Breaking News: Intelligent Document Processing Market Dazzling Worldwide, Set to Reach $1.5 Billion by 2030
In a significant development, the Intelligent Document Processing (IDP) market is poised to reach an impressive $1.5 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 14.3% from 2023 to 2030, according to a latest report by Market Intelligence.
What’s driving the growth?
The rise of Artificial Intelligence (AI) and Machine Learning (ML) is revolutionizing the document processing landscape, making it possible to quickly and accurately extract data from unstructured documents such as receipts, invoices, contracts, and more. This shift towards automation is transforming the way organizations handle document processing, resulting in increased efficiency, reduced costs, and improved decision-making.
Key market trends and insights
- Rise of cloud-based IDP solutions: Cloud-based IDP solutions are gaining popularity, offering flexibility, scalability, and reduced costs. Market leaders such as Google Cloud, Amazon Web Services, and Microsoft Azure are expanding their cloud-based IDP offerings.
- Increasing adoption in healthcare and finance: The healthcare and finance sectors are witnessing significant adoption of IDP solutions, driven by the need to streamline data processing and improve compliance with regulatory requirements.
- Advances in Natural Language Processing (NLP): Advances in NLP are enabling IDP solutions to accurately extract data from documents, even in languages with complex characters and formatting.
- Growing demand for IDP as a Service (IDPaaS): IDPaaS is emerging as a popular choice among organizations, offering a range of benefits including reduced implementation time, scalability, and cost-effectiveness.
Regional growth prospects
- North America: The region is expected to maintain its market lead, driven by the presence of several key players and strong demand from industries such as finance, healthcare, and insurance.
- Europe: Europe is expected to experience rapid growth, driven by the increasing adoption of digital transformation initiatives and the growing need for efficient document processing.
- Asia-Pacific: The region is expected to emerge as a significant growth market, driven by the growing demand for digitalization and automation in industries such as manufacturing, retail, and finance.
Who are the key players?
- ABBYY: A global leader in the IDP market, known for its intelligent document recognition and extraction capabilities.
- Adobe: A leader in document processing, with a range of solutions including Adobe Acrobat and Adobe Document Cloud.
- Everteam: A specialist in document processing and content services, offering a range of IDP solutions and services.
- Kofax: A leading provider of software for the capture, categorization, and transformation of information, with a focus on IDP solutions.
Conclusion
The Intelligent Document Processing market is poised for rapid growth, driven by the increasing demand for automation and digital transformation in various industries. As organizations continue to seek ways to streamline their document processing operations, IDP solutions are expected to play a crucial role in their digital transformation journeys.
Search Tags:
Intelligent Document Processing (IDP) market
IDP solutions
Document processing
Artificial Intelligence (AI)
Machine Learning (ML)
Cloud-based IDP solutions
IDP as a Service (IDPaaS)
Natural Language Processing (NLP)
Healthcare IDP
Finance IDP
IDP market growth
IDP market trends
IDP market players
Intelligent document processing market is anticipated to grow at a CAGR of 23.7% during the forecast period (2024-2031). The market growth is attributed to the rising use of automation in document processing, the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) in document processing, and organizational efforts to reduce cost alongside increasing overall efficiency. In recent years, the market has recorded an exponential increase in usage of intelligent document processing software in industries such as BFSI, healthcare & life sciences, retail & e-commerce owing to an increase in the number of documents to be processed. Further, the market trends are moving towards an increase in cloud-based offerings, integration of human-in-the-loop (HITL) systems, and enhanced customer experience through reducing response time.
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The growth in the intelligent document processing market is driven by the rising adoption of intelligent automation across organizations to increase productivity and efficiency. Major functions in the organization such as marketing, HR, finance, and analytics are utilizing intelligent document processing software to gather insights, scan documents, and shortlist candidates, resulting in reduced workload and optimal decision-making process. For instance, according to the report by World Economic Forum, by 2025, automation and a new division of labor between humans and machines will disrupt 85 million jobs globally in medium and large businesses across 15 industries and 26 economies and more than 80.0% of business executives are accelerating plans to digitize work processes and deploy new technologies, while 50.0% of employers are expecting to accelerate the automation of some roles in their companies.
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· Market Coverage
· Market number available for – 2024-2031
· Base year- 2024
· Forecast period- 2024-2031
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
· Inc., and others
Market Segmentation
Global Intelligent Document Processing MARKET by Enterprise Type
o Small and Medium-sized Enterprises
o Large Enterprises
Global Intelligent Document Processing MARKET by Function
o Finance & Accounting
o Human Resources
o Supply Chain & Procurement
o Others (Legal, Marketing)
Global Intelligent Document Processing MARKET by Deployment
o On-Premise
o Cloud
Global Intelligent Document Processing MARKET by Industry
o BFSI
o Healthcare & Life Sciences
o Retail & E-commerce
o Manufacturing
o Government
o IT & Telecom
o Others (Construction, Travel & Transportation, Energy & Power)
Regional Analysis
o North America
o United States
o Canada
o Europe
o UK
o Germany
o Italy
o Spain
o France
o Rest of Europe
o Asia-Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
o Rest of the World
o Latin America
o The Middle East and Africa
Company Profiles
o Acodis AG
o AmyGB.ai.
o Appian Corp.
o Automation Anywhere, Inc.
o Celaton Ltd.
o Datamatics Global Services Ltd.
o Deloitte LLP
o HCL Technologies Ltd.
o Hyperscience
o InData Labs Group Ltd.
o Kodak Alaris Group
o Parascript, LLC
o Tungsten Automation Corp.
o UiPath Inc.
o WorkFusion, Inc.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global intelligent document processing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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