Intelligent Document Processing Market Statistics: 2031
The global intelligent document processing market was valued at $1.1 billion in 2021, and is projected to reach $7.4 billion by 2031, growing at a CAGR of 21.7% from 2022 to 2031.
The intelligent document processing market share is expected to witness notable growth during the forecast period, owing to the increasing requirementss for improved customer satisfaction. Furthermore, the rising adoption of digitalization and artificial intelligence (AI) has driven the growth of the market. However, government initiatives associated with compliance requirements is the prime factors restraining market growth. On the contrary, the surge in market penetration in various end-use verticals is expected to propel the Intelligent document processing market growth during the forecast period.
Intelligent document processing is a cutting-edge technology capacity that enables businesses to digitize and automate unstructured data coming from different documentation sources. These consist of scanned copies of documents, PDFs, word-processing documents, online forms, and more. intelligent document processing mimics human abilities in document identification, contextualization, and processing by utilizing technologies from machine learning, natural language processing, and workflow automation.
Intelligent document processing enhances a company's data collection by reading, interpreting, and transforming documents into structured, searchable, organized data, which may save a significant amount of time and human resources. Additionally, intelligent document processing frees workers from a duty that is frequently boring and repetitive. By assisting people in their jobs, it can result in significant cost and time savings. intelligent document processing provides an effective way to raise operational effectiveness while lowering expenses. Additionally, it puts firms in a position to draw strategic conclusions from data from various sources, including their consumer base.
The global intelligent document processing market research is segmented into components, organization size, deployment, technology, end-use vertical, and regions. On the basis of components, the market is bifurcated into solutions and services. By organization size, it is divided into large enterprises and small & medium-sized enterprises (SMEs). Based on the deployment the market is segmented into cloud and on-premise. On the basis of technology, the market is segmented into natural language processing (NLP), optical character recognition (OCR), machine learning (ML), artificial intelligence (AI), and others. By end-use vertical, the intelligent document processing market is categorized into BFSI, government, healthcare, retail, manufacturing, and others.
Targeting highly administrative, document-intensive processes, often ones that need a high degree of standardization is the principal use case for intelligent document processing. And although it's probably not the first thing that comes to mind for most people, intelligent document processing makes huge savings possible across a huge variety of crucial procedures in businesses and governmental agencies. As mentioned, intelligent document processing integrates seamlessly with various automated workflows and business processes. It is the next-generation data extraction technology that is used to get around the limitations of traditional Optical Character Recognition (OCR) in extracting data from more complex and non-standard documents.
This comprises assets accessed over the website and through the pooled intelligent document processing architecture of some other provider, as well as on-demand services, storage, computer networks, software, and applications. With the aid of intelligent document processes, solutions businesses can pool unstructured data into structural integration. The most widely popular intelligent document processing solutions are tools made with data science and machine learning applications.
Intelligent document processing can assist businesses, among other things, with the processing of bank statements and invoices, data extraction from documents used to verify income and identity, automated data extraction for financial forms, lease agreements, sales and offering memoranda, processing of bill of lading/shipping labels, receipts, and corporate expense processing, and automated document classification.
The most promising and widely used service that intelligent document processing has to offer healthcare businesses is electronic health records threat reduction Healthcare organizations may overcome problems like security, rules, budgetary constraints, and standards that stand in the way of the digital transformation process with the aid of cloud adoption. Healthcare firms may manage electronic medical records, mobile bot management, patient portals, and big data analytics using intelligent document processing without incurring additional expenditures for maintaining physical servers.
Key players in the intelligent document processing market are shifting toward an agile supply chain network model that has multiple pathways to prevent single points of failure. It can help them balance costs with better assurance for business continuity and sustainability. Shifting from single-country hubs to more extensive regional supply networks will initiate collaborative partnerships and industry associations. Stakeholders will be investing in resources and infrastructure that can quickly enable new manufacturing and supply nodes when required.
Region-wise, the Intelligent document processing market trends are analyzed across North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Netherlands, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global Intelligent document processing industry. Major organizations and government institutions in the country have been actively using intelligent document processing.
Top Impacting Factors
Growing dependency on artificial intelligence (AI)
Artificial intelligence (AI) is reshaping legal practice, smart agricultural, and connected automotive and healthcare units with advancements in AI-based analytics expected to enhance the efficacy of the intelligent document processing market. The need for intelligent document processing is driven by the structurization of electronic non-constructed and unstructured data. Intelligent document processing methods apply predictive analytics technology to a larger collection of documents, making the data integration procedure less complicated.
Increasing requirement for improved customer satisfaction
Leading firms in the digital environment are embracing new technologies like artificial intelligence and machine learning. Organizations seek significant determining factors to give their consumers the greatest experience possible and thereby achieve a strategic advantage. Real-time updates are a key component of today's focus on improving customer experiences. Organizations may improve internal communication and production, which will raise consumer satisfaction levels.
Market Landscape
The U.S. and Canada are two of the top countries in this region for intelligent document processing. The market's expansion is being aided by the increasing acceptance rate of cutting-edge products and systems, particularly intelligent document processing solutions. U.S. was the highest revenue contributor, accounting for $359.42 million in 2021, and is estimated to reach $2,302.35 million by 2031, with a CAGR of 20.9%. Canada is estimated to reach $384.17 million by 2031, at a significant CAGR of 19.8%. Due to the presence of rapidly digitalizing economies such as India and China, Asia Pacific is predicted to expand with an impressive growth rate during the forecast period.
The improved endorsement of foreign direct investment in digitalization, particularly in countries that are actively pushing digitalization in their economies, such as Germany, France, and the UK has drawn the exposure of data integrational facilities to their productivity. As a result, the use of intelligent document processing in various digital communications in Europe has actively assisted the region in encouraging automated data integrational processes in the recent past and this trend is expected to continue during the forecast period.
The Europe intelligent document processing market was valued at $315.45 million in 2021, and is projected to reach $2,131.69 million by 2031, registering a CAGR of 21.5%. Rest of Europe was the highest revenue contributor, accounting for $107.89 million in 2021, and is estimated to reach $707.72 million by 2031, with a CAGR of 21.2%. Italy is estimated to reach $392.23 million by 2031, at a significant CAGR of 21.7%. Rest of Europe and Italy collectively accounted for around 52.4% share in 2021, with the former constituting around 34.2% share. Germany and UK are expected to witness considerable CAGRs of 21.9% and 21.8%, respectively, during the forecast period.
Competition Analysis
The intelligent document processing market is fragmented in nature with many players such ABBYY Solutions Ltd., Datamatics Technologies Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Limited, Hyland Software, Inc., Infrrd Inc., International Business Machines Corporation, Kodak Alaris (Eastman Kodak Company), Kofax Inc. and WorkFusion, Inc.
These players have been adopting various strategies to gain higher market share or to retain leading positions in the market. Product launch is the most adopted strategy by the players. Top winning strategies are analyzed by performing a thorough study of the leading players in the intelligent document processing market. A comprehensive analysis of recent developments and growth curves of various companies help to understand the growth strategies adopted by them and their potential effect on the market.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the Intelligent document processing market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall Intelligent document processing market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current Intelligent document processing market forecast is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the market share of key vendors and Intelligent Document Processing Industry trends.
Intelligent Document Processing Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 7.4 billion |
 Growth Rate | CAGR of 21.7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 230 |
 By Component |
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 By Organization Size |
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 By Deployment Model |
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 By Technology |
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 By End Use Vertical |
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 By Region |
|
 Key Market Players | International Business Machines Corporation, Hyland Software, Inc., Infrrd Inc., Datamatics Technologies Ltd., ABBYY Solutions Ltd., HCL Technologies Limited, Kofax Inc., Kodak Alaris (Eastman Kodak Company), Deloitte Touche Tohmatsu Limited, WorkFusion, Inc. |
Analyst Review
Intelligent document processing is a technology that is based on AI and machine learning and enables businesses to automate data extraction from complicated, unstructured documents and transform it into useful data. To collect, analyze, and categorize pertinent data, intelligent document processing makes use of a variety of technologies. A number of different example documents must be used to train an intelligent document processing system before it can be used in production.
The appropriate data is then automatically extracted by the system. After training, when the system is unsure whether the data is accurate, it will need human confirmation to keep the algorithm improving. Artificial intelligence (AI), machine learning (ML), optical character recognition (OCR), computer vision, robotic process automation (RPA), and intelligent character recognition (ICR ) is among the several sub-technologies employed in intelligent document processing solutions.
The global intelligent document processing market is highly competitive, owing to the strong presence of existing vendors. intelligent document processing vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors.
The intelligent document processing market is anticipated to expand significantly during the forecast period due to enhanced Metadata preservation. In addition, the expansion of the market has been propelled by the increase in usage of digitalization and artificial intelligence (AI). However, the government initiatives associated with compliance requirements is the major factor hindering market expansion. On the contrary, surge in market penetration in various end-use verticals is expected to promote intelligent document processing market growth during the forecast period.
Among the analyzed regions, North America exhibits the highest adoption rate of intelligent document processing and has been experiencing a massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, and India, investing in these technologies. Regions, such as Europe, are also expected to offer new opportunities in the intelligent document processing market in future.
The key players profiled in the report include ABBYY Solutions Ltd., Datamatics Technologies Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Limited, Hyland Software, Inc., Infrrd Inc., International Business Machines Corporation, Kodak Alaris (Eastman Kodak Company), Kofax Inc., WorkFusion, Inc.
The intelligent document processing market was valued at $1.1 billion in 2021.
North America is the largest regional market for Intelligent Document Processing
Growing dependency on artificial intelligence (AI) is seen as the upcoming trend of Intelligent Document Processing Market in the world
Key players in the intelligent document processing market includes ABBYY Solutions Ltd., Datamatics Technologies Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Limited, Hyland Software, Inc., Infrrd Inc., International Business Machines Corporation, Kodak Alaris (Eastman Kodak Company), Kofax Inc. and WorkFusion, Inc.
The retail and consumer goods industry is fiercely competitive and dynamic, with changing demographic profiles, changing levels of disposable income, ever-evolving customer preferences, and continuous digital innovation.
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