Intelligent Document Processing Market Size Worth $18.89 Billion By 2032 | CAGR: 29.50%

The global intelligent document processing market size is expected to reach USD 18.89 billion by 2032, according to a new study by Polaris Market Research. The report “Intelligent Document Processing Market Share, Size, Trends, Industry Analysis Report, By Technology; By Component; By Deployment Mode; By End-Use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Implementation of cloud-based deployments, financing in digitalization, & growing need for businesses to process the huge amounts of unstructured documents propelling the market growth. Processing unstructured and semi-structured information is a difficult task for corporations. Accuracy and speed are the primary factors that have increased in relevance for businesses.

On the other hand, businesses strive for quick document processing with high accuracy because even little mistakes can result in disruption and loss. In December 2020, KnowledgeLake is improving its automated, end-to-end smart document processing and management solutions by updating its signatures platform. The platform from KnowledgeLake controls and improves every step of document collection, ingestion, categorization, reviews, authorization, and management solutions. As a result, IDP has become a trustworthy software solution that processes complex unstructured and semi-structured data using AI technology.

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Additionally, no matter the size of the firm, intelligent document processing is necessary to compete in the market. Since SMEs typically have small resources and few options for marketing and increasing their exposure, cost-effectiveness is a crucial necessity for them so they are adopting SaaS-based IDP solutions because of financial constraints. In January 2020, Jidoka RPA platform creator Novayre Solutions SL was purchased by Appian. With the addition of world-class workflow, AI, and RPA capabilities, this acquisition sought to establish Appian as a one-stop shop for automating.

Intelligent Document Processing Market Report Highlights

• Cloud segment is anticipated to grow at a maximum CAGR over the forecast period. Software as a service concept has been extremely popular among both small and large organizations over the past few years. A hybrid cloud strategy is being used by numerous large businesses to implement cloud-based models.
• The solutions segment accounted for a major global revenue share. This is due to the widespread use of sophisticated intelligent processing software solutions throughout all business sectors. Using both on-premises and cloud deployments to deploy services
• Asia-Pacific is expected to grow significantly over the projected period. The market has grown quickly in the region as a result of greater automation across all industrial verticals.
• The global players include ABBYY Solutions, AntWorks, Automation Anywhere, Appian Corporation, Deloitte, IBM Corporation, Kodak Alaris, Kofax Corp., OpenText, UiPath Inc., and WorkFusion.

Polaris Market Research has segmented the intelligent document processing market report based on component, technology, deployment mode, end-use, and region:

Intelligent Document Processing, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Solutions
• Services

Intelligent Document Processing, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Natural Language Processing (NLP)
• Optical Character Recognition (OCR)
• Machine Learning (ML)
• Artificial Intelligence (AI)
• Robotic Process Automation (RPA)
• Google Vision
• Deep Learning (DL)

Intelligent Document Processing, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• BFSI
• Government
• Healthcare and Life Sciences
• Retail and E-Commerce
• Manufacturing
• Transportation and Logistics
• Others

Intelligent Document Processing, Deployment Mode Outlook (Revenue - USD Billion, 2019 - 2032)

• Cloud
• On-premises

Intelligent Document Processing, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa