Artificial Intelligence
Intelligent Document Processing Global Market Report 2023
New York, June 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Intelligent Document Processing Global Market Report 2023” – https://www.reportlinker.com/p06464214/?utm_source=GNW
, Deloitte Touche Tohmatsu Limited, Hyland Software Inc., Infrrd Inc., Appian Corporation, Parascript LLC, Open Text Corporation, Extract Systems, Automation Anywhere Inc., UiPath Inc., and Antworks Solutions India Private Limited.
The global intelligent document processing market is expected to grow from $1.32 billion in 2022 to $1.75 billion in 2023 at a compound annual growth rate (CAGR) of 32.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The intelligent document processing market is expected to reach $5.34 billion in 2027 at a CAGR of 32.1%.
The intelligent document processing market includes revenues earned by entities by providing automation of data extraction services to client companies.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Intelligent document processing (IDP) refers to the document-centric automation of data extraction from complex unstructured and semi-structured data and converting it into structured, usable information. It uses different technologies to classify, categorize, extract relevant data, and validate the extracted data for improved accuracy.
North America was the largest region in the intelligent document processing market in 2022. The regions covered in the intelligent document processing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main intelligent document processing components are solution, and services.Solution components of intelligent document processing include professional services and managed services.
Professional services are involved in consulting, cloud migration, deployment, and others.The various organization sizes includes SMEs (Small And Medium Enterprises), and large enterprises with deployment by cloud, and on premise.
The various technologies are natural language processing (nlp), optical character recognition (ocr), robotic process automation (rpa), google vision, deep learning (dl), machine learning (ml), and artificial intelligence (ai) that are used in banking, finance services, and insurance (BFSI), government, healthcare, retail, manufacturing, others.
The growing number of IoT-connected devices is expected to propel the growth of the intelligent document processing (IDP) market going forward.IoT-connected devices refer to devices that are nonstandard computing platforms with data transmission capabilities that connect wirelessly to a network.
The Internet of Things (IoT) is capable of streamlining many document processes and implications for digital documents when combined with machine learning, so growing IoT-connected devices, is expected to propel the market growth. For instance, in 2020, according to FinancesOnline.com, a US-based platform for SaaS/B2B software, the number of active IoT devices at almost 9 billion in 2020 and further it is expected to increase by 3x to reach 25.44 billion total IoT devices by 2030. The growing number of IoT-connected devices is driving the intelligent document processing market.
Technological advancements are a key trend gaining popularity in the intelligent document processing market.Major companies operating in the intelligent document processing market are adopting new technologies to sustain their position in the market.
For instance, in March 2021, ABBYY, a US-based digital intelligence company launched Vantage 2.Vantage 2 platform delivers cognitive skills for RPA robots, automation systems, chatbots, and mobile solutions, that enable organizations to gain insights from documents and content.
Business users can use Vantage 2 in their applications such as invoice processing, accounts receivable, claims processing, mortgage lending, and customer onboarding.
In September 2022, ProcessMaker, a US-based digital business transformation and process management company, acquired Doculayer for an undisclosed amount.Through this acquisition, ProcessMaker expanded its comprehensive approach to process orchestration and automation for enterprise clients by bringing Doculayer’s AI/ML technology.
Doculayer is a Netherlands-based intelligent document processing specialist that processes and manages unstructured data.
The countries covered in the intelligent document processing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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 a 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.
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