP platforms and cloud deployments would support the market growth throughout the upcoming period.
Intelligent Document Processing Market Segments
The market forecast is segmented into components, deployment modes, technology, organization size, vertical, and region. The component segment is divided into solutions/platforms and services. The deployment mode segment is bifurcated into on-premises and cloud-based.
The technology segment is bifurcated into optical character recognition (OCR), natural language processing (NLP), robotic process automation (RPA), deep learning (DL), Google vision, machine learning (ML), and artificial intelligence (AI).
The organization size segment is divided into small & medium enterprises and large enterprises. The vertical segment is divided into BFSI, retail & e-commerce, government & public sector, manufacturing, transportation & logistics, healthcare & life sciences, and others. The region segment is bifurcated into Europe, Asia Pacific, North America, the Middle East & Africa, and others.
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Intelligent Document Processing Market Regional Analysis
North America is a significant intelligent document processing market globally. The strong presence of IDP vendors, such as ABBYY, Kofax, IBM, WorkFusion, Parascript, Hyland, and Extract Systems, drives the market growth. Embedding IDP solutions within the Robotic process automation (RPA) platform enables businesses to automate documenting processes end-to-end.
Together intelligent document processing solutions and RPA platforms allow automation to work in sync effortlessly. Besides, the rapid adoption of IDT solutions in various sectors, including government, BFSI, transportation & logistics, manufacturing, and healthcare & life sciences, and rising IT spending substantiate market revenues. Also, the rapid adoption of advanced technologies such as AI, ML, NLP, and computer vision boosts regional market growth.
Intelligent Document Processing Market Competitive Analysis
The highly competitive IDP market appears fragmented, with several well-established players forming a competitive landscape. Industry players initiate strategic approaches, such as mergers & acquisitions, collaborations, expansion, and product/technology launches to gain a larger competitive share.
For instance, on Dec. 12, 2021, Infrrd, a leading provider of IDP solutions, launched its newest solution, Infrrd for Mortgage, leveraging its patented intelligent document processing technology. This solution is designed to create a path to low- or no-touch mortgage loan application processing that would meet the emergent need to reduce loan application process time. The value of the potential automation benefits is calculated as a percentage of operating costs.
Players leading the global IDP market include IBM (US), Kofax (US), ABBYY (US), WorkFusion (US), automation Anywhere (US), UiPath (US), Appian (US), Datamatics (India), AntWorks (Singapore), Deloitte (UK), OpenText (Canada), HCL Technologies (India), Celaton (UK), and Kodak Alaris (UK), among others.
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