Intelligent Document Processing Market Size was valued at USD 1.38 billion in 2022 and is expected to grow to USD 11.34 billion By 2030 and grow at a CAGR of 30.12 % over the forecast period of 2023-2030.
Market Description
The Intelligent Document Processing (IDP) market is experiencing rapid growth driven by advancements in artificial intelligence (AI) and machine learning (ML) technologies. Companies are increasingly adopting IDP solutions to automate document-centric processes, enhancing efficiency and reducing operational costs. These solutions leverage natural language processing (NLP), optical character recognition (OCR), and computer vision to transform unstructured data into actionable insights. The banking, financial services, and insurance (BFSI) sector, in particular, has been a significant adopter, utilizing IDP to streamline customer onboarding, loan processing, and compliance reporting. As organizations seek to improve data accuracy and process automation, the demand for IDP is set to soar.
In addition to its core functionalities, IDP is evolving to integrate with other emerging technologies such as robotic process automation (RPA) and blockchain. This integration allows for the creation of more comprehensive and secure end-to-end automation solutions. For instance, in healthcare, IDP combined with RPA can manage patient records, billing, and insurance claims with high precision, reducing human error and improving patient care. Meanwhile, the use of blockchain ensures the integrity and security of sensitive information. As these technologies continue to converge, the IDP market is poised for substantial innovation and expansion, offering new capabilities and transforming various industry landscapes.
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Covid 19 impact analysis:
The latest report is the most recent study that offers coverage of the Intelligent Document Processing industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Intelligent Document Processing market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Major companies profiled in the market report include
Evolution AI (England), WorkFusion (US), IBM (US), Kofax (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), AntWorks (Singapore), Deloitte (England), ABBY (US), Ocrolus (US), Parascript (US), HyperScience (US), OpenText (Canada), BIS (US), Hyland (US), Extract Systems (US), Infrrd (US), Hive (California), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (UK), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), AmyGB (India), Acodis (Switzerland), Hypatos (Germany), IND (Singapore), and othersResearch objectives:
The latest research report has been formulated using industry-verified data. It provides a detailed understanding of the leading manufacturers and suppliers engaged in this market, their pricing analysis, product offerings, gross revenue, sales network & distribution channels, profit margins, and financial standing. The report’s insightful data is intended to enlighten the readers interested in this business sector about the lucrative growth opportunities in the Intelligent Document Processing market.
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It has segmented the global Intelligent Document Processing market
By Component
- Solution
- Services
By Deployment
- Cloud
- On-premise
By Organization Size
- Small and Medium Sized Enterprises (SMEs)
- Large Size Enterprises
By Technology
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
By End-use
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government & Public Sector
- Transportation & Logistics
- IT & Telecom
- Others
Key Objectives of the Global Intelligent Document Processing Market Report:
- The report conducts a comparative assessment of the leading market players participating in the globalIntelligent Document Processing
- The report marks the notable developments that have recently taken place in the Intelligent Document Processing industry
- It details on the strategic initiatives undertaken by the market competitors for business expansion.
- It closely examines the micro- and macro-economic growth indicators, as well as the essential elements of theIntelligent Document Processing market value chain.
- The repot further jots down the major growth prospects for the emerging market players in the leading regions of the market
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