PUBLISHER: Market Research Future | PRODUCT CODE: 1545616
PUBLISHER: Market Research Future | PRODUCT CODE: 1545616
Global Intelligent Document Processing Market Research Report: By Component (Solution, Services), By Deployment mode (On-premises ,Cloud), By Organization size (SME's, Large Enterprises) By technology (Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Computer Vision, Deep Learning (DL), and Machine Learning (ML)) ,By Vertical (BFSI, Government & defense, Retail and E-commerce, Manufacturing ,Healthcare and Life Sciences, Transportation & Logistics ,Others) and By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) -Forecast Till 2030
During the forecast period, the Intelligent Document Processing is anticipated to observe a compound annual growth rate (CAGR) of 29.2%. The subsequent iteration of automation is intelligent document processing (IDP), which captures, extracts, and processes data from a variety of document formats. It employs artificial intelligence technologies, including deep learning, computer vision, machine learning (ML), and natural language processing (NLP), to classify, categorize, extract pertinent information, and validate the extracted data. Additionally, document processing is a term that is well-known to numerous enterprises and has been a daily activity for business functions for a number of years. It is the process of transforming the content of a document (whether electronic or corporeal) into a form that is meaningful and actionable.
The integration of RPA with IDP solutions is anticipated to be a substantial market trend and opportunity during the forecast period. Intelligent automation necessitates intelligent document processing. Automation is limited by the availability of data. In general, the process of establishing data extraction for automation is a distinct third-party project that involves the implementation of standard RPA solutions. This incurs ongoing expenses and introduces unstable integration points. The initial steps toward automating the majority of business operations that presently depend on manual intervention and inputs are the effective data extraction and information structuring. Business users are capable of automating processes from beginning to end by integrating IDP into the RPA platform.
Market segment insights
The Intelligent Document Processing Market has been segmented into Services and Solutions based on component.
The market has been segmented into On-premises and Cloud based on deployment mode.
The market is segmented into small and medium-sized enterprises and large enterprises based on the scale of the organization.
The market is segmented into the following categories based on technology: Optical Character Recognition (OCR), Natural Language Processing (NLP), Robotic Process Automation (RPA), Computer Vision, Deep Learning (DL), and Machine Learning (ML).
The Intelligent Document Processing Market is segmented into the following verticals: BFSI, Government & Defense, Retail and E-commerce, Manufacturing, Healthcare and Life Sciences, Transportation & Logistics, and Others.
In 2022, the Intelligent Document Processing Market was primarily dominated by North America, with a share of approximately 40.1%. North America, which includes the United States, Canada, and Mexico, is a significant region in the Intelligent Document Processing market. This is a result of the growing prevalence of automation-based technologies and the trend of digital transformation among organizations in countries throughout the region, particularly in the United States and Canada.
The adoption of IDP solutions in BFSI sectors in countries throughout the region, particularly in the UK, Germany, and France, is anticipated to result in a modest revenue growth rate in the European market during the forecast period. Businesses in this region are increasingly implementing document processing solutions to assist underwriters and enhance their involvement in the insurance ecosystem.
Presently, the Intelligent Document Processing market in the APAC region is undergoing remarkable growth and evolution, with the active participation of key countries such as China, Japan, South Korea, India, and the rest of APAC. The accelerated industrialization and urbanization of the region are among the primary factors driving this growth.
IBM Corporation, Kofax Inc, WorkFusion Inc, ABBYY, Automation Anywhere, Inc, Appian, UiPath, DATAMATICS GLOBAL SERVICES LIMITED, AntWorks, Celaton, Kodak Alaris, DELOITTE, OPENTEXT, HCL Technologies, and Parascript, LLC are among the key participants in the Intelligent Document Processing Market.