INTELLIGENT DOCUMENT PROCESSING expected to grow from USD 1.12 billion in 2022 to USD 12.2 billion in 2032, at a Compound Annual Growth Rate (CAGR) of 39.5% (2018-2032)-ABBY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian

INTELLIGENT DOCUMENT PROCESSING expected to grow from USD 1.12 billion in 2022 to USD 12.2 billion in 2032, at a Compound Annual Growth Rate (CAGR) of 39.5% (2018-2032)

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Some below players are mentioned as below-
ABBY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (US), HyperScience (US), OpenText (Canada), Hyland (US), Extract Systems (US), Infrrd (US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (UK), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), Evolution AI (England), BIS (US), and AmyGB (India), Acodis (Switzerland), Ocrolus (US), Hive (California), Hypatos (Germany), and IN-D (Singapore).

Restraint: Changing governance and compliance requirements restrain market growth
Across all verticals enterprises need to adhere to governance and compliance requirements. Compliance enables enterprises to address industry standards and regulations. Today To comply with federal regulations and mandates, such as the Sarbanes-Oxley Act (SOX) Act, General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and Freedom of Information Act several businesses are making considerable modifications to their IT systems and internal processes

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The amount of data generated by enterprises is growing exponentially, which along with the rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed, are the major drivers fuelling the growth of the intelligent document processing market.

Data has changed the world human lives in. Currently, enterprises utilize data to introduce new business models, generate new revenue streams, enhance customer experience, create personalized services, and become more agile. This reliance is only ever-increasing with time as the world experiences unprecedented data volume growth. The growth in data volume and variety poses unique challenges in terms of data management. Without the right data strategy, business leaders will find themselves with heaps of data that are difficult to utilize and analyze, resulting in organizations experiencing operational inefficiencies and, ultimately, a loss in profits. Intelligent document processing can be applied to a wide variety of business use cases across all industries where knowledge workers continue to process documents manually. Examples include horizontal use cases, such as purchase order processing and invoice processing, as well as industry-specific use cases, such as insurance claims, know your customer, and loan applications, among others. Thereby, data-centric sectors are the major end-users of the intelligent document processing solution. According to the latest Survey, the banking, financial services and insurance (BFSI) and healthcare industries made up more than 50% of the entire intelligent document processing customer base.

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Opportunities

Integration of RPA with Intelligent Document Processing (IDP) Solutions
Integration of RPA with IDP solutions is expected to be a major opportunity for the intelligent document processing market during the forecast period. Intelligent document processing is an essential ingredient of intelligent automation. However, automation can reach only so far as data is available to work with. Using standard RPA systems, setting up data extraction to run automation is often a separate third-party project, which adds ongoing costs and fragile integration points. Effectively extracting data and structuring information helps automating the lion's share of business processes that today rely on manual intervention and inputs. Embedding IDP within the RPA platform is what enables business users to automate processes end-to-end.

IDP and RPA, together, provide a simple yet effective tool to automate enterprise business processes. As RPA, IDP tools are completely non-invasive, integration-friendly, and are extensively applicable across industries and business functions. Therefore, integrating RPA with IDP could be a major opportunity for the industries and present lucrative sales and revenue opportunities for the intelligent document processing market players.

Impact of COVID-19

Introduction

COVID-19 firstly originated in early 2020 in Wuhan, China, and rapidly spread across the globe. The worldwide cases have surpassed 183 million as of now and continue to rise. The pandemic forced lockdown situations across all the major economies and prompted the imposition of numerous restrictions such as travel barriers, closure of the shops and markets, work from home, import-export ban, and others. Governments all over the globe made various guidelines to stop the further spread of the COVID-19. Despite this, the coronavirus cases increased significantly and continue to rise. The COVID-19 pandemic hit all the major industries such as manufacturing, trade, hospitality, leisure, oil and gas, tourism, automotive, and transportation. Nevertheless, the COVID-19 pandemic hit the intelligent document processing market in some areas. COVID-19 pandemic also accelerated the demand for intelligent document processing in some industries.

Intelligent Document Processing for Innovation in Life Sciences Regulations

In the wake of the COVID-19 pandemic, many life sciences organizations are seeking efficiency and control over the regulatory process more than ever before. There is an increased urgency for speed, accuracy, and simplified processes in the Regulatory Information Management (RIM) space and prioritizing projects that will quickly deliver the most patient value.

Intelligent Document Processing in the Insurance Sector

RPA, coupled with intelligent document processing skills, can help in reducing the human intervention when it comes to registering insurance claims, thus reducing the burden on insurance customer advisors. The insurance sector has emerged as a major vertical amidst the pandemic, which isincreasingly using intelligent document processing technology coupled with RPA.

Based on Component, the market has the following segments:
Solutions
Services
Based on Organization Size, the Intelligent Document Processing market has the following segments:
SMEs
Large Enterprises
Based on Deployment Mode, the market has the following segments:
Cloud
On-Premises
Based on Technology, the Intelligent Document Processing market has the following segments:
Natural Language Processing (NLP)
Optical Character Recognition (OCR)
Machine Learning (ML)
Artificial Intelligence (AI)
Robotic Process Automation (RPA)
Google Vision
Deep Learning (DL)
Vision API
Based on Vertical, the market has the following segments:
BFSI
Government
Healthcare and Life Sciences
Retail and eCommerce
Manufacturing
Transportation & Logistics
Other Verticals (ITeS, telecom, HR, CRM, sales, education, and energy and utilities)

Transformation Of Businesses

COVID-19 has transformed the future of business. Despite all the negative consequences, the pandemic has initiated some encouraging changes. COVID-19 has accelerated the digitalization from a 'nice to have to a 'must have' for many organizations, forcing them to adapt and modernize quickly to keep their operations running.

Cloud-Based Deployment Gained Rapid Popularity

The pandemic has forced work from home to major industries, which has surged the demand for cloud-based deployments. The developing nation's enterprises were on a steady pace toward cloud adoption for the better part of the decade, and COVID-19 has acted as a catalyst for the same.

Regional Analysis

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. The Asia-Pacific is further segmented into China, Japan, India, and the Rest of Asia-Pacific.

North America Holds the Largest Share in the Market

North America holds the leading share within the intelligent document processing market primarily due to the rapid adoption in the various industry verticals and the rise in IT spending. The rapid adoption of advanced technologies such as AI, ML, NLP, and computer vision is significantly high among enterprises. The presence of prominent vendors in the region such as ABBYY, Kofax, IBM, WorkFusion, Parascript, Hyland, Automation Anywhere, and Extract Systems is also a key factor driving the adoption of intelligent document processing in the region. Industries such as government, BFSI, transportation & logistics, manufacturing, and healthcare & life sciences are at the forefront of adopting intelligent document processing solutions.

Recent Developments:
In February 2022, ABBYY launched the no-code platform Vantage 2 and AI Marketplace to reimagine digital transformation. Vantage 2 delivers ready-to-use AI skills for intelligent automation. The ABBYY Marketplace allows users to incorporate cognitive skills to accelerate their automation initiatives.
In May 2021, Automation Anywhere announced the availability of its new cloud-based Epic Fast Healthcare Interoperability Resources (FHIR) API Bot to automate access to EHRs for Epic Systems, one of the largest EHR vendors in the US.
In May 2021, Appian unveiled the latest version of the Appian Low-code Automation Platform. The new release expanded the boundaries of the low-code industry with the introduction of low-code data, a new code-free approach to unifying enterprise data.

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