How Has The Intelligent Document Processing Market Size Evolved Historically?
The intelligent document processing market has seen considerable growth due to a variety of factors.
• The market size of intelligent document processing has witnessed a substantial increase lately. It is projected to escalate from $2.29 billion in 2024 to $3.01 billion in 2025, with a compound annual growth rate (CAGR) of 31.7%. The surge during the historical period can be traced back to the need for automation, initiatives for a paperless environment, issues regarding data precision, regulatory compliance, requirements for data security, cost-cutting, and needs for sophisticated analytics.
What Is The Projected Growth Of The Intelligent Document Processing Market?
The Intelligent Document Processing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of intelligent document processing is anticipated to experience booming growth in the forthcoming years. The market is predicted to expand to $9.56 billion by 2029, growing at a compound annual growth rate (CAGR) of 33.5%.
The projected growth during this period is due to factors such as specific industry demands, cognitive automation, real-time processing, compatibility across different platforms, and improved data security measures. Key trends to watch in the forecast period include advancements in natural language processing (NLP), the integration of hyperautomation, collaboration with robotic process automation, the rise of cloud-based IDP solutions, and human-in-the-loop (HitL) systems.
What Are The Key Drivers Fueling Growth In The Intelligent Document Processing Market?
The intelligent document processing (IDP) market is forecasted to expand, driven by the increasing quantity of devices connected via the Internet of Things (IoT). These IoT-connected devices are nonstandard computing platforms with the capacity for data transmission, connecting wirelessly to a network. The amalgamation of IoT and machine learning has the potential to optimize numerous document processes, thus its expansion is seen as a catalyst for market growth. For example, a November 2022 report by Sweden-based telecommunication company Ericsson revealed that broadband IoT (4G/5G), linking the majority of cellular IoT devices, made up 1.3 billion connections in 2022. It is projected that by 2028, nearly 60% of cellular IoT connections will be broadband IoT, predominantly via 4G. Currently, North East Asia is dominating in terms of cellular IoT connections and is expected to exceed 2 billion connections by 2023. The IDP market is thus being spurred on by the escalating number of IoT-connected devices.
What Are The Principal Market Segments In The Global Intelligent Document Processing Industry?
The intelligent document processing market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Model: Cloud, On Premise
3) By Technology: Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Google Vision, Deep Learning (DL), Machine Learning (ML), Artificial Intelligence (AI)
4) By Organization Size: SMEs (Small And Medium Enterprises), Large Enterprises
5) By End Use Vertical: Banking, Finance Services, And Insurance (BFSI), Government, Healthcare, Retail, Manufacturing, Other End Use Verticals
Subsegments:
1) By Solution: Document Capture Software, Data Extraction Tools, Workflow Automation Solutions, AI And Machine Learning Algorithms
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Managed Services
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Which Emerging Market Trends Are Altering The Intelligent Document Processing Industry?
Developing innovative products is a rising trend in the intelligent document processing market, with leading companies leveraging this strategy to maintain their market standing. For example, Kofax, a U.S. enterprise specialising in intelligent automation software, introduced Kofax TotalAgility 7.11 in February 2023. This advanced intelligent document processing (IDP) platform incorporates AI-driven features such as natural language processing (NLP), machine learning, and computer vision technologies. These innovations enhance the process of capturing, classifying, and extracting data from various document types like invoices, contracts, and emails. This leads to the automation of procedures such as accounts payable, claims handling, and customer onboarding more proficiently and precisely.
Who Are the Key Players In The Intelligent Document Processing Market?
Major companies operating in the intelligent document processing market include:
• ABBYY Solutions Ltd.
• Datamatics Technologies Ltd.
• HCL Technologies Limited
• International Business Machines Corporation
• Kofax Inc.
• WorkFusion Inc.
• Deloitte Touche Tohmatsu Limited
• Hyland Software Inc.
• Infrrd Inc.
• Appian Corporation
• Parascript LLC
• Open Text Corporation
• Extract Systems
• Automation Anywhere Inc.
• UiPath Inc.
• Antworks Solutions India Private Limited
• Hyperscience
• Paanini Innovations India Private Limited
• EdgeVerve
• Adobe Systems Inc.
• Kodak Alaris
• Ephesoft Inc.
• Rossum Corporation
• Celonis SE
• Kryon Systems
• Docsumo
• Docparser
• DocuPhase
• DocStar
• DocuWare
What Are The Regional Insights Into The Intelligent Document Processing Market?
North America was the largest region in the intelligent document processing market in 2024. The regions covered in the intelligent document processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
