Intelligent Document Processing Industry Outlook 2025-2029: Market Set to Cross $9.55 Billion Milestone

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How Large Will the Intelligent Document Processing Market Size By 2025?
In recent times, the market size of intelligent document processing has seen a significant increase. The growth is forecasted to move from $2.29 billion in 2024 to $3.01 billion in 2025, showing a compound annual growth rate (CAGR) of 31.7%. This considerable rise during the historical period is due to factors such as the requirement for automation, initiations to go paperless, concerns about data accuracy, compliance with regulations, needs for data security, cost cutting measures, and the necessity for advanced analytics.

How Big Is the Intelligent Document Processing Market Size Expected to Grow by 2029?
In the ensuing years, the market size for intelligent document processing is predicted to witness unprecedented growth, reaching a whopping $9.56 billion by 2029 with a compound annual growth rate (CAGR) of 33.5%. The projected growth in this period is due to a range of factors such as the need for industryspecific provisions, cognitive automation, instantaneous processing, compatibility across various platforms, and the implementation of improved data protection measures. Key trends expected during this forecasted period include the development of Natural Language Processing (NLP), integration of hyperautomation, compatibility with robotic process automation, the emergence of cloud-based IDP solutions, and the incorporation of human-in-the-loop (HitL) systems.

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Which Key Market Drivers Powering Intelligent Document Processing Market Expansion and Growth?
The surge in IoT-connected devices is likely to drive the expansion of the intelligent document processing (IDP) market. IoT-connected devices are non-traditional computing platforms with data transmission abilities connecting wirelessly to a network. The Internet of Things (IoT), when combined with machine learning, has the potential to simplify numerous document procedures and digital document implications, thus the rise in IoT-connected devices is anticipated to stimulate market growth. For example, a report from Ericsson, a Swedish telecommunications company, indicated that broadband IoT (4G/5G) connected the majority of cellular IoT devices, reaching 1.3 billion connections in 2022. By the end of 2028, broadband IoT connections are projected to make up nearly 60% of all cellular IoT connections, with 4G being the primary connector. In cellular IoT connections, North East Asia is currently at the forefront, projected to exceed 2 billion connections in 2023. The increase in IoT-connected devices is fuelling the growth of the intelligent document processing market.

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Which Fast-Growing Trends Are Poised to Disrupt the Intelligent Document Processing Market?
The intelligent document processing market is seeing a surge in product innovation, a trend that major companies are leveraging to maintain market dominance. Kofax, an American firm specializing in intelligent automation software, is one such example. In February 2023, Kofax released Kofax TotalAgility 7.11, a cutting-edge IDP platform featuring AI-powered upgrades like natural language processing, machine learning, and computer vision. These technological advancements enhance the platform's ability to capture, categorize, and pull data from diverse document types - be it invoices, contracts or emails. As a result, businesses can automate processes like accounts payable, claims management, and customer onboarding more effectively and accurately.

What Are the Emerging Segments in the Intelligent Document Processing Market?
The intelligent document processing market covered in this report is segmented -

1) By Component: Solution, Services
2) By Deployment Model: Cloud, On Premise
3) By Technology: Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Google Vision, Deep Learning (DL), Machine Learning (ML), Artificial Intelligence (AI)
4) By Organization Size: SMEs (Small And Medium Enterprises), Large Enterprises
5) By End Use Vertical: Banking, Finance Services, And Insurance (BFSI), Government, Healthcare, Retail, Manufacturing, Other End Use Verticals

Subsegments:
1) By Solution: Document Capture Software, Data Extraction Tools, Workflow Automation Solutions, AI And Machine Learning Algorithms
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Managed Services

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Who Are the Global Leaders in the Intelligent Document Processing Market?
Major companies operating in the intelligent document processing market include ABBYY Solutions Ltd., Datamatics Technologies Ltd., HCL Technologies Limited, International Business Machines Corporation, Kofax Inc., WorkFusion Inc., Deloitte Touche Tohmatsu Limited, Hyland Software Inc., Infrrd Inc., Appian Corporation, Parascript LLC, Open Text Corporation, Extract Systems, Automation Anywhere Inc., UiPath Inc., Antworks Solutions India Private Limited, Hyperscience, Paanini Innovations India Private Limited, EdgeVerve, Adobe Systems Inc., Kodak Alaris, Ephesoft Inc., Rossum Corporation, Celonis SE, Kryon Systems, Docsumo, Docparser, DocuPhase, DocStar, DocuWare

Which are the Top Profitable Regional Markets for the Intelligent Document Processing Industry?
North America was the largest region in the intelligent document processing market in 2024. The regions covered in the intelligent document processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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