The IDP market is described by a dynamic and developing climate, driven by the rising interest for associations to enhance their record driven methods. IDP proposes the execution of best-in-class advancements, for example, computerized reasoning, AI, and regular language handling to robotize the extraction, arrangement, and the board of information from different sorts of reports.
A significant element impelling the market is the rising interest for proficient and savvy report the board across associations. The significant development of the IDP market can be ascribed to the way that associations are starting to recognize its ability to smooth out tasks, limit botches, and facilitate the extraction of information from unstructured reports. Data the executives is convoluted for organizations by the volume of advanced information that is extending, yet IDP arrangements computerize information extraction to empower convenient, exact navigation. The market for IDP items is described by serious rivalry, as a large number of organizations offer elective arrangements.
As interest in IDP builds, purveyors are locked in to recognize their commitments from those of their rivals. Noticeable programming merchants are right now zeroing in on coordinating high level functionalities like computerized reasoning and consistent joining with other undertaking applications, as a way to support their prevailing business sector position. Besides, concerns with respect to information insurance and legislative guidelines are applying an effect available element of character and IAM arrangements.
Associations, especially those working in exceptionally directed ventures like money and medical care, are progressively taking on IAM answers for guaranteed adherence to rigid guidelines. Reception is additionally energized by the limit of these answers for upgrade information security by means of computerized encryption and access controls. Because of the continuous advanced change of the IDP market, powerful archive handling is fundamental. This change is upheld by IDP arrangements that coordinate with computerized advancements and mechanize processes.
Concerning local turns of events, the IDP market is encountering powerful extension in various districts. Significant business sectors are North America and Europe, which are impelled by their initial reception of state-of-the-art innovations and their significant attention to the advantages of IDP arrangements. Simultaneously, reception is expanding in creating economies of Asia-Pacific and Latin America, where organizations are starting to perceive the benefit of robotizing report concentrated processes.
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Segment Outlook | Type, Component, Application, Industry Vertical, and Region |
Intelligent Document Processing Market Size was valued at USD 1,068.3 million in 2021. 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 (2024 - 2030). The amount of data across businesses is growing rapidly with the boom in digital transformation is driving the growth of the market.
Figure 1: Intelligent Document Processing Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Post-COVID-19, the Intelligent Document Processing market size was valued at USD 1,068.3 million in 2021 and is projected to reach USD 14,789.7 million by 2030, growing at a CAGR of 33.5% from 2020 to 2030. In the wake of the COVID-19 pandemic, many life sciences organizations are seeking efficiency and control over the regulatory process more than ever before. There is an increased urgency for speed, accuracy, and simplified processes in the Regulatory Information Management (RIM) space, and to prioritize projects that will quickly deliver the most patient value. The pandemic has forced work from home to major industries, which has surged the demand for cloud-based deployments. In fact, the developing nation’s enterprises were on a steady pace toward cloud adoption for the better part of the decade, Covid-19 has acted as a catalyst for the same.
Today, worldwide businesses receive a tremendous volume of data on daily basis. Processing unstructured and semi-structured documents is a literally complex task for businesses. Accuracy and speed is the prime factor which has become more important across businesses. OCR is also available for a few years in the market for document processing, however, speed and accuracy have not been proven to achieve as compared to IDP. On other hand, businesses are seeking rapid speed in document processing with great accuracy as small errors can lead to downtime and loss. As a result, IDP has emerged as a reliable software tool that uses AI technology for the processing of complex unstructured and semi-structured data. Therefore, the demand has surged exponentially across businesses for the IDP and is expected to boost even more during the projected period.
Integration of RPA with IDP solutions is expected to be a major opportunity for the market during the forecast period. Intelligent document processing is an essential ingredient of intelligent automation. Automation can reach only so far as data is available to work with. With standard RPA systems, setting up data extraction to run automation is often a separate third-party project, which adds ongoing costs as well as fragile integration points. Effectively extracting data and structuring information is the gateway to automating the lion’s share of business processes that today rely on manual intervention and inputs. Embedding IDP within the RPA platform is what enables business users to automate processes end-to-end.
Together, IDP and RPA provide a simple yet effective tool to automate enterprise business processes. As RPA, IDP tools are completely non-invasive, integration-friendly, and extensively applicable across industries and business functions. Therefore, integration of RPA with IDP could be a major opportunity for the industries, in turn, more sales and revenue opportunities are expected to open for the market players.
Based on the component, the market has been bifurcated into solutions and services. The solutions segment accounted for the largest market share and is expected to retain its dominance throughout the projected period. This can be attributed to the adoption of advanced Intelligent Process Automation solutions across the industry verticals. Solutions are being deployed on the on-premises and cloud deployments.
Based on the deployment, the market has been bifurcated into On-Premises and Cloud-based. The cloud-based deployment model is expected to grow with a significant CAGR during the forecast period. In the last couple of years, software as a service model has gained exceptional traction among small and large businesses. Even, large enterprises are utilizing cloud-based models by using a hybrid cloud approach.
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 the leading segment. Machine learning is used for data extraction and classification in intelligent document processing solutions.
Based on the organization size, the market has been segmented into small & medium-sized enterprises and large enterprises. Small & medium-sized enterprises hold the largest market share within the market. This can be attributed to the increasing numbers of SMB's as well as their interest in the use of Intelligent Document Processing. Major SMB’s are integrating intelligent document processing with the RPA, which is the major trend witnessed within the market.
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. Government & public sector, BFSI, healthcare, and life sciences are the major verticals that are generating significant revenue for the intelligent document processing market. This might be linked to the BFSI sector's extensive use of documents in the delivery of goods and services. Additionally, in the BFSI industry, intelligent document processing technologies are useful for a variety of use cases, including Know Your Customer (KYC), mortgage applications, and bank statements.
By Region, the study segments the market into North America, Europe, Asia-Pacific, 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 rapid adoption in the various industry verticals as well as the rise in IT spending. The adoption of technologies such as AI, ML, NLP, and computer vision is significantly high among enterprises. The presence of prominent vendors in the region such as ABBYY, Kofax, IBM, WorkFusion, Parascript, Hyland, Automation Anywhere, and Extract Systems is also a key factor driving the adoption of intelligent document processing in the region. Industries such as government, BFSI, transportation and logistics, manufacturing, and healthcare & life sciences are at the forefront of adopting intelligent document processing solutions.
It is expected that the Asia Pacific region will exhibit the fastest CAGR during the forecast period. The expansion of the technology sector and the existence of companies offering intelligent document processing solutions like Singapore-based AntWorks, HCL Technologies Limited, and Datamatics Services Limited are two factors that have contributed to the market growth in the region.
Further, the countries considered in the scope of the Intelligent Document Processing market are the US, Canada, Mexico, UK, Germany, France, Italy, Spain, Switzerland, Austria, Belgium, Denmark, Finland, Greece, Hungary, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Sweden, Romania, Ireland, China, Japan, Singapore, Malaysia, Indonesia, Philippines, South Korea, Hong Kong, Macau, Singapore, Brunei, India, Australia & New Zealand, South Africa, Egypt, Nigeria, Saudi Arabia, Qatar, United Arab Emirates, Bahrain, Kuwait, and Oman, Brazil, Argentina, Chile, and others.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Intelligent Document Processing market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Intelligent Document Processing industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment. Strong R&D capabilities allow Integra to attain a competitive advantage over its peers, maintain a technological edge over its competitors, and stay ahead of industry trends.
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), among others
In May 2023, Xiao-I Corporation, a leading cognitive intelligence company based in China, introduced an innovative Intelligent Document Processing (IDP) solution. This cutting-edge solution seamlessly incorporates state-of-the-art technologies, including Optical Character Recognition (OCR), Natural Language Processing (NLP), machine learning, and computer vision, to create robust Robotic Process Automation (RPA) and Intelligent Document Processing systems.
In August 2022, UiPath, a prominent vendor of enterprise automation software, completed the acquisition of Reinfer Ltd., a specialist in Natural Language Processing (NLP) and text mining. This strategic move was aimed at broadening UiPath's product portfolio beyond Robotic Process Automation (RPA).
In July 2022, ABBYY, the intelligent automation company, inaugurated a new development center in Serbia with the aim of providing enterprises with cutting-edge intelligent automation solutions.
In July 2021, ABBYY entered a partnership with First Consulting (now Valcon), a consulting firm, to distribute a comprehensive range of ABBYY solutions in the Netherlands. This includes the distribution of Vantage, an advanced intelligent document processing platform.
Intelligent Document Processing Market Segmentation
Solutions
Services
Professional Services
Managed Services
Cloud-based
On-Premises
Natural Language Processing (NLP)
Optical Character Recognition (OCR)
Robotic Process Automation (RPA)
Google Vision
Deep Learning (DL)
Machine Learning (ML)
Artificial Intelligence (AI)
Small & Medium-sized Enterprises
Large Enterprises
BFSI
Government & Public Sector
Retail and E-commerce
Manufacturing
Healthcare and Life Sciences
Transportation & Logistics
Others
North America
US
Canada
Mexico
Europe
Germany
France
UK
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East & Africa
South America
Technology Investors
Regulatory Industries
Government Bodies
Defense industry
Gaming Industry
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