Rising Need for Enterprises to Process Large Volumes of Semi-Structured and Unstructured Documents With Improved Accuracy and Speed is the Key Driver Expected to Boost the Intelligent Document Processing Market Growth During the Forecast Period: MRFR

Rising Need for Enterprises to Process Large Volumes of Semi-Structured and Unstructured Documents With Improved Accuracy and Speed is the Key Driver Expected to Boost the Intelligent Document Processing Market Growth During the Forecast Period: MRFR

Market Research Future (MRFR) announces the publication of its half-cooked research report—Global Intelligent Document Processing Market, 2022–2030.


The Intelligent Document Processing Market is predicted to reach USD 14,789.7 million by 2030, registering a 33.5% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Intelligent document processing solutions transform unstructured and semi-structured information into usable data. Organization data is at the heart of digital transformation; unfortunately, 80 percent of all organization data is embedded in unstructured formats like business documents, emails, images, and PDF documents. Intelligent document processing (IDP) is the next generation of automation, able to capture, extract, and process 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, and 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. The tasks required to carry out document processing tend to be repetitive and manual and due to the high volumes received, they become labor-intensive and often less than rewarding for the staff.


In August 2022, U.S.-based Ephesoft Inc., a provider of intelligent document processing solutions with headquarters in the United States, was acquired, according to Kofax Inc. With this acquisition, Kofax Inc. aims to improve its capabilities for intelligent document processing and satisfy customer needs. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.


Segmental Analysis


The scope of the global Intelligent Document Processing market has been segmented based on component, deployment mode, technology, organization size, and vertical.


Based on the component, the market has been bifurcated into solutions and services. The solutions segment accounted for the largest market share and expected to retain its dominance throughout the projected period.


Based on the deployment, the market has been bifurcated into On-Premises and Cloud-based. The Cloud-based segment will experience the highest CAGR.


Based on the technology, the market has been classified 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). Machine Learning (ML) was leading the segment.


Based on the organization size, the market has been segmented into small & medium-sized enterprises and large enterprises. Small & medium-sized enterprises is expected to exhibit the fastest CAGR during the projected period.


Based on the verticals, the market has been segmented into BFSI, government & public sector, retail and e-commerce, manufacturing, healthcare and life sciences, transportation & logistics, and others. The BFSI segment is expected to grow at the highest CAGR during the forecast period.


Regional Analysis


Geographically, the global Intelligent Document Processing market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.


As a result of high R&D investments and a large number of clinical trials being conducted on brain devices in North America, North America accounted for the largest share of revenue in 2021. The market is growing because regional companies are setting the standard for machine learning, artificial intelligence, computer vision, and natural language processing. Existence of significant corporations like Kofax, WorkFusion, ABBYY, IBM, Automation Anywhere, Parascript, Extract Systems, and Hyland is another important element in North America's adoption of intelligent document processing.


During the forecast period, the Asia Pacific region is expected to exhibit the fastest CAGR. The expansion of the technological landscape in the area and the existence of providers of intelligent document processing solutions like Singapore-based AntWorks, HCL Technologies Limited, and Datamatics Global Services Limited can be credited with the market growth.


Key Players


The key players in the global Intelligent Document Processing market are 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), and Kodak Alaris (United Kingdom) are the key companies of the global intelligent document processing market, and other.




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