Global Intelligent Document Processing Market Overview:
Client delivery automation, classifying incoming credit applications from various channels for banks approving loans, online verification of identification documents, and clause detection in legal documents are some of the key business processes that intelligent document processing solutions help companies automate. The rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed, increasing investments in digital transformation, and the rising adoption of cloud-based document processing solutions are among the major factors driving the Intelligent Document Processing market's growth.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rising adoption of cloud-based document processing solutions
Market Growth Drivers:
Rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed and Increasing investments in digital transformation
Challenges:
High implementation costs
Restraints:
Addressing governance and compliance requirements
Opportunities:
Integration of advanced technologies with document processing solutions and Increasing need to improve customer experiences
Competitive Landscape:
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
Some of the key players profiled in the report are ABBYY (United States), IBM (United States), Kofax (United States), WorkFusion (United States), Automation Anywhere (United States), Appian (United States), UiPath (United States), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (United States), Hyperscience (United States), OpenText (Canada), Hyland (United States), Extract Systems (United States) and Infrrd (United States). Additionally, following companies can also be profiled that are part of our coverage like Celaton (United Kingdom), HCL Technologies (India), Kodak Alaris (United Kingdom), Rossum (United Kingdom) and InData Labs (Belarus). Analyst at AMA Research see Global Players to retain maximum share of Global Intelligent Document Processing market by 2028. Considering Market by Technology, the sub-segment i.e. Natural Language Processing (NLP) will boost the Intelligent Document Processing market. Considering Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Intelligent Document Processing market. Considering Market by Deployment Model, the sub-segment i.e. Cloud will boost the Intelligent Document Processing market.
Latest Market Insights:
In April 2019, WorkFusion launched the Intelligent Automation Cloud platform. The platform uses WorkFusion¡¯s proprietary low-code ML technology that helps speed up business processes and reduce costs.
In March 2021, ABBYY launched the no-code platform Vantage 2 and AI Marketplace to reimagine digital transformation. Vantage 2 delivers ready-to-use AI skills for intelligent automation. The ABBYY Marketplace allows users to incorporate cognitive skills to accelerate their automation initiatives
What Can be Explored with the Intelligent Document Processing Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Intelligent Document Processing Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Intelligent Document Processing
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Intelligent Document Processing market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Intelligent Document Processing market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Intelligent Document Processing Provider, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.