Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global Intelligent Document Processing Market size was valued at USD 1.33 billion in 2022 and is projected to reach USD 12.81 billion by 2030, exhibiting a CAGR of 32.9% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Intelligent Document Processing Market Forecast, 2023-2030."
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Intelligent Document Processing or IDP refers to a futuristic solution that helps users extract and classify documents using technologies, such as Natural Language Processing (NLP), machine learning, and computer vision. Adoption of IDP can play a vital role in decreasing manual efforts and errors, and find out valuable insights in complex documents. These factors are expected to fuel the intelligent document processing market growth.
Notable Industry Development:
June 2022- Infrrd Inc., a provider of Intelligent Document Processing (IDP) solutions, introduced a 100% accuracy solution to process large quantities of complex documents including Form W2s, invoices, tax paperwork, and mortgage-related documents.
Key Takeaways
- Intelligent Document Processing Market size in North America was USD 0.61 billion in 2022
- Rise in Digital Transformation Across Different Industries Boosted Market Growth
- IDP Use to Increase in Finance & Accounting Functions Due to Rising Demand for Accurate Data Entry
- Product Demand to Rise in BFSI Sector Due to Rising Focus on Efficiency and Automation
Discover the Leading Players Featured in the Report:
“Companies leading the global Intelligent Document Processing Market are ABBYY (U.S.), Rossum (U.K.), AntWorks (Singapore), Hyperscience (U.S.), Celaton Limited (U.K.), Infrrd Inc. (U.S.), UiPath (U.S.), Automation Anywhere Inc. (U.S.), Hyland Software Inc. (U.S.), Kofax Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 32.9% |
| 2030 Value Projection | USD 12.81 billion |
| Base Year | 2022 |
| Intelligent Document Processing Market Size in 2022 | USD 1.33 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Function, Deployment Model, Enterprise Type, Industry and Geography |
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Drivers and Restraints:
Rising Demand for Automation in Document Management to Boost Market Progress
The quantity of business documents is growing every year as companies are trying to grow their operations across the world. Some of these documents include files, reports, and records related to different business functions. Handling these documents can often become time-consuming if done manually. This is why IDP is witnessing robust use in several companies as they can automate document management and handling processes with high accuracy and efficiency.
However, concerns associated with data security and handling unstructured data can hinder market growth.
Segmentation
By Function
- Finance & Accounting
- Human Resources
- Supply Chain & Procurement
- Others (Legal, Marketing, etc.)
By Enterprise Type
- Small and Medium-sized Enterprises
- Large Enterprises
By Industry
- BFSI
- Healthcare & Life Sciences
- Retail & E-commerce
- Manufacturing
- Government
- IT & Telecom
- Others (Construction, Travel & transportation, Energy & Power, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Market Due to Large Presence of Reputed Intelligent Document Processing Solution Providers
North America is expected to account for the largest global market share as the region has a vast presence of leading companies that offer advanced intelligent document processing solutions. Many industries across North America are automating their processes, which will further accelerate the regional market growth.
Asia Pacific is also projected to show the highest growth rate in the global market due to rapid digitization across the region.
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Competitive Landscape:
Companies to Strengthen Market Position Through Continuous Development
Leading players, such as Rossum, ABBYY, AntWorks, Celaton, Hyperscience, qBotica, Automation Anywhere Inc., and UiPath, among many others, are trying to strengthen their market position by implementing strategies, such as acquisitions, mergers, partnerships, and new product launches.
FAQs
How big is the Intelligent Document Processing Market?
The Intelligent Document Processing Market size was USD 1.33 billion in 2022. It is expected to reach USD 12.81 billion by 2030.
How fast is the Intelligent Document Processing Market growing?
The Intelligent Document Processing Market will exhibit a CAGR of 32.9% during the forecast period, 2023-2030.
Related Reports:
Natural Language Processing (NLP) Market Size, Share, Revenue Forecast and Opportunities
Business Intelligence (BI) Market Overview, Industry Share and Forecast
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