PUBLISHER: Meticulous Research | PRODUCT CODE: 1576640
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576640
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 - Global Forecast to 2031
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
The research 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', provides in-depth analysis of intelligent document processing market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The intelligent document processing market is projected to reach $9.18 billion by 2031, at a CAGR of 25.8% from 2024 to 2031. The growth of this market is driven by the rising inclination of enterprises toward digital transformation and the integration of AI for document processing. In addition, the increasing adoption of cloud-based solutions, increasing human-in-the-loop approach in intelligent document processing, and growing use of intelligent document processing for real-time applications are expected to offer significant growth opportunities for the stakeholders in the intelligent document processing market.
However, persistent issues in processing handwritten documents may restrain the market's growth. Furthermore, the data security and privacy shortcomings of existing document processing solutions are expected to challenge the growth of the intelligent document processing market. Additionally, the integration of generative AI in intelligent document processing and the shift of enterprises from traditional data-storing methods to digital methods are the key trends in the intelligent document processing market.
The intelligent document processing market is segmented by offering (solutions and services (consulting services, deployment & integration services, support & maintenance services)), deployment mode (cloud-based deployment and on-premise deployment), and technology (machine learning (ML), computer vision, natural language processing (NLP), optical character recognition (OCR), and robotic process automation (RPA)), and end-use industry (BFSI, government & public sector, education, healthcare & pharmaceutical, manufacturing, retail & E-commerce, transportation and logistics, media & entertainment, law firms, and other end-use industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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 a larger share of over 72.0% of the global intelligent document processing market. The large market share of this segment is attributed to factors such as the rising need of enterprises to process unstructured and semi-structured information from documents such as emails and images into structured, usable information, and consistent generation of a high volume of documents in enterprises, and availability of solutions for processing unstructured and semi-structured documents.
In addition, the increasing focus of several key players operating in the intelligent document processing market on partnerships to broaden their range of expertise in digitization is also contributing to the large market share. For instance, in November 2024, Kodak Alaris Inc. (U.S.), a pioneer and expert in intelligent document processing, partnered with KYOCERA Document Solutions France SAS (France), a provider of document capture solutions. This partnership aims to strengthen its range of solutions to respond to customer issues related to digital transformation.
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 to gain greater efficiencies in document processing.
In addition, several players operating in the intelligent document processing market undertaking initiatives to integrate AI models for 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 a larger share of over 80.0% of the global intelligent document processing market. The large market share of this segment is attributed to the increased availability of cloud-based intelligent document processing solutions and their benefits, such as scalability, maintenance-free, and relatively fast implementation. For instance, UiPath (U.S.) provides Intelligent Document Processing & Specialized AI with Automation Cloud for the fastest updates and the scalability and flexibility to automate document processing.
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.
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 over 41.0% of the global intelligent document processing market. The large market share of this segment is attributed to the increasing use of machine learning (ML) for document classification, data capture, and extraction and continuous improvement in the ML model to achieve efficiency in document processing.
In addition, several players operating in the market utilize machine learning (ML) technology in their platforms to obtain the best extraction result. For instance, Infrrd Inc. (U.S.) provides an IDP solution that uses a combination of coherent machine learning algorithms, deep learning models, OCR capabilities, and deskew techniques and mechanisms to ensure exceptional skew correction results.
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 enterprises.
In addition, several key players are increasing investment in natural language processing (NLP) technology to strengthen their intelligent document processing offerings. For instance, in August 2022, UiPath (U.S.), a leading enterprise automation software company, acquired Reinfer Ltd. (U.K.), an NLP company for unstructured documents and communications. The goal was to combine Reinfer's NLP technology with UiPath's Document Understanding and AI products to expand the breadth of UiPath's current AI-powered automation capabilities and unlock new automation opportunities for their customers.
Based on end-use industry, 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-use industries. In 2024, the BFSI segment is expected to account for the largest share of over 29.0% of the global intelligent document processing market. The large market share of this segment is attributed to the constant generation of banking, financial, and signed forms documents on a daily basis and the increasing adoption of intelligent document processing to digitize the processing of insurance forms to reduce manual processing.
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Key questions answered in the report:
Scope of the report:
TABLE OF CONTENTS
1. Introduction
- 1.1 Market Definition & Scope
- 1.2 Currency & Limitations
- 1.2.1 Currency
- 1.2.2 Limitations
2. Research Methodology
- 2.1 Research Approach
- 2.2 Process of Data Collection & Validation
- 2.2.1 Secondary Research
3. Executive Summary
4. Market Insights
5. Intelligent Document Processing Market Assessment-by Offering
6. Intelligent Document Processing Market Assessment-by Deployment Mode
7. Intelligent Document Processing Market Assessment-by Technology
8. Intelligent Document Processing Market Assessment-by End Users
9. Intelligent Document Processing Market Assessment-by Geography
10. Competition Analysis
11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
12. Appendix
LIST OF TABLES
- Table 1 Currency Conversion Rate (2022-2024)
- Table 2 Global Intelligent Document Processing Market, by Country/Region, 2022-2031 (USD Million)
- Table 3 Global Intelligent Document Processing Market, by Offering, 2022-2031 (USD Million)
- Table 4 Global Intelligent Document Processing Solutions Market, by Country/Region, 2022-2031 (USD Million)
- Table 5 Global Intelligent Document Processing Services Market, by Country/Region, 2022-2031 (USD Million)
- Table 6 Global Intelligent Document Processing Services Market, by Type, 2022-2031 (USD Million)
- Table 7 Global Intelligent Document Processing Consulting Services Market, by Country/Region, 2022-2031 (USD Million)
- Table 8 Global Intelligent Document Processing Deployment & Integration Services Market, by Country/Region, 2022-2031 (USD Million)
- Table 9 Global Intelligent Document Processing Support & Maintenance Services Market, by Country/Region, 2022-2031 (USD Million)
- Table 10 Global Intelligent Document Processing Market, by Deployment Mode, 2022-2031 (USD Million)
- Table 11 Global Cloud-based Intelligent Document Processing Market, by Country/Region, 2022-2031 (USD Million)
- Table 12 Global On-premise Intelligent Document Processing Market, by Country/Region, 2022-2031 (USD Million)
LIST OF FIGURES
