Pune, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Intelligent Document Processing Market Size Analysis:
“The Intelligent Document Processing Market, valued at approximately USD 1.81 billion in 2023, is expected to witness a robust compound annual growth rate (CAGR) of 30.21% from 2024 to 2032. By 2032, the market is projected to reach USD 19.47 billion.”
Market Drivers and Growth Catalysts
The IDP market is growing as a result of the increasing demand for solutions, which enable organizations to manage exceptionally vast amounts of data. IDP solutions have emerged as the go-to solution for businesses spanning all industries to enhance their functionality, minimize errors, and optimize their decision-making. Furthermore, the integration of artificial intelligence and machine learning technologies has continued to support the uptake of IDP as these solutions provide enhanced data extraction, processing, and analytics.
Furthermore, the increased adoption of innovation processes across industries has been a great driver of market growth where banking, financial services, and insurance (BFSI) are the most affected industries. They use IDP solutions to be able to automate more everyday tasks that include invoicing, customer onboarding, and many others that are time-consuming hence reducing costs and improving the clients’ satisfaction levels.
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Major Players Analysis Listed in this Report are:
- UiPath
- Datamatics
- AntWorks
- Deloitte
- ABBY
- WorkFusion
- IBM
- Kofax
- Automation Anywhere
- Appian
- Ocrolus
- Parascript
- HyperScience
- OpenText
- BIS
- Hyland
- Extract Systems
- Infrrd
- Hive
- Celaton
- HCL Technologies
Intelligent Document Processing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.81 Bn |
| Market Size by 2032 | US$ 19.47 Bn |
| CAGR | CAGR of 30.21% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Businesses increasingly shifting towards digital operations, and there's a growing need for efficient data management solutions. • The transition to remote work and the adoption of cloud technologies. • Rising Volume of Unstructured Data |
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Segment Analysis
In 2023, the solutions segment claimed the biggest market share of more than 62 % in Intelligent Document Processing (IDP). This is a result of Intelligent Document Processing Platforms that have been adopted across industries as they provide faster processing of documents and smart classification of data. Some of the big names in the industry like Deloitte, KPMG, and Accenture did invest time and effort in implementing AI-powered solutions to support their services since the market has turned to have higher expectations for intelligent document processing. The cloud deployment mode generated revenue that was more than 58% of the total revenue because of its flexibility when it comes to real-time analytics and the shifting of organizations to cloud modes. Business giants dominated the market contributing more than 70% of the market share due to the incorporation of technologies such as AI/ML and NLP for efficient handling of large datasets and further automating various processes. Natural Language Processing (NLP) technology segment dominated the market with a share greater than 45%, because of its important application in extracting data and documents in unstructured format.
Intelligent Document Processing Market Key Segmentation:
By Component
- Solutions
- Services
By Deployment
- On-premises
- Cloud.
By Enterprise Size
- Small Size Enterprise
- Medium & Large Size Enterprise
By Technology
- Natural Language Processing (NLP)
- Optical Character Recognition (OCR)
- Robotic Process Automation (RPA)
- Computer Vision, Deep Learning (DL)
- Machine Learning (ML).
By End- Use
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government & Public Sector
- Transportation & Logistics
- IT & Telecom
- Others
Regional Dynamics
North America held the largest share 29% of the Intelligent Document Processing market in 2023, driven by the early adoption of advanced technologies and the presence of leading IDP solution providers in the region. The United States, in particular, has been a key contributor to the market's growth, with a strong focus on digital transformation across various sectors.
However, the Asia-Pacific region is anticipated to have the highest growth rate during the forecast period. The rapid digitalization of economies, increasing investments in AI and automation technologies, and the growing adoption of IDP solutions in countries like China, India, and Japan propelling the market's expansion in this region.
Recent Developments
In February 2024, Duco expanded its portfolio by acquiring Metamaze, a Belgian startup known for its no-code, AI-driven SaaS platform that automates data extraction from various document types. This acquisition aims to enhance corporate insights and decision-making, particularly within the banking and insurance sectors.
In December 2023, Citi announced a partnership with Traydstream to provide clients with automated trade document processing capabilities. This collaboration enables clients to utilize a range of pre-loaded document types and a rules engine, streamlining and automating their document handling processes.
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Key Takeaways
- The Intelligent Document Processing (IDP) market is experiencing significant growth, driven by the rising demand for automated document management solutions.
- Integration of artificial intelligence (AI) and machine learning (ML) technologies is enhancing the capabilities and adoption of IDP solutions.
- Increasing investments in digital transformation across various sectors are expected to further boost the adoption of IDP, especially in industries with high volumes of unstructured data.
- North America currently leads the IDP market, benefiting from early adoption of advanced technologies and a strong presence of key industry players.
- The Asia-Pacific region is expected to witness rapid growth, offering lucrative opportunities for market players due to accelerated digitalization and increasing investment in automation technologies.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Intelligent Document Processing Market, By Component
8. Intelligent Document Processing Market, By Deployment
9. Intelligent Document Processing Market, Enterprise Size
10. Intelligent Document Processing Market, By Technology
11. Intelligent Document Processing Market, By End-Use
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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