According to “Global Intelligent Document Processing Market, 2018–2027” released by CRI Report, the global intelligent document processing market has been segmented into component, deployment mode, technology, organization size, vertical, and region/country. The intelligent document processing market size is expected to register an exponential CAGR of 35.4% from 2021 to 2027 and reach USD 6,785.2million by 2027.
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, 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, 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.
Intelligent document processing is gaining attention because it provides disruptive solutions to automate data extraction projects that were previously extremely difficult, if not impossible, to solve. Intelligent document processing solution provides direct cost saving, ease of use, higher accuracy, process efficiency, and strategic goal boost, among other advantages.
The global intelligent document processing market has been segmented into component, deployment mode, technology, organization size, and vertical.
Based on the component, the intelligent document processing market has been bifurcated into solutions and services. The solutions segment accounted for the larger market share and is expected to retain its dominance throughout the projected period. This can be attributed to the adoption of advanced intelligent processing software solutions across the industry verticals. Solutions are deployed on the on-premises and cloud deployments.
Based on the deployment, the intelligent document processing market has been bifurcated into on-premises and cloud-based. The cloud-based segment 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. Several large enterprises are utilizing cloud-based models by using a hybrid cloud approach.
Based on the technology, the intelligent document processing 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).
Based on the organization size, the global market has been segmented into small & medium-sized enterprises and large enterprises. Small & medium-sized enterprises hold the larger market share within the market. This can be attributed to the increasing numbers of SMEs and their interest in the use of Intelligent Document Processing. Major SMEs are integrating intelligent document processing with the RPA, which is the major trend witnessing 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.
The global intelligent document processing market is expected to gain significant revenue from the various continents during the projected period. The geographic analysis of the global intelligent document processing market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is further classified into the US, Canada, and Mexico. Europe is further classified into the UK, Germany, France, and the Rest of Europe. Asia-Pacific (APAC) is further segmented into China, Japan, India, and the Rest of Asia-Pacific.North America holds the leading share within the market; this can be attributed to the rapid adoption in the various industry verticals and the rise in IT spending.Europe holds the second position in the global market in terms of revenue. The UK, Germany, and France are the major growth engines of the market.APAC is expected to grow with the fastest CAGR rate during the forecast period. The region has seen a rapid boom in market growth due to increased automation across industry verticals.
IBM (US), Kofax (US), WorkFusion (US), ABBYY (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), Deloitte (UK), AntWorks (Singapore), OpenText (Canada), Celaton (UK), HCL Technologies (India), and Kodak Alaris (UK) are the key companies of the global intelligent document processing market.