About Intelligent Document Processing
Client delivery automation, classifying incoming credit applications from various channels for banks approving loans, online verification of identification documents, and clause detection in legal documents are some of the key business processes that intelligent document processing solutions help companies automate. The rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed, increasing investments in digital transformation, and the rising adoption of cloud-based document processing solutions are among the major factors driving the Intelligent Document Processing market's growth.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 37.5% |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Intelligent Document Processing market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABBYY (United States), IBM (United States), Kofax (United States), WorkFusion (United States), Automation Anywhere (United States), Appian (United States), UiPath (United States), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (United States), Hyperscience (United States), OpenText (Canada), Hyland (United States), Extract Systems (United States) and Infrrd (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Celaton (United Kingdom), HCL Technologies (India), Kodak Alaris (United Kingdom), Rossum (United Kingdom) and InData Labs (Belarus).
Segmentation Overview
AMA Research has segmented the market of Global Intelligent Document Processing market by Type (Solutions and Services), Application (SMEs and Large Enterprises) and Region.
On the basis of geography, the market of Intelligent Document Processing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Natural Language Processing (NLP) will boost the Intelligent Document Processing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Intelligent Document Processing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. Cloud will boost the Intelligent Document Processing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising adoption of cloud-based document processing solutions
Market Growth Drivers:
Rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed and Increasing investments in digital transformation
Challenges:
High implementation costs
Restraints:
Addressing governance and compliance requirements
Opportunities:
Integration of advanced technologies with document processing solutions and Increasing need to improve customer experiences
Market Leaders and their expansionary development strategies
In April 2019, WorkFusion launched the Intelligent Automation Cloud platform. The platform uses WorkFusion¡¯s proprietary low-code ML technology that helps speed up business processes and reduce costs.
In March 2021, ABBYY launched the no-code platform Vantage 2 and AI Marketplace to reimagine digital transformation. Vantage 2 delivers ready-to-use AI skills for intelligent automation. The ABBYY Marketplace allows users to incorporate cognitive skills to accelerate their automation initiatives
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Intelligent Document Processing Provider, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.