Intelligent Document Processing Market Overview:

The intelligent document processing market is garnering significant traction worldwide. Witnessing continually rising demand, the market is projected to demonstrate significant growth over the next few years. In this regard, Market Research Future (MRFR) asserts that the intelligent document processing vendor industry is projected to grow from USD 1,465.6 million in 2022 to USD 14,789.7 million by 2030, exhibiting a compound annual growth rate (CAGR) of 33.5% during the forecast period (2022 - 2030).

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Key Players:

Key Companies in the Intelligent Document Processing market include

• IBM (United States)

• Kofax (United States)

• WorkFusion (United States)

• ABBYY (United States)

• Automation Anywhere (United States)
• Appian (United States)

Rising demand for automated document processing drives the market growth. Besides, increasing demand for automated document technology to extract meaningful information from paper/electronic documents and unstructured data substantiates the market size. Massive R&D investments in developing innovative IDP solutions influence market growth.

Additionally, the proliferation of digital transformation and automation, alongside the 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.  

Global Intelligent Document Processing Market – Segmentation

The market forecast is segmented into component, deployment mode, technology, organization size, vertical, and region. The component segment is divided into solutions/platforms and services. The deployment mode segment is bifurcated into on-premises and cloud-based.

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

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

Intelligent Document Processing Market – Regional Analysis

North America is a significant market for intelligent document processing globally. The strong presence of IDP vendors, such as ABBYY, Kofax, IBM, WorkFusion, Parascript, Hyland, and Extract Systems, drives the market growth. Besides, the rapid adoption of IDT solutions in various industries and rising IT spending substantiate market revenues. Also, the rapid adoption of advanced technologies such as AI, ML, NLP, and computer vision boosts the regional market growth.

Intelligent Document Processing (IDP) Market – Competitive Landscape

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.

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Industry/ Innovation/ Related News

Sep.30, 2021 ---- Kofax, a leading supplier of Intelligent Automation software for digital workflow transformation, announced that it has been identified as a Leader in Everest Group’s Intelligent Document Processing (IDP) Products PEAK Matrix Assessment 2021. Kofax has received high scores for document processing capability, monitoring &improvement, and implementation and support.

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