The Intelligent Document Processing Market size is projected to grow from USD 0.8 billion in 2021 to USD 3.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast period. The major factors driving the growth of the Intelligent Document Processing market include 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.
Based on component, the services segment is expected to grow at a higher CAGR during the forecast period
With rising technological advancements, the demand for intelligent document processing solutions is expected to rise. This is projected to fuel the demand for intelligent document processing services. Services offered by most intelligent document processing solution vendors include professional services and managed services. Intelligent document processing services play a crucial role for every solution vendor as clients expect seamless integration of the solution as well as training and support of the provided solution with the enterprise’s system.
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Based on deployment, the cloud segment is expected the segment to grow at a higher CAGR during the forecast period
Cloud deployment offers various benefits to organizations. These benefits include easy availability and scalability. The cloud deployment mode also provides multiple benefits, including reduced operational costs and hassle-free deployments. The cloud deployment for intelligent document processing while using different disruptive technologies is expected to grow with the increasing awareness of the benefits of cloud-based solutions. The cost-effectiveness and scalability of cloud deployment are expected to boost the growth of cloud-based intelligent document processing solutions.
Major Intelligent Document Processing vendors include ABBYY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian (US) UiPath (US), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (US), Hyperscience (US), OpenText (Canada), Hyland (US), Extract Systems (US), Infrrd (US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (Czech Republic), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), (Evolution AI (England), BIS (US), and AmyGB (India). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
ABBYY (US) is one of the leading vendors in the Intelligent Document Processing market. The company offers diverse solutions for business processes, such as enterprise automation, accounts payable automation, process intelligence, content intelligence, customer experience management, robotic process automation, mobile capture, document archiving, forms processing, and document classification. ABBYY offers FlexiCapture, FlexiCapture for Invoices, FineReader, FineReader Engine, Vantage, and Mobile Capture in the intelligent document processing market. These products use NLP, ML, and advanced recognition capabilities to handle unstructured documents. The company focused on both the organic and inorganic growth strategy to enhance its position in the Intelligent Document Processing market. For instance, 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. In October 2020, ABBYY acquired Pericom Singapore to expand its footprint in the Asia Pacific region. The acquisition strengthens ABBYY’s presence in the Asia Pacific region.
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Kofax (US) is another provider of intelligent document processing solutions and service across the globe.
The company provides a diverse portfolio of products and services. It provides solutions across various industries, including banking, government, insurance, and transport and logistics. Kofax’s Intelligent Automation software platform helps organizations transform information-intensive business processes, reduce manual work and errors, minimize costs, and improve customer engagement. The company majorly focuses on both organic and inorganic growth strategies to improve its place in the intelligent document processing market. For instance, in March 2020, Kofax enhanced the Kofax ControlSuite, by launching a new update. The update provides seamless integration with Kofax TotalAgility, providing more comprehensive cognitive capture, transformation, and process automation capabilities to ControlSuite users. In April 2020, Kofax and ImageTech Systems, Inc. launched a loan processing solution providing financial institutions with cognitive capture, software robots and process orchestration capabilities to expedite loan applications submitted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP).
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