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Artificial Intelligence

Intelligent Document Processing Market Size to Reach USD 6,785.2 Million by 2027 at 35.4% CAGR – Report by Market Research Future (MRFR)

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New York, US, Oct. 18, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Intelligent Document Processing Market information by Deployment Mode, by Components, by Organization Size and Technology – forecast to 2027” market was valued at USD 765.2 million in 2020 and is excepted to surpass USD 6,785.2 million by 2027 with a CAGR of 35.4%.

Intelligent Document Processing Market Scope:
The intelligent document processing market is growing at a rapid pace. Rising demand for automated document processing drives the market growth. Besides, increasing demand for document automation technology to extract meaningful information from paper/electronic documents and other forms of unstructured data substantiates the market size. Witnessing continually rising demand, the market is projected to demonstrate significant growth over the next few years.

Massive investments made into the development of IDP solutions influence market growth. Improved intelligent document processing is a key pillar in making unstructured data easily accessible, helping organizations to deliver business efficiency and innovation.

Dominant Key Players on Intelligent Document Processing market covered are:

  • IBM (US)
  • Kofax (US)
  • WorkFusion (US)
  • ABBYY (US)
  • Automation Anywhere (US)
  • Appian (US)
  • UiPath (US)
  • Datamatics (India)
  • Deloitte (UK)
  • AntWorks (Singapore)
  • OpenText (Canada)
  • Celaton (UK)
  • HCL Technologies (India)
  • Kodak Alaris (UK)

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Market USP Exclusively Encompassed:
Intelligent Document Processing, a Convergence of Human Interaction & Machine Learning
Given the ongoing digital transformation and the changing business world, enterprises extensively use sustainable solutions and adapt to evolutions. IDP is a blend of human interaction and AI & machine learning (ML) technologies, managing component monitoring accuracy and automation. Besides, IDP provides a cost-efficient method for extracting key information from any unstructured document without human intervention.
Automation of various processes has become imperative in enterprises irrespective of the size of organizations. Additionally, the proliferation of digital transformation and automation, alongside increasing uptake of IDP solutions among many enterprises across industries, favors market growth. Advances in automation tools and increasing uses of intelligent solutions influence the development of the market. Furthermore, vast advancements in technological infrastructure influence market growth. 

Changing Governance and Compliance Requirements Hinder Market Growth
Regulations for document processing are becoming stricter. Moreover, changing compliance requirements in recent years pose multiple challenges for market players. Also, the lack of awareness about benefits and reluctance to adopt intelligent document processing technologies are major factors restraining the market growth. Nevertheless, the increasing adoption of innovative IDP platforms for cloud deployment would support the market growth throughout the forecast period.

Browse In-depth Market Research Report (99 Pages) on Intelligent Document Processing Market: 
https://www.marketresearchfuture.com/reports/intelligent-document-processing-market-10629

Segmentation of Market covered in the research:
The market is segmented into components, deployment modes, technology, organization size, verticals, and regions. The component segment is sub-segmented into solutions and services. The deployment mode segment is sub-segmented into on-premises and cloud-based.

The technology segment is sub-segmented into natural language processing (NLP), optical character recognition (OCR), robotic process automation (RPA), Google vision, deep learning (DL), machine learning (ML), and artificial intelligence (AI).

The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into BFSI, government & public sector, retail & e-commerce, manufacturing, healthcare & life sciences, transportation & logistics, and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East & Africa, and others.

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Regional Analysis
North America leads the global intelligent document processing market. Factors such as the rapid adoption in the various industries and the rise in IT spending drive the regional market growth. Besides, the rapid adoption of advanced technologies such as AI, ML, NLP, and computer vision, alongside the strong presence of IDP vendors in the region such as Kofax, ABBYY, IBM, Parascript, WorkFusion, Hyland, and Extract Systems, act as major growth drivers for the market.

COVID-19 Impact on the Global Intelligent Document Processing Market
The COVID-19 outbreak has positively impacted the intelligent document processing industry. The global pandemic swept during the end of 2019 and continued throughout 2020 and into 2021 brought forward many complexities, including lockdown and work from home mandates to limit the spread of the virus. Businesses struggled to handle their data as they faced challenges related to growth and sustainability.

Enterprises felt an acute need to free their employees from tedious tasks of reading documents and extracting information from them. In response, many organizations implemented IDP solutions to digitize and automate their business-critical information requiring subject matter expertise to analyze and draw valuable insights.

Besides, transformations in the IT & telecom sectors, digital transformations across industries, and the downward global economy contributed to the market upend. Resultantly, the intelligent document processing market witnessed a constant uptick amid coronavirus crises. Also, solution providers kept fostering R&D investments to develop new customized solutions and advance the existing ones.

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Competitive Analysis
Highly competitive, the IDP market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies such as mergers & acquisitions, collaborations, expansion, and product/technology launch to gain a larger competitive share.

For instance, on Aug. 10, 2021, Newgen Software, a global provider of digital transformation platforms, announced an upgrade in its content classification and categorization software by adding intelligent document classifier (IDC) 2.0.

The latest version of the software is also part of Newgen’s industry-leading content services platform that uses a python-based web API, taking a document as input and applying deep learning (DL) algorithms to classify different document pages.

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

Synthetik Applied Technologies LLC announces development of UrbanScale – a modeling platform for the prediction, characterization, and quantification of extreme urban heat

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AUSTIN, Texas and LONDON, April 30, 2024 /PRNewswire/ — Synthetik Applied Technologies announces the development of UrbanScale, a tool to model and predict effects of extreme heat in urban areas, through a project funded by the National Oceanic and Atmospheric Association (NOAA). The physical characteristics of urban areas amplify heat effects resulting in what are known as urban heat islands — areas where surface temperatures are much higher than their surroundings. The UrbanScale tool addresses this climate peril with sophisticated analytic tools based on physics informed neural networks and cutting-edge machine learning to predict urban heat and help better understand and mitigate the risks associated with these extreme heat events. As a result of climate change, these events are expected to increase, impacting both the people that live in urban areas and the infrastructure on which they depend.

The UrbanScale platform shows significant promise to provide data on the severity of heat islands and their effects to better understand how they impact human health, energy use and damage to physical infrastructure. This information will provide a step-change in capability for government agencies, urban planners, and transportation authorities to direct efforts for mitigation and intervention. In particular, inclusion of demographic information into data pipelines will allow understanding of how urban heat effects may impact vulnerable or disadvantaged populations. Integration with climate forecasts and models will also provide unprecedented capabilities for forecasting risk associated with climate change.
Josh Hatfield, Director of Research and Development at Synthetik, said:
‘We are extremely grateful for the opportunity to study such an important issue. Extreme heat is already the largest cause of weather-related fatalities in the US, and climate change will only increase the importance of understanding heat in urban environments. Helping to meet that challenge fits directly into Synthetik’s mission.’
Synthetik COO Tim Brewer commented:
‘The UrbanScale tool will allow both our government and insurance partners to better characterize the risk of extreme heat in urban centers and promises to deliver critical insight on the way these events impact energy demands. We look forward to exploring its wide-ranging applications.’
Synthetik plans further development of UrbanScale with NOAA and other partners in the public and private sector.
For all inquiries: Contact Synthetik Applied Technologies PR [email protected] 
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Artificial Intelligence

GLiNTECH – a Valiantys company, wins Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH declared Finalists for Team Excellence and ITSM Solutions

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PARIS, April 30, 2024 /PRNewswire/ — Atlassian announced today that GLiNTECH – a Valiantys company has won the Atlassian Partner of the Year 2023 Services (APAC) award. Valiantys and GLiNTECH were further declared finalists for the Team Excellence and ITSM Solutions awards, respectively.

 
This is an acknowledgement of their outstanding work for Atlassian customers during the calendar year 2023. This includes exceptional efforts in developing new business and driving innovative solutions for customer success.
“Our industry leading partners play a vital role in our customers’ continued success. We’re honored to highlight our top partners as award finalists this year, reflecting their ongoing commitment to delivering innovative solutions and unparalleled Atlassian services globally,” said Ko Mistry, Atlassian’s Head of Global Channels.
“We are delighted to be named as finalists for these awards from Atlassian, and we are particularly proud to celebrate GLiNTECH’s achievement in winning the Services (APAC) award.” said Emmanuel Benoit, Global Chief Executive Officer, Valiantys. “At Valiantys, embracing diversity of thought and challenging the ways our teams work has always provided Valiantys with a competitive edge to consistently deliver tangible results and value. We look to the future with unwavering determination and confidence as we continue to drive innovation and unlock potential for our customers around the globe.”
“We dedicate our IT Consulting Services and Custom Solutions to fulfilling our customers’ needs for success,” commented Dimitri Spyridopoulos, Chief Executive Officer GLiNTECH – a Valiantys company. “It’s an honor to be recognized by Atlassian as a finalist in two categories that reflect these efforts: Services and ITSM Solutions, and to be declared as winner for the Services award (APAC).”
For more information regarding this Press Release, contact: [email protected]
About Valiantys
Valiantys is a leading global consulting and services firm dedicated to Atlassian. The company accelerates business transformation by digitizing processes and modernizing teamwork, using the best agile methods and tools. Its Atlassian technical expertise is unparalleled and Valiantys supports its customers across the entire spectrum of projects on those platforms. As a recognized Agile at Scale, ITSM, and Cloud Specialized Partner, Valiantys help organizations accelerate time to value with Agile at scale, cloud, and ITSM implementations. Because teamwork requires more than just tools, the firm bridges the gap between applications and strategic practices such as SAFe® and ITIL. Over the last 15 years, Valiantys has helped more than 5,000 customers achieve their desired business outcomes at a reduced time to value, through improved team collaboration. More information about Valiantys can be found at https://www.valiantys.com/
About GLiNTECH – a Valiantys Company
GLiNTECH is a renowned Atlassian Platinum Partner headquartered in Australia and is the preferred choice for over 300 leading brands. The company has amassed more than 20 years of experience servicing enterprise clients across the Asia Pacific region, earning Atlassian Partner of the Year five times, including most recently for Professional Services. GLiNTECH is recognized as a Specialized Atlassian Cloud and ITSM partner. The company offers deep expertise in Licensing, Training, Support, Managed Services, Consulting, and Agile methodologies and has a proven record in providing reliable solutions while driving success within the Atlassian ecosystem. More information about GLiNTECH can be found here: https://www.glintech.com/
GLiNTECH was acquired by Valiantys in February 2024.
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Artificial Intelligence

Nillion is pleased to announce that Dwinity, a team pioneering decentralized AI has joined as an ecosystem partner

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ZUG, Switzerland and MUNICH, April 30, 2024 /PRNewswire/ — With huge amounts of personal data being collected every day, privacy concerns are escalating as the impact of data breaches become more costly. The need to address the problems created by the existing data economy have never been greater. By empowering users to reclaim control, Dwinity aims to unlock an enormous amount of potential for personal data to enhance various industries like healthcare, insurance, and finance.

About Dwinity
Dwinity’s mission is to give power back to users and to create a thriving data economy in which information asymmetry is finally removed. Dwinity enables a decentralized data economy as well as creates a data ownership driven ecosystem for storage, analysis, exchange, and commercialization of sensitive personal data.
The three components of Dwinity are:
Data control: Decentralized data spaces for decentralized data storage which provides true data sovereignty and enables users to decide with whom data is shared.Data Gold: Decentralized AI tools for each data space have the capability to unlock the full potential of data via sophisticated analysis.Data Cash: A fair marketplace with automated data value analysis, allowing for tangible income for data owners at lower costs and completely anonymous.Dwinity is presently closing its initial seed round at USD 3 MN – funds which will be used for the development of the initial prototypes to hit the market already in 2024.
About Nillion
Nillion is humanity’s first Blind Computer. It is powered by a decentralized network of nodes that enables “Blind Computation” through the coordination and orchestration of privacy enhancing technologies (PETs) such as multi-party computation (MPC), fully homomorphic encryption (FHE) and zero-knowledge proofs (ZKP). Nillion believes Blind Computation will become the internet’s base layer for all private data as PETs continue to mature. Nillion has attracted a notable initial cohort of Blind Computation builders across AI, DeFi, medical data, custody, wallets, global identity, messaging and more.
The Nillion development company, Nilogy, was incubated by CoinList’s seed program. Nilogy’s Founding CTO was the Founding Engineer of Uber (Conrad Whelan), the Chief Strategy Officer was the Founding CMO of Hedera Hashgraph (Andrew Masanto), the Chief Business Officer is the Founder of Indiegogo (Slava Rubin), the General Counsel was the Associate General Counsel of Coinbase (Lindsay Danas Cohen), along with builders hailing from Consensys, LayerZero, Polygon and Google.
“This is a major step on our way to building the leading ecosystem for sensitive data together with one of the top players in the market for the handling of such valuable data. We are looking forward to the cooperation which will add significant trust and competence to both initiatives”, said Peter Koenig, CEO of Dwinity.
Picture is available at AP
Contact for this publication: Christian Mangold [email protected]

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