Press release
Comprehensive Study on Global Intelligent Document Processing Market Size, Share, Current News, Developing Key Factors & Profiles like InData Labs Group Limited, Parascript, LLC, Hyper Labs, Inc, Automation Anywhere
Global Intelligent Document Processing MarketIntelligent Document Processing is defined as the solutions which transform unstructured & semi-structured information into usable data. It is a type of next generation automation which able to capture, extract & process data from a variety of document formats. Intelligence document processing is based on AI technologies like natural language processing, Computer Vision, deep learning & machine learning. This technology is adopted by many organizations to perform the document related analysis on daily basis.
It is mainly used in the process of translating the document content into actionable & organized data for further process. Intelligent document processing also referred as intelligent process automation in which NLP or ICR & Machine learning technologies are using to enhance the performance of document processing.
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The increase in need for improving the productivity of business operations along with the increase in technological penetration across various end use industries is expected to drive the global intelligent document processing market growth. These solutions empower users with smart technologies & agile processes for making faster & monitor interfaces to fix bottlenecks in workflow system which is anticipated to accelerate the market growth in forthcoming years.
Enterprises receive huge data in the form of unstructured & semi-structured data such as sales orders, invoices, & customer correspondence which difficult to be organized through rule based automation software. Thus, organizations are adopting the intelligent process automation solutions to manage huge data & for data mining to enhance the quality for analysis.
The increase in demand for automation-led transformation programs with the help of a digital workforce is one of the prominent factors propelling the market growth. Ongoing technological advancements from robotic process automation to AI are transforming the landscape of automation.
Market Restraints
Low adoption by small and medium size enterprises owing to high cost of the solutions are expected to hinder the global intelligent document processing market growth over the forecast period. Also, high cost of the solution may restrict the market growth.
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Market Segmentation
The Global Intelligent Document Processing Market is categorized into component such as Software, and Services, by enterprise size such as Large Enterprises, and Small & Medium Enterprises. Further, market is segmented into end user such as IT & Telecom, BFSI, Legal, Manufacturing, Pharmaceutical, Transportation & Logistics, Retail & E-Commerce, and Others.
Also, the Global Intelligent Document Processing Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Regional Analysis
The North America is expected to continue to dominate intelligent document processing market during this forecast period due to the penetration of process management & automation solutions across the enterprises in this region. Also, the increase in adoption of advanced technologies like AI, and machine learning across organizations along with higher spending to optimize business operations are the key driving factors will contribute the market growth.
The Europe is expected to hold the second- largest market share. European BFSI sector is anticipated to adopt intelligent document processing solutions to enhance banking processes. The APAC is also expected to grow at the fastest CAGR during this forecast period. The BFSI industry in India and China is gaining momentum due to the increased online transaction in the countries. Further, the growing awareness about machine learning, automation, and AI is further fuelling the demand for intelligent document processing solutions.
Market key Players
Various key players are discussed in this report such as InData Labs Group Limited, Parascript, LLC, Hyper Labs, Inc, Automation Anywhere¸ AntWorks, Kofax Inc, WorkFusion, Inc, ABBYY, etc.
Market Taxonomy
By Component
• Software
• Services
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• IT & Telecom
• BFSI
• Legal
• Manufacturing
• Pharmaceutical
• Transportation & Logistics
• Retail & E-Commerce
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
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Vishal Thakur
Research Support Specialist
QualiKet Research
6060 N Central Expy #500, TX 75204, U.S.A
Email: sales@qualiketresearch.com
Website: https://qualiketresearch.com
QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which help our clients outperform their competition.
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