Intelligent Document Processing Market Opportunities, Challenges, Drivers And Global Forecast To 2032

Market overview:

The Intelligent Document Processing market industry is projected to grow from USD 1,465.6 million in 2022 to USD 14,789.7 million by 2030, exhibiting a compound annual growth rate (CAGR) of 33.5% during the forecast period (2022 - 2030).

The intelligent document processing market is currently in high demand because they put various documents together in order. By doing so, they make valuable connections and do strategic analysis for data and information that may seem to be irrelevant and/or unrelated on the surface. In reality, this data is very relevant and related. This process makes it easier for companies to get the insights that they need to make strategic business decisions.

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Key Players:

Key Companies in the Intelligent Document Processing market include,

• IBM (United States)
• Kofax (United States)
• WorkFusion (United States)
• ABBYY (United States)
• Automation Anywhere (United States)
• Appian (United States)
• UiPath (United States)
• Datamatics (India)
• Deloitte (United Kingdom)
• AntWorks (Singapore)
• OpenText (Canada)
• Celaton (United Kingdom)
• HCL Technologies (India)
• Kodak Alaris (United Kingdom)

Intelligent document processing can be seen as being a ‘godsend technology’ in many ways because it allows businesses to structure and therefore give meaning and order to the 80% of data that happens to be unstructured and that flows through organizations in a random format.

Market Segment overview:

By component

This segment can be grouped as follows:

• Solutions
• Services

The solutions sub-segment currently enjoys the largest market share. This is expected to continue for the time period that this report covers. The reason for its dominance can be attributed to the fact that many companies across all industries are adopting advanced IT systems that are either on their premises or based in the cloud.

By deployment mode

This segment can be grouped as follows:

• On-premises
• Cloud-based

The cloud-based sub-segment is expected to enjoy one of the highest CAGRs for the time period that this report covers. The reason for this is that most businesses around the world either have adopted or are adopting the cloud-based model of technological services.

By technology

This segment can be grouped as follows:

• Natural language processing
• Optical character recognition
• Robotic process automation
• Google Vision Deep Learning
• Machine Learning
• Artificial Intelligence

By organization size

This segment can be grouped as follows:

• SMEs
• Large companies

The SMEs sub-segment has historically held the largest market share. This is expected to continue for the time period that this report covers. The reason for this is that most smaller businesses are adopting intelligent processing systems in their organizations.

Regional analysis:

The global intelligent document processing market can be grouped into the following geographic regions:

• North America
• The European Union
• Asia-Pacific
• The Middle East and Africa
• South America

Most companies in the United States of America and Canada were among the first to adopt intelligent document processing systems. Therefore, this region currently commands the greatest market share. This is expected to continue for the time period that this report covers.

The fact that most of the world’s largest intelligent document processing companies are located in North America also gives this region a sustainable competitive advantage. It also explains why the region leads the world in terms of market share.

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Intelligent Document Processing Industry Developments:

January: IBM announces the acquisition of Process Transformation, a leading provider of intelligent document processing solutions.

February: ABBYY releases its new Intelligent Document Processing platform, which combines OCR, NLP, and machine learning to automate document processing tasks.

March: OpenText acquires Encora, a provider of intelligent document processing solutions for the financial services industry.

April: Kofax launches its new Cloud-based intelligent document processing platform, which offers a range of features to automate document processing tasks.

May: WorkFusion announces the release of its new AI-powered intelligent document processing platform, which can automate a wide range of document processing tasks.

June: AntWorks launches its new intelligent document processing platform, which uses a combination of AI, machine learning, and OCR to automate document processing tasks.

July: Rossum announces the release of its new intelligent document processing platform, which can automate a wide range of document processing tasks, including invoice processing, contract management, and loan origination.

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