Intelligent Document Processing Market to Reach USD 4.15 Billion by 2026 at a CAGR of 37% | Valuates Reports
BANGALORE, India, April 26, 2022 /PRNewswire/ — The Intelligent Document Processing Market is Segmented by Type (Legacy IDP, AI-native IDP), by Application (Financial Industry, Healthcare, Retail & Ecommerce, Government & Public Sector): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global intelligent document processing (IDP) market is expected to grow from USD 860 million in 2021 to USD 4.15 billion in 2026 at a CAGR of 37%.
Major factors driving the growth of the intelligent document processing market are:
IDP refers to the process of converting unstructured and semi-structured data from documents like emails and images into structured, usable data. This information can then be used to improve insights and processes. This factor is expected to drive the growth of the Intelligent document processing market.
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.
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TRENDS INFLUENCING THE GROWTH OF THE INTELLIGENT DOCUMENT PROCESSING MARKET
To stay competitive, businesses are dealing with larger volumes of semi-structured and unstructured documents that must be processed faster and more accurately than before. Manually processing these large volumes of documents takes an inordinate amount of time. As a result, businesses are increasingly required to process large volumes of semi-structured and unstructured documents with greater precision and speed. Both paper and electronic documents can be processed using intelligent document processing. Data capture makes information management simple for any company. The information can be organized more quickly and efficiently now that the documents have been converted to digital format. This factor is expected to drive the growth of the Intelligent document processing market.
The recent covid-19 outbreak is expected to propel the growth of the intelligent document processing market. 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 COVID-19 pandemic has hastened the adoption of intelligent document processing in businesses. Employees have limited or no access to physical documents due to the lockdown. As a result, the demand for digitization is growing, and document automation with intelligent document processing is on the verge of becoming a requirement.
The federal and state governments deal with a lot of data. With millions of federal government employees and millions more state and local government employees in the United States, the amount of data is nearly insurmountable. IDP uses document capture to speed up the digitization of physical records. The software also verifies the accuracy of the data and automatically redacts any sensitive data that should not be made public. Because every digital document will be stored in a secure database, the risk of sensitive information being leaked and published without the agency’s permission is reduced. Thus the increasing adoption by government agencies is expected to drive the growth of the Intelligent document processing market.
Every day, banking institutions must process a large number of documents, ranging from credit card applications to cheque payments. Because of the nature of this industry, Intelligent Document Processing is heavily used to automate these tasks and reduce the risk of an error. The Intelligent Document Processing Market is expected to grow as a result of this factor.
Currently, manually transferring patient records to an EHR system is time-consuming and error-prone, resulting in unnecessary lawsuits. Given the prevalence of paper forms, finding a solution to automatically sort, identify, extract, and match data from documents, faxes, PDFs, and scans to a patient’s EHR is critical. Healthcare organizations can use IDP to improve EHR workflows without sacrificing patient care quality. Patients’ records can be easily captured from emails, scanners, faxes, mobile devices, emails, and portals, and relevant data can be automatically exported to an existing EHR system. IDP can also be used for patient onboarding that is automated. Thus the growing adoption in the healthcare industry is expected to increase the growth of the Intelligent Document Processing Market.
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INTELLIGENT DOCUMENT PROCESSING MARKET SHARE ANALYSIS
Based on application, the Government is expected to be the most lucrative segment. The government sector’s growth can be attributed to an increase in demand for greater flexibility, improved data security, and advanced intelligence. Furthermore, the public sector, healthcare, banking, financial services, and life sciences are some of the major industries that contribute to the IDP market’s revenue.
Based on region, North America is expected to be the most lucrative region during the forecast period. The region’s businesses are the most forward-thinking in terms of AI, machine learning, natural language processing, and computer vision, boosting the document analysis market’s growth. The presence of major players in North America is also a significant factor in the region’s adoption of intelligent document processing.
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Key Players
- IBM
- Open Text Corporation
- Datamatics Global Services Limited
- EdgeVerve Systems Limited
- ABBYY
- PDFTRON SYSTEMS
- Kofax
- Appian
- Automation Anywhere, Inc.
- Rossum
- Canoe Intelligence
- WorkFusion
- Baidu
- Laiye
- ENCOO
- AntWorks
- Singularity Systems
- OpenBots.
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SIMILAR REPORTS:
- The Global Natural Language Processing (NLP) market size is projected to reach USD 3081.5 Million by 2028, from USD 843 Million in 2021, at a CAGR of 20.1% during 2022-2028.
- The global Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027.
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