Intelligent Document Processing Global Market Report 2024

The intelligent document processing market size has grown exponentially in recent years. It will grow from $1.75 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 32.9%. The growth observed in the historical period can be credited to the demand for automation, initiatives toward a paperless environment, concerns regarding data accuracy, compliance with regulatory requirements, the imperative for data security, the pursuit of cost reduction, and the increasing need for advanced analytics.

The intelligent document processing market size is expected to see exponential growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 32.3%. The anticipated growth in the forecast period can be linked to industry-specific demands, the implementation of cognitive automation, real-time processing capabilities, cross-platform compatibility, and the augmentation of data security measures. Major trends expected in the forecast period encompass advancements in Natural Language Processing (NLP), the integration of hyperautomation, collaboration with Robotic Process Automation (RPA), the adoption of cloud-based IDP solutions, and the utilization of Human-in-the-Loop (HITL) systems.

The intelligent document processing (IDP) market is anticipated to experience growth, driven by the increasing number of IoT-connected devices. IoT-connected devices, which are nonstandard computing platforms with wireless data transmission capabilities, have the potential to streamline document processes when combined with machine learning. The market is expected to benefit from the growing prevalence of IoT-connected devices, as demonstrated by Ericsson's report indicating 1.3 billion broadband IoT connections in 2022. The surge in IoT-connected devices, particularly in North East Asia, is poised to surpass 2 billion connections by 2023, contributing to the expansion of the intelligent document processing market.

The intelligent document processing market is also set to receive a boost from the expanding e-commerce sector. E-commerce, involving commercial transactions conducted over the Internet, is experiencing significant growth globally. The increasing complexity and volume of documents associated with online transactions necessitate streamlined and automated solutions such as IDP systems. These solutions enhance operational efficiency, reduce errors, and ensure compliance in the rapidly evolving e-commerce landscape. The International Trade Administration's report projects that e-commerce for consumer goods will account for approximately 22% of global retail sales by 2024, with an 8% increase in global retail e-commerce sales through the same period. The expansion of the e-commerce sector contributes to the overall growth of the intelligent document processing market.

A key trend in the intelligent document processing market is product innovation, with major companies focusing on developing advanced solutions to maintain their market position. For instance, ABBYY, a US-based digital intelligence company, launched Vantage 2 in March 2021. Vantage 2 platform provides cognitive skills for various applications, enabling organizations to extract insights from documents and content in areas such as invoice processing, accounts receivable, claims processing, mortgage lending, and customer onboarding.

Major companies in the intelligent document processing market are investing in technologically advanced products, such as AI-powered IDP solutions, to cater to a broader customer base and increase revenue. Kanverse.ai, a US-based hyper-automation company, introduced an AI-powered Intelligent Document Processing Product in May 2021. The product leverages the Kanverse cognitive automation platform, combining AI with OCR, business rule frameworks, and automation to offer a comprehensive solution for digitizing document processing in enterprises. The features of Kanverse IDP include ingestion, classification, extraction, validation, and filing, all powered by computer vision, NLP, Fuzzy Logic, and ML algorithms.

In September 2022, ProcessMaker, a US-based digital business transformation and process management company, acquired Doculayer, an intelligent document processing specialist based in the Netherlands, to enhance its process orchestration and automation capabilities for enterprise clients.

Major companies operating in the intelligent document processing market report are 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.

North America was the largest region in the intelligent document processing market in 2023. The regions covered in the intelligent document processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the intelligent document processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of intelligent document processing comprise solutions and services. Solution components encompass professional services and managed services. Professional services encompass activities such as consulting, cloud migration, and deployment. The applicable organizational sizes include Small and Medium Enterprises (SMEs) and large enterprises, with deployment options spanning cloud and on-premise. The technologies employed encompass natural language processing (NLP), optical character recognition (OCR), robotic process automation (RPA), Google Vision, deep learning (DL), machine learning (ML), and artificial intelligence (AI). These technologies find applications in various sectors, including banking, financial services, and insurance (BFSI), government, healthcare, retail, manufacturing, and others.

The intelligent document processing market research report is one of a series of new reports that provides intelligent document processing market statistics, including intelligent document processing industry global market size, regional shares, competitors with an intelligent document processing market share, detailed intelligent document processing market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent document processing industry. This intelligent document processing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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