Meticulous Research® Unveils Exclusive Insights: Global Intelligent Document Processing Market Poised to Reach $9.18 Billion by 2031

[Redding, California, March 07, 2024] - Meticulous Research®, a leading provider of comprehensive market intelligence, has released an exclusive report titled 'Global Intelligent Document Processing Market by Offering (Solutions, Services), Deployment Mode (Cloud, On-premise), Technology (ML, Computer Vision, NLP, RPA, OCR), End Users (BFSI, Government & Public Sector, & Others), & Geography-Forecast to 2031', forecasting a robust growth trajectory for the intelligent document processing (IDP) market, anticipated to soar to a valuation of $9.18 billion by 2031. This projection signifies an impressive Compound Annual Growth Rate (CAGR) of 25.8% from 2024 to 2031.

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Empowering Enterprises with Intelligent Document Processing
Intelligent document processing (IDP) represents a transformative workflow automation technology designed to streamline data extraction, categorization, and organization from diverse document formats, including papers, PDFs, Word docs, and spreadsheets. By harnessing cutting-edge technologies such as machine learning (ML), computer vision, natural language processing (NLP), optical character recognition (OCR), and robotic process automation (RPA), IDP enables enterprises to unlock actionable insights, reduce manual data entry, and enhance overall document processing efficiency.

The Market Dynamics: Driving Forces and Growth Opportunities
The burgeoning adoption of AI-driven document processing solutions underscores the growing inclination of enterprises towards digital transformation initiatives. The integration of cloud-based solutions, coupled with a burgeoning emphasis on real-time applications and a human-in-the-loop approach, further augments market growth prospects. However, persistent challenges related to handwritten document processing and data security vulnerabilities pose significant hurdles to market expansion. Nonetheless, the integration of generative AI and the shift towards digital data storage methods represent key trends shaping the future trajectory of the IDP market.

Unlocking Growth Opportunities with Real-time Applications
Enterprises increasingly recognize the critical importance of real-time data for informed decision-making and enhanced operational efficiency. Intelligent document processing facilitates the seamless extraction and processing of data in real-time or near real-time, empowering organizations to gain actionable insights and respond swiftly to evolving business demands. From digitizing supplier certifications to enabling real-time inventory management, IDP is revolutionizing operational workflows across diverse industries, driving efficiency and productivity.

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Segment Insights and Market Trends
The global intelligent document processing market is segmented based on offering, deployment mode, technology, end users, and geography.

Based on offering, the global intelligent document processing market is broadly segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global intelligent document processing market. Moreover, the solutions segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of intelligent document processing solutions for automating data extraction, classification, and verification processes and the integration of AI technologies for gaining greater efficiencies in document processing.

In addition, several players operating in intelligent document processing are undertaking initiatives to integrate AI models to greater efficiencies is also contributing to segment growth. For instance, in January 2024, TCG Process (Switzerland), a provider of intelligent document processing and process automation software, announced a new integration of large language models (LLMs) developed by Lazarus Enterprises Inc. (U.S.) to their input management and automation product DocProStar to gain greater efficiencies when automating document and media-centric business processes.

Based on deployment mode, the global intelligent document processing market is segmented into cloud-based deployment and on-premise deployment. In 2024, the cloud-based deployment segment is expected to account for the larger share of the global intelligent document processing market. Moreover, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as increasing adoption of cloud-based intelligent document processing solutions, growing awareness about the benefits of cloud-based solutions, and increasing robust security and compliance features in cloud-based solutions that help to address data security and privacy concerns.

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Based on technology, the global intelligent document processing market is segmented into machine learning (ML), computer vision, natural language processing (NLP), optical character recognition (OCR), and robotic process automation (RPA). In 2024, the machine learning (ML) segment is expected to account for the largest share of the global intelligent document processing market. However, the natural language processing (NLP) segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing use of natural language processing (NLP) to analyze free-flowing text in documents, understand the context, and the growing application of NLP for processing semi-structured and unstructured documents.

In addition, several key players are increasing investment in natural language processing (NLP) technology to strengthen their intelligent document processing offering, which is contributing to market growth. For instance, in August 2022, UiPath (U.S.), an enterprise automation software company, acquired Reinfer Ltd. (U.K.), a NLP company for unstructured documents and communications, to combine Reinfer's NLP technology with UiPath's Document Understanding and AI products expands the breadth of UiPath current AI-powered automation capabilities and unlocks new automation opportunities for their customers.

Based on end users, the global intelligent document processing market is segmented into BFSI, government & public sector, education, healthcare & pharmaceutical, manufacturing, retail & E-commerce, transportation and logistics, media & entertainment, law firms, and other end users. In 2024, the BFSI segment is expected to account for the largest share of the global intelligent document processing market. However, the government & public sector segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for digitization, modernizing government operations, and increasing use of intelligent document processing solutions to extract relevant information from legal documents, contracts, and policy reports, as well as for automatically capturing and processing financial data from invoices, receipts, and expense reports.

Key players are working with several government entities to digitize and automate the slowest, most dated document- and data-heavy processes. For instance, in March 2023, Hyperscience (U.S.), a provider of intelligent document processing solutions announced that they are on track to surpass one billion processed documents for the U.S. Government.

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Geographical Landscape and Key Players
North America commands a significant share of the global IDP market in 2024, driven by robust adoption rates and government initiatives promoting digitization. However, the Asia-Pacific region is poised to witness the highest CAGR during the forecast period, fueled by the emergence of regional players and a burgeoning focus on intelligent document processing solutions.

Key players including Tungsten Automation Corporation, ABBYY, UiPath, and Microsoft are spearheading innovation and driving market momentum, leveraging advanced technologies to deliver cutting-edge solutions tailored to diverse industry verticals.

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This release was published on openPR.