New York, United States, Aug. 24, 2022 (GLOBE NEWSWIRE) -- In the wake of the digital era, businesses are increasingly looking for technological solutions to enhance the pace of document processing. Therefore, the words "intelligent" and "document processing" come together to form "Intelligent document processing (IDP)" IDP is an Intelligent Process Automation (IPA), in which technologies like Machine Learning (ML), Natural Language Processing (NLP), and Image Recognition (ICR) are used to automate document processing activities that would otherwise need human intelligence.
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The AI application for document processing has accelerated due to advancements in AI and easy tools. Businesses receive a massive amount of semi-structured and unstructured data in the form of sales orders, invoices, and customer communications. It is challenging to arrange data using rule-based automation tools, thus, businesses use intelligent document processing solutions to handle surplus data and data mining to increase the analysis quality.
The rising need for enterprises to process large volumes of semi-structured and unstructured documents with more accuracy and speed, increasing investments in digitalization, and the adoption of cloud-based document processing solutions are the major factors in driving the growth of the Intelligent document processing market.
Report Scope
| Report Metric | Details |
| Market Size | USD 6,382.52 million by 2027 |
| CAGR | 35.4% (2021-2027) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Forecast Units | Value (USD Billion ) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Mode, Technology, End-User, and Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME, and the Rest of the World |
| Key Companies Profiled/Vendors | ABBYY, IBM, Kofax, WorkFusion, Automation Anywhere, Appian, UiPath, Datamatics, AntWorks, Parascript, Hyperscience, OpenText, Hyland, Extract Systems, Infrrd, Celaton, HCL Technologies, Kodak Alaris, Rossum, InData Labs, Ephesoft, IRIS, Evolution AI, BIS, and AmyGB, |
| Key Market Opportunities | Rising Demand For Intelligent Document Processing In Technology Industry |
| Key Market Drivers | Increase in Semi-Structured and Unstructured Document Processing in Organizations |
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Key Highlights
- The global intelligent document processing market size was valued at USD 1035.81 million in 2021 and is projected to reach USD 6,382.52 million by 2027 with a CAGR of 35.4% during 2021–2027.
- Advanced Technologies in Document Processing subjected to Drive the Market Growth
- Increase in Semi-Structured and Unstructured Document Processing in Organizations
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Regional Overview
North America Projected to Dominate the Market in Future
During the projected period, the North American region is projected to become the biggest market share owner worldwide. The U.S., Canada, and Mexico account for the maximum market share in this region. Regional firms are leading the way in machine learning, artificial intelligence, computer vision, and natural language processing, which is assisting the market's expansion. Another key factor in North America's adoption of intelligent document processing is the existence of major companies such as Kofax, WorkFusion, ABBYY, IBM, Automation Anywhere, Parascript, Extract Systems, and Hyland.
The prominent players in the intelligent document processing market include
- ABBYY
- IBM
- Kofax
- WorkFusion
- Automation Anywhere
- Appian
- UiPath
- Datamatics
- AntWorks
- Parascript
- Hyperscience
- OpenText
- Hyland
- Extract Systems
- Infrrd
- Celaton
- HCL Technologies
- Kodak Alaris
- Rossum
- InData Labs
- Ephesoft
- IRIS
- Evolution AI
- BIS
- AmyGB
Market Segmentation
By Components
- Solution
- Service
By Deployment Mode
- Cloud
- On-premises
By Technology
- Natural Language Processing (NLP)
- Optical Character Recognition (OCR)
- Machine Learning (ML)
- Artificial Intelligence (AI)
- Robotic Process Automation (RPA)
- Google Vision
- Deep Learning (DL)
By End-Use
- BFSI
- Government
- Healthcare and Life Sciences
- Retail and E-Commerce
- Manufacturing
- Transportation and Logistics
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions and Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation and Scope
4.2 Value Chain Analysis: Intelligent Document Processing Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment and Regulatory Landscape
4.6 Forecast Factors and Relevance of Impact
4.7 Macro-Economic and Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
5 Component Overview
5.1 Introduction
5.1.1 Market Size and Forecast (Value)
5.2 Solution
5.2.1 Market Size and Forecast (Value)
5.3 Service
5.3.1 Market Size and Forecast (Value)
6 Deployment Mode Overview
6.1 Introduction
6.1.1 Market Size and Forecast (Value)
6.2 On-premises
6.2.1 Market Size and Forecast (Value)
6.3 Cloud
6.3.1 Market Size and Forecast (Value)
7 Technology Overview
7.1 Introduction
7.1.1 Market Size and Forecast (Value)
7.2 Natural Language Processing (NLP)
7.2.1 Market Size and Forecast (Value)
7.3 Optical Character Recognition (OCR)
7.3.1 Market Size and Forecast (Value)
7.4 Machine Learning (ML)
7.4.1 Market Size and Forecast (Value)
7.5 Artificial Intelligence (AI)
7.5.1 Market Size and Forecast (Value)
7.6 Robotic Process Automation (RPA)
7.6.1 Market Size and Forecast (Value)
7.7 Google Vision
7.7.1 Market Size and Forecast (Value)
7.8 Deep Learning (DL)
7.8.1 Market Size and Forecast (Value)
8 End-User Overview
8.1 Introduction
8.1.1 Market Size and Forecast (Value)
8.2 BFSI
8.2.1 Market Size and Forecast (Value)
8.3 Government
8.3.1 Market Size and Forecast (Value)
8.4 Healthcare and Life Sciences
8.4.1 Market Size and Forecast (Value)
8.5 Retail and E-commerce
8.5.1 Market Size and Forecast (Value)
8.6 Manufacturing
8.6.1 Market Size and Forecast (Value)
8.7 Transportation and Logistics
8.7.1 Market Size and Forecast (Value)
8.8 Others
8.8.1 Market Size and Forecast (Value)
9 Regional Overview
9.1 Introduction
9.1.1 Market Size and Forecast (Value)
9.2 North America
9.2.1 Economic Overview
9.2.2 Market Scenario
9.2.3 The U.S.
9.2.3.1 By Component
9.2.3.2 By Deployment Mode
9.2.3.3 By Technology
9.2.3.4 By End-user
9.2.4 Canada
9.2.4.1 By Component
9.2.4.2 By Deployment Mode
9.2.4.3 By Technology
9.2.4.4 By End-user
9.2.5 Mexico
9.2.5.1 By Component
9.2.5.2 By Deployment Mode
9.2.5.3 By Technology
9.2.5.4 By End-user
9.3 Latin America (LATAM)
9.3.1 Economic Overview
9.3.2 Market Scenario
9.3.3 Brazil
9.3.3.1 By Component
9.3.3.2 By Deployment Mode
9.3.3.3 By Technology
9.3.3.4 By End-user
9.3.4 Argentina
9.3.4.1 By Component
9.3.4.2 By Deployment Mode
9.3.4.3 By Technology
9.3.4.4 By End-user
9.3.5 Colombia
9.3.5.1 By Component
9.3.5.2 By Deployment Mode
9.3.5.3 By Technology
9.3.5.4 By End-user
9.3.6 Rest of LATAM
9.3.6.1 By Component
9.3.6.2 By Deployment Mode
9.3.6.3 By Technology
9.3.6.4 By End-user
9.4 Europe
9.4.1 Economic Overview
9.4.2 Market Scenario
9.4.3 Germany
9.4.3.1 By Component
9.4.3.2 By Deployment Mode
9.4.3.3 By Technology
9.4.3.4 By End-user
9.4.4 France
9.4.4.1 By Component
9.4.4.2 By Deployment Mode
9.4.4.3 By Technology
9.4.4.4 By End-user
9.4.5 The U.K.
9.4.5.1 By Component
9.4.5.2 By Deployment Mode
9.4.5.3 By Technology
9.4.5.4 By End-user
9.4.6 Italy
9.4.6.1 By Component
9.4.6.2 By Deployment Mode
9.4.6.3 By Technology
9.4.6.4 By End-user
9.4.7 The Rest of Europe
9.4.7.1 By Component
9.4.7.2 By Deployment Mode
9.4.7.3 By Technology
9.4.7.4 By End-user
9.5 The Asia-Pacific (APAC)
9.5.1 Economic Overview
9.5.2 Market Scenario
9.5.3 China
9.5.3.1 By Component
9.5.3.2 By Deployment Mode
9.5.3.3 By Technology
9.5.3.4 By End-user
9.5.4 Japan
9.5.4.1 By Component
9.5.4.2 By Deployment Mode
9.5.4.3 By Technology
9.5.4.4 By End-user
9.5.5 India
9.5.5.1 By Component
9.5.5.2 By Deployment Mode
9.5.5.3 By Technology
9.5.5.4 By End-user
9.5.6 Australia
9.5.6.1 By Component
9.5.6.2 By Deployment Mode
9.5.6.3 By Technology
9.5.6.4 By End-user
9.5.7 South Korea
9.5.7.1 By Component
9.5.7.2 By Deployment Mode
9.5.7.3 By Technology
9.5.7.4 By End-user
9.5.8 Rest of APAC
9.5.8.1 By Component
9.5.8.2 By Deployment Mode
9.5.8.3 By Technology
9.5.8.4 By End-user
9.6 The Middle East
9.6.1 Economic Overview
9.6.2 Market Scenario
9.6.3 Saudi Arabia
9.6.3.1 By Component
9.6.3.2 By Deployment Mode
9.6.3.3 By Technology
9.6.3.4 By End-user
9.6.4 The U.A.E
9.6.4.1 By Component
9.6.4.2 By Deployment Mode
9.6.4.3 By Technology
9.6.4.4 By End-user
9.6.5 Qatar
9.6.5.1 By Component
9.6.5.2 By Deployment Mode
9.6.5.3 By Technology
9.6.5.4 By End-user
9.6.6 Oman
9.6.6.1 By Component
9.6.6.2 By Deployment Mode
9.6.6.3 By Technology
9.6.6.4 By End-user
9.6.7 Turkey
9.6.7.1 By Component
9.6.7.2 By Deployment Mode
9.6.7.3 By Technology
9.6.7.4 By End-user
9.6.8 The Rest of the Middle East
9.6.8.1 By Component
9.6.8.2 By Deployment Mode
9.6.8.3 By Technology
9.6.8.4 By End-user
9.7 Africa
9.7.1 Nigeria
9.7.1.1 By Component
9.7.1.2 By Deployment Mode
9.7.1.3 By Technology
9.7.1.4 By End-user
9.7.2 South Africa
9.7.2.1 By Component
9.7.2.2 By Deployment Mode
9.7.2.3 By Technology
9.7.2.4 By End-user
9.7.3 The Rest of Africa
9.7.3.1 By Component
9.7.3.2 By Deployment Mode
9.7.3.3 By Technology
9.7.3.4 By End-user
10 Competitive Landscape — Manufacturers and Suppliers
10.1 Competition Dashboard
10.2 Industry Structure
10.3 ABBYY
10.3.1 Business Overview
10.3.2 Financial Performance
10.3.3 Recent Developments
10.3.4 Product Portfolio
10.4 IBM
10.4.1 Business Overview
10.4.2 Financial Performance
10.4.3 Recent Developments
10.4.4 Product Portfolio
10.5 Kofax
10.5.1 Business Overview
10.5.2 Financial Performance
10.5.3 Recent Developments
10.5.4 Product Portfolio
10.6 WorkFusion
10.6.1 Business Overview
10.6.2 Financial Performance
10.6.3 Recent Developments
10.6.4 Product Portfolio
10.7 Automation Anywhere
10.7.1 Business Overview
10.7.2 Financial Performance
10.7.3 Recent Developments
10.7.4 Product Portfolio
10.8 Appian
10.8.1 Business Overview
10.8.2 Financial Performance
10.8.3 Recent Developments
10.8.4 Product Portfolio
10.9 UiPath
10.9.1 Business Overview
10.9.2 Financial Performance
10.9.3 Recent Developments
10.9.4 Product Portfolio
10.10 Datamatics
10.10.1Business Overview
10.10.2Financial Performance
10.10.3Recent Developments
10.10.4Product Portfolio
10.11 AntWorks
10.11.1Business Overview
10.11.2Financial Performance
10.11.3Recent Developments
10.11.4Product Portfolio
10.12 Parascript
10.12.1Business Overview
10.12.2Financial Performance
10.12.3Recent Developments
10.12.4Product Portfolio
11 Conclusion and Recommendation
12 Acronyms and Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/intelligent-document-processing-market/toc
Market News
- In March 2021, ABBYY launched the no-code platform Vantage 2 and AI Marketplace to reconceptualize 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.
- In July 2019, IBM enhanced the Datacap version 9.1.6. The new version updates OCR/A engine files, supports SQL Server, and improves the image ruleset for changing the color depth of an image.
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