Intelligent Document Processing Market

Global Intelligent Document Processing Market is valued at USD 0.69 Billion in 2021 and is expected to reach USD 5.6 Billion by 2028 with a CAGR of 34.5% over the forecast period.

Global Intelligent Document Processing Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Shift towards digital transformation, rising adoption of cloud-based document processing solutions, and the emergence of paperless offices are some of the major factors driving the growth of the Global Intelligent Document Processing Market.

Scope of Global Intelligent Document Processing Market

The process of turning semi-structured and unstructured data from documents such as emails and photos into structured and useable data is referred to as intelligent document processing. This data may then be utilized to enhance insights and procedures. This feature is projected to propel the Intelligent document processing market forward. To stay competitive, business organizations often deal with massive amounts of unstructured and semi-structured documents that must be handled promptly, with maximum accuracy and speed. By extracting, collecting, and processing data from multiple document formats, intelligent data capture or intelligent data processing (IDP) technologies may assist businesses in automating important business activities. IDP assists in the optimization of document scanning and converting services. Data capture simplifies data management for every company. Organizing information becomes quicker and more efficient when papers are transformed into the electronic medium.

Following the COVID-19 pandemic, many life sciences businesses are looking for more control and efficiency over the legislative framework than ever before. In the Regulatory Information Management (RIM) arena, there is a greater emphasis on efficiency, reliability, and simpler procedures, as well as selecting initiatives that will swiftly give the greatest patient benefit. The development in online network connections and online purchases of critical commodities resulted in an escalating demand for intelligent document processing and connected intelligence solutions, favourably influencing the worldwide intelligent document processing market. This trend is expected to continue even in the post-pandemic era. 

The global Intelligent Document Processing market is segmented based on the component, deployment, organization size, vertical, and region & country level. Based on components, the global Intelligent Document Processing market is segmented into services and solutions. By deployment, the market is segmented into cloud and on-premise. By organization size, the global Intelligent Document Processing market is segmented into SMEs and large enterprises. By technology, the global Intelligent Document Processing market is segmented into Optical Character Recognition (OCR), Natural Language Processing (NLP), Artificial Intelligence (AI), Machine Learning (ML), Google Vision, Deep Learning (DL), Robotic Process Automation (RPA), and Vision API. By end-user, the global Intelligent Document Processing market is segmented into BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Manufacturing, Transportation & Logistics, and Other Verticals.

The regions covered in the global Intelligent Document Processing market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on the country level, the market of global Intelligent Document Processing is sub-divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Intelligent Document Processing Market Segmentation

By Offering:

• Services
• Solutions

By Deployment:

• Cloud
• On-premise

By Organization Size:

• SMEs
• Large Enterprises

By Technology:

• Deep Learning (DL)
• Machine Learning (ML)
• Natural Language Processing (NLP)
• Vision API
• Others

By End-User:

• BFSI
• Automotive
• Education
• Human Resource
• It & Telecommunication
• Government & Defense
• Healthcare & Life Science
• Transportation & Logistics
• Others

Key Players of Global Intelligent Document Processing Market

Some major key players for the global Intelligent Document Processing market report cover prominent players like

• Kofax
• IBM
• ABBYY
• WorkFusion
• Appian
• UiPath
• Automation Anywhere
• Deloitte
• Datamatics
• OpenText
• AntWorks
• HCL Technologies
• Celaton
• Kodak Alaris
• others.

News

ProcessMaker acquires Doculayer, expanding its Business Process Management offering with Next Level Intelligent Document Processing (IDP).

On September 27^th, 2022; ProcessMaker, a global innovator in digital transformation and process management, has announced the purchase of the Amsterdam-based intelligent document processing company Doculayer. Doculayer is well-known for its high-performance, next-generation IDP system. ProcessMaker enhances its holistic approach to process automation and orchestration with this purchase. This assures that enterprises focusing on operational compliance, excellence, and digital transformation programs may enhance processes, accelerate automation choices, and boost their bottom line.

Infrrd Launches Infrrd for Invoice

On June 15^th, 2022; Infrrd, a leading supplier of Intelligent Document Processing (IDP) technologies, announced the launch of an industry-first 100% accuracy service for the handling of massive quantities of complex documents across multiple types of documents. Invoices, Form W2s, tax paperwork, mortgage-related papers, and other documents are examples.

ABBYY launched the no-code platform Vantage 2

In February, 2022; To reinvent digital transformation, ABBYY introduced the no-code system Vantage 2 and the AI Marketplace. Vantage 2 has Al the abilities that are ready to utilize for intelligent automation. Users may apply cognitive talents to their automated endeavors via the ABBYY Marketplace.

Shift towards digital transformation, rising adoption of cloud-based document processing solutions, and emergence of paperless offices are some of the major factors driving the growth of the Global Intelligent Document Processing Market Growth

The market for document management solutions is always evolving due to the desire for greater workplace productivity. It is anticipated that the conventional idea of paper files will progressively disappear as a result of developing technologies and the effective operation of the DMS. 46% of workers in small and medium-sized enterprises still spend time every day on ineffective paper-related operations, according to Xerox. This shows that sophisticated document management solutions can make these procedures better. Businesses with advanced document management systems have a considerable competitive advantage.

One of the economic areas with the greatest regulations is the banking industry. Any financial or credit organization must ensure adherence to legal norms and laws and must also provide updates. To facilitate the implementation of the legal and regulatory framework, a bank DMS is required. For its cloud-based legal DMS, Deutsche Bank teamed with NetDocuments in December 2019. All bank legal department staff members should be able to access pertinent documents quickly and securely as a result of this.

Increasing investments in technological transformation, the rising adoption of cloud-based documentation solutions, and the growing need for businesses to handle large volumes of unstructured and semi-structured documents with greater speed and accuracy are some of the key factors fueling the growth of the IDP market.

The projection period is likely to provide the intelligent document processing market with significant opportunities for the integration of RPA with IDP solutions. Intelligent automation requires IDP as a key component. Automation can only go so far, although, if there is data to work with. Setting up data extraction to execute automation using traditional RPA technologies is sometimes a distinct third-party effort, adding continuing expenses and inflexible integration points. The majority of business operations that now need human input and involvement may be automated with the aid of effective data extraction and information structure. Business users may fully automate operations by integrating IDP into the RPA platform.

The government-driven digitization programs in places including Europe AND North America, as well as the rising public preference for doctors who use digital documentation systems, are pushing the healthcare sector toward a full reversal. Over 90% of patients want to communicate with their healthcare providers using digital technologies, according to a new survey that looked at more than 650 healthcare consumers.

North America is Expected to Capture a Major Share in the Global Intelligent Document Processing Market

North America is anticipated to have the largest market share globally over the forecasted time frame. The largest market shares in this region are held by the United States and Canada. The market is growing since regional companies are setting the standard for artificial intelligence, computer vision, machine learning, and natural language processing. The existence of significant corporations like WorkFusion, Extract Systems, Kofax, IBM, ABBYY, Parascript, Automation Anywhere, and Hyland is another important element in North America's acceptance of intelligent document processing.

During the projected period, the market for document management systems is anticipated to grow due to the growing requirement to implement document management systems in order to halt the illicit logging trade and transit. The wood legality verification standard, for instance, was created by the China National Forest Products Industry Association (CNFPIA) and is envisioned as a key component of CTLVS. The standard, published by the CNFPIA, outlines the guidelines for constitutionality at the forest management level and throughout the chain of ownership. It addresses the legality prerequisites for document management, transit, and marketing, technical legal verification for both imported and domestic timber, and advancement of a timber legality management processing, system, and trading.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 0.69 Billion
Base year considered	2021
Forecast Period CAGR %:	41.4%
Market Size Expected in 2028:	USD 5.6 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Kofax, IBM, ABBYY, WorkFusion, Appian, UiPath, Automation Anywhere, Deloitte, Datamatics, OpenText, AntWorks, HCL Technologies, Celaton, Kodak Alaris, and others.
Segments Covered	By Offering, By Deployment, By Organization Size, By Technology, By End-User.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa