New York, US, Oct. 18, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Intelligent Document Processing Market information by Deployment Mode, by Components, by Organization Size and Technology – forecast to 2027” market was valued at USD 765.2 million in 2020 and is excepted to surpass USD 6,785.2 million by 2027 with a CAGR of 35.4%.
Intelligent Document Processing Market Scope:
The intelligent document processing market is growing at a rapid pace. Rising demand for automated document processing drives the market growth. Besides, increasing demand for document automation technology to extract meaningful information from paper/electronic documents and other forms of unstructured data substantiates the market size. Witnessing continually rising demand, the market is projected to demonstrate significant growth over the next few years.
Massive investments made into the development of IDP solutions influence market growth. Improved intelligent document processing is a key pillar in making unstructured data easily accessible, helping organizations to deliver business efficiency and innovation.
Dominant Key Players on Intelligent Document Processing market covered are:
- 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)
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Market USP Exclusively Encompassed:
Intelligent Document Processing, a Convergence of Human Interaction & Machine Learning
Given the ongoing digital transformation and the changing business world, enterprises extensively use sustainable solutions and adapt to evolutions. IDP is a blend of human interaction and AI & machine learning (ML) technologies, managing component monitoring accuracy and automation. Besides, IDP provides a cost-efficient method for extracting key information from any unstructured document without human intervention.
Automation of various processes has become imperative in enterprises irrespective of the size of organizations. Additionally, the proliferation of digital transformation and automation, alongside 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.
Changing Governance and Compliance Requirements Hinder Market Growth
Regulations for document processing are becoming stricter. Moreover, changing compliance requirements in recent years pose multiple challenges for market players. Also, the lack of awareness about benefits and reluctance to adopt intelligent document processing technologies are major factors restraining the market growth. Nevertheless, the increasing adoption of innovative IDP platforms for cloud deployment would support the market growth throughout the forecast period.
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Segmentation of Market covered in the research:
The market is segmented into components, deployment modes, technology, organization size, verticals, and regions. The component segment is sub-segmented into solutions and services. The deployment mode segment is sub-segmented into on-premises and cloud-based.
The technology segment is sub-segmented into natural language processing (NLP), optical character recognition (OCR), robotic process automation (RPA), Google vision, deep learning (DL), machine learning (ML), and artificial intelligence (AI).
The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into BFSI, government & public sector, retail & e-commerce, manufacturing, healthcare & life sciences, transportation & logistics, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East & Africa, and others.
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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.
COVID-19 Impact on the Global Intelligent Document Processing Market
The COVID-19 outbreak has positively impacted the intelligent document processing industry. The global pandemic swept during the end of 2019 and continued throughout 2020 and into 2021 brought forward many complexities, including lockdown and work from home mandates to limit the spread of the virus. Businesses struggled to handle their data as they faced challenges related to growth and sustainability.
Enterprises felt an acute need to free their employees from tedious tasks of reading documents and extracting information from them. In response, many organizations implemented IDP solutions to digitize and automate their business-critical information requiring subject matter expertise to analyze and draw valuable insights.
Besides, transformations in the IT & telecom sectors, digital transformations across industries, and the downward global economy contributed to the market upend. Resultantly, the intelligent document processing market witnessed a constant uptick amid coronavirus crises. Also, solution providers kept fostering R&D investments to develop new customized solutions and advance the existing ones.
Highly competitive, the IDP market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/technology launch to gain a larger competitive share.
For instance, on Aug. 10, 2021, Newgen Software, a global provider of digital transformation platforms, announced an upgrade in its content classification and categorization software by adding intelligent document classifier (IDC) 2.0.
The latest version of the software is also part of Newgen’s industry-leading content services platform that uses a python-based web API, taking a document as input and applying deep learning (DL) algorithms to classify different document pages.
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