Global Intelligent Document Processing Market is projected to reach USD 6,785.2 million by 2027 with a CAGR of 35.4% during 2021–2027 | Top Key Players are IBM (US), Kofax (US), WorkFusion (US), ABBYY (US), and Automation Anywhere (US)

The Intelligent Document Processing Market is growing at a rapid pace. Intelligent document processing (IDP) tool helps enterprises implement, understand, and gain insights from a vast set of raw and unstructured information (data). Rising demand for automated document processing drives market growth.

The Intelligent Document Processing Market was valued at USD 765.2 million in 2020 and is projected to reach USD 6,785.2 million by 2027 with a CAGR of 35.4% during 2021–2027.

Massive investments made into the development of IDP solutions influence market growth. Improved intelligent document processing is a key pillar in making unstructured data easily accessible, helping organizations to deliver business efficiency and innovation. Given the ongoing digital transformation and the changing business world, enterprises extensively use sustainable solutions and adapt to evolutions.

Besides, increasing demand for document automation technology to extract meaningful information from paper/electronic documents and other forms of unstructured data substantiates the market size. Market Research Future (MRFR) asserts that the global intelligent document processing market would reach exponential heights by 2027, posting a whopping CAGR during the forecast period (2020 – 2027).

IDP combines human interaction and AI & machine learning (ML) technologies, managing component monitoring accuracy and automation. Besides, IDP provides a cost-efficient method for extracting key information from any unstructured document without human intervention. Automation of various processes has become imperative in enterprises irrespective of the size of organizations.

Additionally, the proliferation of digital transformation and automation, alongside the increasing uptake of IDP solutions among many enterprises across industries, favors market growth. Advances in automation tools and increasing uses of intelligent solutions influence the development of the market. Furthermore, vast advancements in technological infrastructure influence market growth.

Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/10629

Global Intelligent Document Processing Market – Segmentation

The market is segmented into components, deployment modes, technology, organization size, verticals, and regions. The component segment is sub-segmented into solutions and services. The deployment mode segment is sub-segmented into on-premises and cloud-based.

The technology segment is sub-segmented 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).

The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into BFSI, government & public sector, retail & e-commerce, manufacturing, healthcare & life sciences, transportation & logistics, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East & Africa, and others.

Intelligent Document Processing Market – Regional Analysis

North America leads the global intelligent document processing market. Factors such as the rapid adoption in the various industries and the rise in IT spending drive the regional market growth. Besides, the rapid adoption of advanced technologies such as AI, ML, NLP, and computer vision, alongside the strong presence of IDP vendors in the region such as Kofax, ABBYY, IBM, Parascript, WorkFusion, Hyland, and Extract Systems, act as major growth drivers for the market.

Global Intelligent Document Processing Market – Competitive Analysis

The well-established intelligent document processing market appears fragmented due to the presence of several key intelligent document processing companies. Big data as service providers incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch to gain a competitive advantage. Big data service providers focus on innovations and the development of new solutions, fueling the already intensified market competition.

Key Developments in Intelligent Document Processing Market:

In Sept. 2020, Appian introduced intelligent document processing or IDP. IDP lets Appian users leverage artificial intelligence to transform unstructured data from their business documents into structured data.

In May 2020, Deloitte and UiPath, the enterprise Robotic Process Automation (RPA) software company, announced they are working together to deliver Deloitte Intelligent Document Processing (DIDP), an on-premise or cloud-based automation accelerator that enables capturing documents before extracting, classifying, and verifying their data for processing. The integrated technology comprises Optical Character Recognition (OCR), Human-in-the-Loop (HITL), Machine Learning (ML), and the UiPath RPA. The power of DIDP is its ability to handle multiple document types by processing any type of structured or semi-structured document, ranging from invoices to contracts.

In Oct. 2020, IBM announced a new low-code, AI-led document processing capability for the IBM Cloud Pak for Automation.

Major Players:

Players leading the global intelligent document processing market include 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), Kodak Alaris (UK), among others.

Industry/ Innovation/ Related News

Aug. 29, 2021 ---- ZEXPR, a leading IT boutique, sponsored the development of six products. BAD SISTEMS has been building various domain knowledge in different industries. Instead of taking paths like many other IT companies in Eastern Europe, the company focuses on new product development.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/intelligent-document-processing-market-10629

Intelligent Document Processing Market Research Report: Information by Component (Solutions and Services {Professional Services and Managed Services}), Deployment Mode (Cloud-Based and On-Premises), Organization Size (Small & Medium-Sized Enterprises and Large Enterprises), Technology (Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Google Vision, Deep Learning (DL), Machine Learning (ML), and Artificial Intelligence (AI)), Vertical (BFSI, Government & Public Sector, Retail and E-commerce, Manufacturing, Healthcare and Life Sciences, Transportation & Logistics, and Others), and Region (North America, Europe, Asia-Pacific, South America, and Middle East & Africa) - Global Market Outlook to 2027

Contact:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com

About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

This release was published on openPR.