IOT Expansion Fuels Growth In The Intelligent Document Processing (IDP) Market Emerges as a Core Driver of the Intelligent Document Processing Market in 2025

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What Is the Expected CAGR for the Intelligent Document Processing Market Through 2025?
The market size for intelligent document processing has experienced significant growth in the past few years. Estimated at $2.29 billion in 2024, it's set to spike to $3 billion in 2025, delivering a compound annual growth rate (CAGR) of 31.0%. This increase over the preceding years can be tied to a number of factors, including the need for automation, initiatives towards becoming paperless, concerns over data accuracy, regulatory compliance requirements, the demand for data security, the pursuit of cost cuts and the necessity for sophisticated analytics.

What's the Projected Size of the Global Intelligent Document Processing Market by 2029?
The market size for intelligent document processing is projected to experience significant expansion in the ensuing years, increasing to a notable $9.39 billion in the year 2029 with a compound annual growth rate (CAGR) of 33.0%. Factors contributing to this growth over the prediction period include industry-specific needs, cognitive automation, instantaneous processing, compatibility across various platforms, and improved data security protocols. Major forecast trends encompass advances in natural language processing (NLP), the integration of hyperautomation, the union with robotic process automation, cloud-based intelligent document processing solutions, and human-in-the-loop (HitL) systems.

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Top Growth Drivers in the Intelligent Document Processing Industry: What's Accelerating the Market?
The increase in IoT-connected devices is speculated to drive the expansion of the intelligent document processing (IDP) market. IoT-connected devices are unconventional computing platforms with data transmission capabilities that connect to a network without wires. The capacity of the Internet of Things (IoT) to streamline document processes and implications for digital documents, when merged with machine learning, is expected to boost the market's advancement. As an illustration, a report published by the Sweden-based telecommunication company Ericsson in November 2022 reveals that broadband IoT (4G/5G), which interconnects most cellular IoT devices, achieved 1.3 billion connections in 2022. It's predicted that by the conclusion of 2028, broadband IoT connections will account for nearly 60% of cellular IoT connections, the majority being connected via 4G. Currently, North East Asia is leading in terms of cellular IoT connections, and is forecasted to exceed 2 billion connections in 2023. The increasing quantity of IoT-connected devices is thus propelling the progress of the IDP market.

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What Trends Will Shape the Intelligent Document Processing Market Through 2029 and Beyond?
The intelligent document processing market is seeing a surge in the trend of product innovation, with leading businesses honing their focus on this aspect to maintain their market standing. Kofax, an American provider of intelligent automation software, underscored this trend in February 2023, when it unveiled the Kofax TotalAgility 7.11. This cutting-edge IDP platform is equipped with AI-powered enhancements like natural language processing, machine learning, and computer vision technology. These cutting-edge features enhance the platform's data extraction and classification abilities across a variety of document formats, such as emails, contracts, and invoices. As a result, it allows businesses to automate processes, including but not limited to accounts payable, customer onboarding, and claims handling with an increased level of accuracy and efficiency.

What Are the Main Segments in the Intelligent Document Processing Market?
The intelligent document processingmarket 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the Intelligent Document Processing Market Through 2029?
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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