Intelligent Document Processing Market Analysis

Intelligent Document Processing Market Overview

Intelligent Document Processing Market Size was valued at USD 1076.82 million in 2022. The Intelligent Document Processing Market industry is projected to grow from USD 1391.95 Million in 2023 to USD 13,939.4 million by 2032, exhibiting a compound annual growth rate (CAGR) of 29.2 % during the forecast period (2023 - 2032).  Intelligent document processing (IDP) is the next generation of automation, capturing, extracting, and processing data from a range of document formats. It uses artificial intelligence technologies such as natural language processing (NLP), deep learning, computer vision, and machine learning (ML) to classify, categorize, extract appropriate information, and validate the extracted data. Furthermore, document processing is a familiar term for many enterprises and is something that business functions have been performing daily for several years. It is the process of translating the content of a document (electronic or physical) into something actionable and with meaning.

As per Analyst at MRFR, “The Intelligent Document industry is growing significantly by the amount of data generated by enterprises growing exponentially and rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed”.

FIGURE 1: INTELLIGENT DOCUMENT PROCESSING MARKET SIZE 2018-2032 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

• Intelligent Document Processing Market Trends

INTEGRATION OF RPA WITH INTELLIGENT DOCUMENT PROCESSING (IDP) SOLUTIONS

Integration of RPA with IDP solutions is projected to be a significant market trend and opportunity during the forecast period. Intelligent document processing is a necessary component of intelligent automation. Automation can only go so far as data is available to work with. Setting up data extraction to run automation is generally a separate third-party project with standard RPA solutions, which adds continuing expenditures as well as unstable integration points. Effective data extraction and information structuring are the first steps towards automating most business activities that currently rely on manual intervention and inputs. The incorporation of IDP within the RPA platform enables business users to automate processes from end-to-end.

Automation of enterprise business processes can be achieved with ease using IDP and RPA together. IDP solutions, like RPA, are widely applicable across sectors and business functions, easy to integrate, and entirely non-intrusive. As a result, integrating RPA with IDP is a significant potential for the industries, opening more sales and revenue opportunities for players in the market.

Intelligent Document Processing Market Segment Insights:

 Intelligent Document Component Insights

Based on component, the Intelligent Document Processing Market has been segmented into Solution and Services. Solution being the majority shareholder in 2022, contributing 87.8 % to the market revenue. Intelligent document processing solutions extract data to assist with automation of high-volume, repetitive document processing tasks, as well as for analysis and insight. Moreover, IDP extracts data from structured and unstructured content, particular documents, using natural language technologies and computer vision to support automation and augmentation.

With the increasing adoption of intelligent document processing solutions, the need for these supporting services is expected to increase as they help enterprises reduce costs, increase the overall revenue, and enhance overall performance.

Intelligent Document Deployment Mode Insights

Based on Deployment mode, the Intelligent Document Processing Market has segmented into On-premises and Cloud. Cloud held the largest market share in 2022 due to increasing awareness of the benefits of cloud-based solutions.  Al platform providers focus on developing robust cloud-based deployment for their clients, as many organizations have migrated to either private or public cloud. Moreover, the cloud deployment mode provides additional flexibility for business operations and real-time deployment ease to companies implementing real-time analytics.

Intelligent Document Organization Size Insights

Based on Organization Size, the Intelligent Document Processing Market is segmented into small and medium size enterprises and large enterprises. Large enterprises held the largest market share in 2022. These enterprises have shown more inclination toward advanced technologies, such as AI/ML, OCR, NLP, and others compared to SMEs. They possess a huge amount of data across different business functions, which they need to analyse for entity extraction, text classification, summarization, and sentiment analysis. Large organizations in the BFSI, retail, healthcare and telecommunications verticals need intelligent document processing solutions to identify patterns in data, develop chatbots to carry out different tasks such as making payments, check account details, and analyse customer feedback.

FIGURE 2: INTELLIGENT DOCUMENT MARKET, BY ORGANIZATION SIZE, 2022 VS 2032 (USD MILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Intelligent Document Technology Insights

Based on Technology, the Intelligent Document Processing Market is segmented into Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Computer Vision, Deep Learning (DL), and Machine Learning (ML). Natural Language Processing (NLP) held the largest market share in 2022. IDP heavily relies on NLP technology that can comprehend and analyze human language. NLP also allows for extracting and analyzing data from unstructured sources like emails, reports, and articles.

Intelligent Document Vertical Insights

Based on Vertical, the Intelligent Document Processing Market is segmented into BFSI, Government & Defense, Retail and E-commerce, Manufacturing, Healthcare and Life Sciences, Transportation & Logistics, Others of which BFSI holds a significant market share in 2022. 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.

IDP helps in various fields. It is used to improve the efficiency and effectiveness of government and public sector operations. Intelligent document processing helps retail and e-commerce companies to automate the processing of invoices, receipts, and other business documents. IDP also reduces the time warehouses spend on data entry and improves inventory management with real-time data accuracy. The others segment includes telecommunication, education, and others.

Intelligent Document Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America accounted for ~ 40.1 % of Intelligent Document Processing Market in 2022. The North America, encompassing the United States, Canada, and Mexico, stands as a prominent region in the Intelligent Document Processing market. This is due to increasing adoption of automation-based technologies and trend of digital transformation among organizations in countries across this region, especially in the U.S. and Canada.

European market is expected to register a modest revenue growth rate during the forecast period due to growing adoption of IDP solutions in BFSI sectors in countries across the region, especially in the UK, Germany, and France. Businesses in this region are adopting document processing solutions at an increasing rate to support underwriters and make them more active players in the insurance ecosystem.

The Intelligent Document Processing market in the APAC region is currently experiencing remarkable growth and evolution, with key countries like China, Japan, South Korea, India, and the rest of APAC actively contributing to this transformation. One of the primary catalysts behind this growth is the rapid urbanization and industrialization in the region.

FIGURE 3: INTELLIGENT DOCUMENT PROCESSING MARKETSIZE BY REGION 2022 VS 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, UK, France, Rest of Europe, China, Japan, India, and Rest of Asia-Pacific.

 Intelligent Document Key Market Players & Competitive Insights

The Intelligent Document Processing Market is characterized by the presence of many global, regional, and local vendors. The Intelligent Document Processing Market has witnessed significant growth over the forecast period due to the amount of data generated by enterprises growing exponentially .There are several domestic, regional, and global players operating in the Intelligent Document Processing Market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the Intelligent Document Processing Market who have contributed to the market growth which includes IBM Corporation, Kofax Inc, WorkFusion Inc, ABBYY, Automation Anywhere, Inc, Appian, UiPath, DATAMATICS GLOBAL SERVICES LIMITED, AntWorks, Celaton, Kodak Alaris, DELOITTE, OPENTEXT, HCL Technologies, Parascript, LLC.

These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.

Key Companies in the Intelligent Document Processing Market include.

• IBM Corporation


• Kofax Inc


• WorkFusion Inc


• ABBYY


• Automation Anywhere, Inc


• Appian


• UiPath


• DATAMATICS GLOBAL SERVICES LIMITED


• AntWorks


• Celaton


• Kodak Alaris


• DELOITTE


• OPENTEXT


• HCL Technologies


• Parascript, LLC

Intelligent Document Industry Developments

• In July 2023, Kofax Inc and Salesforce launched Kofax Total Agility Salesforce Connector. With this connector, you can automate all your document-based workflows to work smarter and faster while keeping human knowledge workers in the loop. It also helps organizations work smarter and faster by automating document-based workflows.


• In July 2023, ABBYY released Vantage 2.3.1 comes with several enhancements, ranging from improved performance to smarter artificial intelligence (AI) and improved administration. The library of pre-trained, ready-to-go Document Skills available for Vantage customers through the ABBYY Marketplace just got bigger and better.

Intelligent Document Processing Market Segmentation

 Intelligent Document Component Outlook

• Solution


• Services

Intelligent Document Deployment Mode Outlook

• On-premises


• Cloud

 Intelligent Document Organization Size Outlook

• SME’s


• Large Enterprises

Intelligent Document Technology Outlook

• Natural Language Processing (NLP)


• Optical Character Recognition (OCR)


• Robotic Process Automation (RPA)


• Computer Vision


• Deep Learning (DL)


• Machine Learning (ML)

Intelligent Document Vertical Outlook

• BFSI


• Government & Defense


• Retail and E-commerce


• Manufacturing


• Healthcare and Life Sciences


• Transportation & Logistics


• Others

Intelligent Document Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • France
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa


• South America