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The significant development of the IDP market shows the rising interest for mechanized and productive archive the executives’ arrangements. With an end goal to increment efficiency and smooth out tasks, IDP has arisen as a huge power in the change of record driven work processes.
An arising design in this industry is the rising execution ML and AI to upgrade and computerize undertakings related with records. These trend setting innovations are being utilized by associations to remove significant bits of knowledge from unstructured information, upgrade exactness, and diminish dependence on physical work. One huge headway in the market is the development of cloud based IDP arrangements. Distributed computing has advanced into a fundamental part for contemporary endeavours, offering capacities like adaptability, adaptability, and openness.
Cloud-based IDP arrangements give a bound together stage to putting away, handling, and breaking down information with regards to record handling. Moreover, this works with consistent mix with other business applications and improves joint effort among colleagues. Subsequently, associations are progressively carrying out cloud based IDP arrangements with an end goal to increment functional productivity. To moderate interruptions and guarantee a smooth work process, the IDP market is fixated on coordinating arrangements with existing venture frameworks, like CRM and ERP stages; merchants are making answers for an assortment of IT conditions. A more extensive acknowledgment of the significance of client experience is obvious in the business' change towards a natural IDP interface, which plans to democratize admittance to report handling devices and empower non-specialized clients to benefit from robotization without requiring broad IT support.
Moreover, administrative consistence and security capacities are building up forward movement in the IDP market. Considering the heightening volume of delicate information under administration, associations are progressively focusing on IDP items that guarantee the privacy and accuracy of their records. To satisfy these needs, IDP suppliers are integrating powerful safety efforts, for example, encryption, access controls, and consistence checking. This expanded accentuation on security is predictable with the pattern all through the innovation area to focus on information security in the advanced age.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Integration of RPA with intelligent document processing (IDP) solutions |
| Market Dynamics | The amount of data found in enterprises is growing exponentially Rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed Increasing investments in digital transformation |
Intelligent Document Processing Market Highlights:
Intelligent Document Processing Market Overview
Intelligent Document Processing Market Size was valued at USD 1076.82 million in 2022. The Intelligent Document Processing Market industry is projected to grow from USD 1391.95 Million in 2023 to USD 13,939.4 million by 2032, exhibiting a compound annual growth rate (CAGR) of 29.2 % during the forecast period (2023 - 2032). Intelligent document processing (IDP) is the next generation of automation, capturing, extracting, and processing data from a range of document formats. It uses artificial intelligence technologies such as natural language processing (NLP), deep learning, computer vision, and machine learning (ML) to classify, categorize, extract appropriate information, and validate the extracted data.
Furthermore, document processing is a familiar term for many enterprises and is something that business functions have been performing daily for several years. It is the process of translating the content of a document (electronic or physical) into something actionable and with meaning.
As per Analyst at MRFR, “The Intelligent Document industry is growing significantly by the amount of data generated by enterprises growing exponentially and rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed”.
FIGURE 1: INTELLIGENT DOCUMENT PROCESSING MARKET SIZE 2018-2032 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Intelligent Document Processing Market Trends
INTEGRATION OF RPA WITH INTELLIGENT DOCUMENT PROCESSING (IDP) SOLUTIONS
Integration of RPA with IDP solutions is projected to be a significant market trend and opportunity during the forecast period. Intelligent document processing is a necessary component of intelligent automation. Automation can only go so far as data is available to work with. Setting up data extraction to run automation is generally a separate third-party project with standard RPA solutions, which adds continuing expenditures as well as unstable integration points. Effective data extraction and information structuring are the first steps towards automating most business activities that currently rely on manual intervention and inputs. The incorporation of IDP within the RPA platform enables business users to automate processes from end-to-end.
Automation of enterprise business processes can be achieved with ease using IDP and RPA together. IDP solutions, like RPA, are widely applicable across sectors and business functions, easy to integrate, and entirely non-intrusive. As a result, integrating RPA with IDP is a significant potential for the industries, opening more sales and revenue opportunities for players in the market.
Intelligent Document Processing Market Segment Insights
Intelligent Document Component Insights
Based on component, the Intelligent Document Processing Market has been segmented into Solution and Services. Solution being the majority shareholder in 2022, contributing 87.8 % to the market revenue. Intelligent document processing solutions extract data to assist with automation of high-volume, repetitive document processing tasks, as well as for analysis and insight. Moreover, IDP extracts data from structured and unstructured content, particular documents, using natural language technologies and computer vision to support automation and augmentation.
With the increasing adoption of intelligent document processing solutions, the need for these supporting services is expected to increase as they help enterprises reduce costs, increase the overall revenue, and enhance overall performance.
Intelligent Document Deployment Mode Insights
Based on Deployment mode, the Intelligent Document Processing Market has segmented into On-premises and Cloud. Cloud held the largest market share in 2022 due to increasing awareness of the benefits of cloud-based solutions. Al platform providers focus on developing robust cloud-based deployment for their clients, as many organizations have migrated to either private or public cloud. Moreover, the cloud deployment mode provides additional flexibility for business operations and real-time deployment ease to companies implementing real-time analytics.
Intelligent Document Organization Size Insights
Based on Organization Size, the Intelligent Document Processing Market is segmented into small and medium size enterprises and large enterprises. Large enterprises held the largest market share in 2022. These enterprises have shown more inclination toward advanced technologies, such as AI/ML, OCR, NLP, and others compared to SMEs. They possess a huge amount of data across different business functions, which they need to analyse for entity extraction, text classification, summarization, and sentiment analysis. Large organizations in the BFSI, retail, healthcare and telecommunications verticals need intelligent document processing solutions to identify patterns in data, develop chatbots to carry out different tasks such as making payments, check account details, and analyse customer feedback.
FIGURE 2: INTELLIGENT DOCUMENT MARKET, BY ORGANIZATION SIZE, 2022 VS 2032 (USD MILLION)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Intelligent Document Technology Insights
Based on Technology, the Intelligent Document Processing Market is segmented into Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Computer Vision, Deep Learning (DL), and Machine Learning (ML). Natural Language Processing (NLP) held the largest market share in 2022. IDP heavily relies on NLP technology that can comprehend and analyze human language. NLP also allows for extracting and analyzing data from unstructured sources like emails, reports, and articles.
Intelligent Document Vertical Insights
Based on Vertical, the Intelligent Document Processing Market is segmented into BFSI, Government & Defense, Retail and E-commerce, Manufacturing, Healthcare and Life Sciences, Transportation & Logistics, Others of which BFSI holds a significant market share in 2022. The need to ensure seamless execution of transactions and fix bottlenecks in workflows is expected to drive the adoption of intelligent document processing in the BFSI vertical.
IDP helps in various fields. It is used to improve the efficiency and effectiveness of government and public sector operations. Intelligent document processing helps retail and e-commerce companies to automate the processing of invoices, receipts, and other business documents. IDP also reduces the time warehouses spend on data entry and improves inventory management with real-time data accuracy. The others segment includes telecommunication, education, and others.
Intelligent Document Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America accounted for ~ 40.1 % of Intelligent Document Processing Market in 2022. The North America, encompassing the United States, Canada, and Mexico, stands as a prominent region in the Intelligent Document Processing market. This is due to increasing adoption of automation-based technologies and trend of digital transformation among organizations in countries across this region, especially in the U.S. and Canada.
European market is expected to register a modest revenue growth rate during the forecast period due to growing adoption of IDP solutions in BFSI sectors in countries across the region, especially in the UK, Germany, and France. Businesses in this region are adopting document processing solutions at an increasing rate to support underwriters and make them more active players in the insurance ecosystem.
The Intelligent Document Processing market in the APAC region is currently experiencing remarkable growth and evolution, with key countries like China, Japan, South Korea, India, and the rest of APAC actively contributing to this transformation. One of the primary catalysts behind this growth is the rapid urbanization and industrialization in the region.
FIGURE 3: INTELLIGENT DOCUMENT PROCESSING MARKETSIZE BY REGION 2022 VS 2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, UK, France, Rest of Europe, China, Japan, India, and Rest of Asia-Pacific.
Intelligent Document Key Market Players & Competitive Insights
The Intelligent Document Processing Market is characterized by the presence of many global, regional, and local vendors. The Intelligent Document Processing Market has witnessed significant growth over the forecast period due to the amount of data generated by enterprises growing exponentially. There are several domestic, regional, and global players operating in the Intelligent Document Processing Market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the Intelligent Document Processing Market who have contributed to the market growth which includes IBM Corporation, Kofax Inc, WorkFusion Inc, ABBYY, Automation Anywhere, Inc, Appian, UiPath, DATAMATICS GLOBAL SERVICES LIMITED, AntWorks, Celaton, Kodak Alaris, DELOITTE, OPENTEXT, HCL Technologies, Parascript, LLC.
These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.
Key Companies in the Intelligent Document Processing Market include.
- IBM Corporation
- Kofax Inc
- WorkFusion Inc
- ABBYY
- Automation Anywhere, Inc
- Appian
- UiPath
- DATAMATICS GLOBAL SERVICES LIMITED
- AntWorks
- Celaton
- Kodak Alaris
- DELOITTE
- OPENTEXT
- HCL Technologies
- Parascript, LLC
Intelligent Document Industry Developments
February 2024
The intelligent document processing (IDP) start-up Metamaze has been acquired by the data automation company Duco.
Metamaze is a software-as-a-service (SaaS) platform established in 2020 and headquartered in Antwerp, Belgium. It is driven by artificial intelligence and does not need any coding. It can extract text from a wide variety of document formats to enhance decision-making and deliver greater business insight.
In addition to claiming to have a "strong focus" on catering to the banking and insurance sectors, it is explicitly working to eliminate the need for human data extraction via the use of automated procedures.
"We've built Metamaze as an AI-powered self-learning intelligence platform that reads and interprets any document to extract information and data on its own," says Niels Van Weereld, CEO and board member of Metamaze. These capabilities allow Metamaze to read and interpret any document." Our key objective is to embed our technology within a complementary data automation suite while simultaneously expanding on a global scale.
According to Duco, which has its headquarters in London, United Kingdom, and was acquired by Nordic Capital in 2021, the combination of the start-up's platform with its own cloud-based software as a service (SaaS) tools will result in a "AI-powered platform that automates the processing of both structured and unstructured data throughout its lifecycle." These tools have been developed to make it easier for financial institutions to extract and leverage complex data sets by means of its proprietary matching engine and no-code natural rule language.
Michael Chin, who became the new CEO of Duco a month ago, asserts that the purchase "fundamentally changes how firms deploy AI in their operations" by providing clients with the ability to "bring together all unstructured and structured data in a single platform."
They have the ability to steer clear of point solutions and automate the most time-consuming tasks, such as manually entering data, manually validating data, and manually reconciling data. This has the potential to bring about a significant transformation in sectors such as post-trade procedures in the financial services industry, which are still not fully automated.
Intelligent Document Processing Market Segmentation
Intelligent Document Component Outlook
- Solution
- Services
Intelligent Document Deployment Mode Outlook
- On-premises
- Cloud
Intelligent Document Organization Size Outlook
- SME’s
- Large Enterprises
Intelligent Document Technology Outlook
- Natural Language Processing (NLP)
- Optical Character Recognition (OCR)
- Robotic Process Automation (RPA)
- Computer Vision
- Deep Learning (DL)
- Machine Learning (ML)
Intelligent Document Vertical Outlook
- BFSI
- Government & Defense
- Retail and E-commerce
- Manufacturing
- Healthcare and Life Sciences
- Transportation & Logistics
- Others
Intelligent Document Regional Outlook
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East & Africa
- South America
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