Intelligent Document Processing Market SWOT Analysis by 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
Market Size Value in US$ 1,022.7Million in 2021 Market Size Value by US$ 8,045.81Million by 2028 Growth rate CAGR of 34.6% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Intelligent Document Processing Market: Strategic Insights
| Market Size Value in | US$ 1,022.7Million in 2021 |
| Market Size Value by | US$ 8,045.81Million by 2028 |
| Growth rate | CAGR of 34.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component Organization Size Deployment Technology Industry Vertical and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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