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The intelligent document processing market size is projected to reach a value of USD 3.34 billion, with an accelerated CAGR of 29.69% between 2022 and 2027. The growth of the market depends on several factors, including the growing use of big data analytics, the reduction of document management costs, and the introduction of cloud-based deployment solutions. This market analysis and report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the market research and growth report includes historic market data from 2017 to 2021.
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One of the key factors driving market growth is the growing use of big data analytics. There has been an increasing adoption of big data analytics among enterprises as it offers many business benefits, including improving customer service and operational efficiency, devising effective marketing strategies, identifying new revenue opportunities, and gaining competitive advantages over rivals.
As several enterprises generate structured, unstructured, and semi-structured data, it can be directly integrated with the analytics solution. Hence, this data can be harnessed and analyzed using IDP software solutions after digitization. With the help of IDP software provider solutions, it enables organizations to utilize the information stored in physical documents with the help of digital transformation. Therefore, the growing use of big data analytics is leading to an increase in demand for IDP software provider solutions which will drive the growth of the market focus during the forecast period.
Organizations have started to realize the importance of data as an asset to their business operations, decision-making process, and, ultimately, their revenues and profits. The convergence of software with machine learning (ML) marks a paradigm shift in document processing. This not only enhances efficiency but also significantly impacts the market.
Aligning with market trends and analysis, as enterprises embrace this integrated approach, the growth trajectory of the future of the document automation market during the forecast period appears promising and poised for substantial expansion.
The market share growth by the solution segment will be significant during the forecast period. There is a rise in demand for the solutions segment of the market due to its ability to automate document processing tasks, streamline workflow, and improve accuracy. Due to an increasing amount of data generated every day, businesses are facing challenges in processing and managing data efficiently, leading to high demand for IDP software provider solutions.
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The solution segment was valued at USD 419.30 million in 2017. Some of the key benefits of IDP software include the ability to process unstructured data, reduce the time required to process large amounts of data and eliminate errors caused by human intervention. Thus, it has resulted in the rise in adoption in industries across healthcare, finance, legal, and insurance. For example, in the healthcare industry, there are wide applications of IDP solutions as they are being used to streamline the processing of medical records, insurance claims, and patient information. Hence, such benefits are expected to drive the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the prominent regions with the highest share in the market is North America as enterprises in the region are tech-oriented and have invested in technologies such as business process management software and IDP software solutions to digitize their workflows. IDP software is one of the key technologies that enterprises invest in to digitize their paper-based processes around most of the operating segments, including finance, human resources, operations, and marketing. As a result, enterprises are witnessing quick return on investment (ROI) on document capture software implementations and improving profitability. Hence, such benefits are expected to drive market growth in the region during the forecast period.
In today's dynamic business landscape, organizations are increasingly turning to cost-effective and efficient document processing solutions to streamline their operations. Leveraging cutting-edge technologies such as Optical Character Recognition (OCR), and an AI-powered automated spreading platform, powered by Artificial Intelligence (AI), these solutions are revolutionizing industries including healthcare and pharmaceuticals, government and public sector, insurance, and manufacturing. They facilitate seamless invoice processing and bolster fraud detection capabilities, particularly crucial in sectors like BFSI and the government & public sector. With a focus on digital transformation investments, especially in developing nations, Intelligent Document Processing (IDP) solutions incorporating machine learning (ML), natural language processing (NLP), and computer vision are gaining momentum, catering to diverse sectors such as airlines. Whether deployed on-premise or via cloud deployment, these solutions address the needs of small & medium enterprises (SMEs) and large enterprises alike.
AWS plays a significant role in the (IDP) software market by offering a robust cloud infrastructure and a suite of AI and ML (Artificial Intelligence and Machine Learning) services. The software uses artificial intelligence techniques such as natural language processing (NLP), computer vision, deep learning, and machine learning (ML) to categorize, and extract relevant data, and validate the extracted data. The solutions transform unstructured and semi-structured information into usable data.It provides scalable and reliable cloud infrastructure, allowing IDP software companies to build and deploy their solutions efficiently.
The market report forecasts market growth and forecasting by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends opportunities from 2017 to 2027.
Intelligent Document Processing Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.69% |
Market growth 2023-2027 |
USD 3.34 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
29.19 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABBYY Solutions Ltd., Adobe Inc., Alphabet Inc., Amazon.com Inc., Automation Anywhere Inc., Capgemini Service SAS, Celaton Ltd., DATAMARK Inc., Datamatics Global Services Ltd., Dell Technologies Inc., International Business Machines Corp., Kofax Inc., Lexmark International Inc., M Files, Microsoft Corp., Open Text Corp., SAP SE, SS and C Technologies Holdings Inc., UiPath Inc., and WorkFusion Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our Market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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