Intelligent Document Processing Market Size and Growth 2031

The intelligent document processing market size is projected to reach US$ 18.87 billion by 2031 from US$ 2.03 billion in 2023. The market is expected to register a CAGR of 32.10% in 2023—2031.  The market growth is fuelled by factors such as rising initiatives to digitalize content across diverse enterprises and growing adoption of cloud document processing solutions are likely to remain key intelligent document processing market trends.

Intelligent Document Processing Market Analysis

The intelligent document processing market is growing at a rapid pace because of increasing initiatives to digitize content across various enterprises and the rising adoption of cloud document processing solutions. Moreover, the adoption of cloud-based document processing solutions is providing lucrative opportunities for market growth.

Intelligent Document Processing Market Overview

Intelligent document processing (IDP) automates the process of manual data entry from document images of paper-based or paper-based documents to implement with digital business processes. IDP has several benefits, such as scalability, cost-efficiency, and customer satisfaction. It is used in several industries, such as healthcare, finance, legal, logistics, and human resources.

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Intelligent Document Processing Market: Strategic Insights

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Food Safety Testing Kits Market Drivers and Opportunities

Digital Transformation to Favor Market

Digital Transformation is the implementation of computer-based technologies into an organization's products, services, processes, and strategies. Organizations are investing in AL, ML, and automation in order to reduce costs, increase revenue, and transform the way to run a business. Several businesses are going through digitization to digitize information, data process automation, and rise digital communications. Thus, digital transformation is fuelling the intelligent document processing market growth.

Surging Requirement of Increased Accuracy. 

Organizations are aiming to deliver beneficial experiences to their customers. Data inaccuracy can impact negatively impact business. It compromises the quality of the business services and offerings or even can put the company at the risk of loss. Intelligent document processing gives businesses an opportunity to increase their accuracy as it eliminates errors caused by human input and improves data accuracy by identifying and correcting inconsistencies in data

Intelligent Document Processing Market Report Segmentation Analysis

Key segments that contributed to the derivation of the intelligent document processing market analysis are component, organization size, deployment, technology, and industry vertical.

• Based on component, the intelligent document processing market is divided into solutions and services. The solutions segment is anticipated to grow in the forecast period.
• By organization size, the market is segmented into SMEs and large enterprises. The SMEs segment is anticipated to grow in the forecast period.
• By deployment, the market is segmented into cloud and on-premise. The cloud segment is anticipated to grow in the forecast period.
• Based on technology, the intelligent document processing market is divided into natural language processing (NLP), optical character recognition (OCR), machine learning (ML), artificial intelligence (AI), and others. The natural language processing (NLP) segment is anticipated to grow in the forecast period.
• In terms of industry vertical, the market is bifurcated into BFSI, government, healthcare, retail, manufacturing, transportation, and logistics, among others. The BFSI segment is anticipated to grow at a significant rate over the forecast period.

Intelligent Document Processing Market Share Analysis by Geography

The geographic scope of the intelligent document processing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the intelligent document processing market. High technology adoption trends in various industries in the North American region have fuelled the growth of the intelligent document processing market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American intelligent document processing market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of intelligent document-processing market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the intelligent document processing market.

Intelligent Document Processing Market Regional Insights

The regional trends and factors influencing the Intelligent Document Processing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Intelligent Document Processing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Intelligent Document Processing Market Report Scope

Intelligent Document Processing Market Players Density: Understanding Its Impact on Business Dynamics

The Intelligent Document Processing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Intelligent Document Processing Market are:

1. ABBYY
2. IBM
3. Tungsten Automation Corporation
4. Datamatics Global Services Limited.
5. Appian
6. WorkFusion, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Intelligent Document Processing Market News and Recent Developments

The intelligent document processing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• In February 2024, Mphasis announced the launch of DeepInsights Doc AI, an intelligent document-processing solution powered by generative AI. Through this platform, Mphasis will help enterprise clients extract context-specific information from documents, regardless of their format or layout, and integrate it with downstream IT systems to generate actionable insights.

(Source: Mphasis, Press Release, 2024)

• In February 2024, Intelligent process automation company TCG Process announced a new partnership with DecisionRules, a leader in decision management technology. With this partnership, TCG Process has integrated DecisionRules into their intelligent process automation solution, DocProStar.

(Source: TCG Process, Press Release, 2024)

Intelligent Document Processing Market Report Coverage and Deliverables

The “Intelligent Document Processing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

• Intelligent Document ProcessingMarket size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities
• Intelligent Document Processing Market trends

• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Intelligent document processingcovering key market trends, Global and regional framework, major players, regulations, and recent market developments.
• Intelligent document processing industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
• Detailed company profiles