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Intelligent Document Processing Solution Market Segmented By Software and Services In Small, Medium and Large Enterprises
Intelligent Document Processing Solution market is expected to grow at a CAGR of 36.5% during the forecast period of 2021-2031. The Intelligent Document Processing Solutions transforms unstructured and semi-structured data into usable information by using the technologies such as Natural Language Processing (NLP), Machine Learning (ML), or Intelligent Character Recognition (ICR).
By using such technologies to the processing documents, it eliminates the task that rely on the human intervention. This includes high volume of unstructured and semi-structured documents such as sales orders, invoices, and customer correspondence, which can’t be processed using rules-based automation software.
Rise in the digitalization across the globe is influencing the companies to use a wide variety of technology solutions which simplifies the document processing procedure. This further has increased the demand for automated advanced document processing software which will enhance the data analysis from an unstructured format is anticipated to bolster the intelligent document processing (IDP) solutions market growth.
Therefore, using the technologies like ML, AL, and NLP has simplified the major task of the companies. Also, by the adoption of various technologies by the IDP solution providers offers data analytics solutions to enhance the data mining with the decision making process.
On the basis of end-user, the market for Intelligent Document Processing Solution is segmented into BFSI, IT& Telecom, government, pharmaceutical, manufacturing, transportation and logistics, retail and e-commerce. Out of which government is expected to grow with significant CAGR.
The growth of the segment can be attributed to the increase in the demand for greater flexibility, improved data security, and advanced intelligence in the government sector. Also, the public sectors, healthcare, BFSI, and life sciences are the major industries that are responsible in generating significant revenue for the IPO solutions market.
North America is one of the largest markets for Intelligent Document Processing Solution across the globe. The growth in the region is majorly attributed to the rise in the adoption in the various industry verticals coupled with the increase in IT spending. The adoption of the advanced technologies like ML, AI, and NLP among the enterprises is significantly high in the region.
Additionally, presence of the major vendors is also responsible for the market growth in the region. Also, North America is the most quickly changing and competitive market across the globe. Further, the region is also projected to adopt new technologies at a faster pace as compared to other countries worldwide.
Europe is anticipated to hold the second largest market share of the Intelligent Document Processing Solution during the forecast period followed by North America. Germany, UK, and France are the major growth engines for the IDP market.
Industries such as transportation and logistics, BFSI, healthcare, manufacturing are at the forefront of accepting IDP solutions. Most of the enterprises are focusing towards automating internal business functions which positively impacted the market growth in the region.
Some of the leading manufacturers of Intelligent Document Processing Solution market are
The key players operating in the market are focused on acquisitions, partnerships, and new product launches in order to strengthen their presence and enhance their product portfolio in the market. For instance, in November 2020, BizXL Solutions declared the strategic partnership with Datamatics to bring Lean Automation capability and also the end-to-end digital transformation to enterprises in North America.
Also, in March 2021, ABBYY, announced the launch of Vantage 2, a no-code platform which offers the cognitive skills for automation systems, RPA robots, chatbots, and mobile solutions, permitting organizations to improve the insights from documents and content. It also launched ABBYY Marketplace, where organizations can try, and purchase reusable AI skills to fasten their automation initiatives.
By Enterprise Size
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.