Intelligent Document Processing Market Innovations, Technology Growth and Research -2027
According to a research report “Intelligent Document Processing Market Report by Component (Solutions, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Vertical (BFSI, Government, Healthcare and Life Sciences) and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global Intelligent Document Processing market size is expected to grow from USD 1.1 billion in 2022 to USD 5.2 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 37.5% during the forecast period. The major factors driving the growth of the Intelligent Document Processing market include the shift toward digital transformation, increasing adoption of cloud-based document processing solutions, and rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed.
Based on component, the solution segment is projected to hold the largest market size during the forecast period
Intelligent document processing solutions help transform unstructured and semi-structured information into usable data. The growing need to automate the documentation process is expected to drive the adoption of intelligent document processing solutions. Organizations can significantly reduce the time and cost needed to model and implement business processes, services, and applications with Intelligent document processing solutions. The rising need for streamlining business flows, adapting intelligent processes, and continuously improving workflows to become more responsive to customers’ dynamic requirements is driviibg the adiption of intelligent document processing solutions.
Based on deployment, the cloud segment is expected the segment to grow at a higher CAGR during the forecast period
The cloud-based deployment mode allows users to access intelligent document processing solutions from anywhere or from any device, such as Personal Computers (PCs), laptops, and mobiles. Implementing cloud-based intelligent document processing solutions help SMEs and large enterprises focus on their core competencies rather than IT processes. The cloud-based deployment of intelligent document processing has made it easy for users to apply predictive capabilities to the entire organization Large-scale offerings of intelligent document processing solutions through the cloud model would increase customer reliance on such solutions and enhance their penetration across SMEs.
Based on organization size, the large enterprises segment is expected to hold the highest market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The demand for intelligent document processing among large enterprises is higher than among SMEs. This is due to the affordability and high economies at stake that enables organizations to adopt intelligent document processing. Companies spend a significant amount to adopt intelligent tactical techniques. Large enterprises are the leading adopters of intelligent document processing solutions and services due the rising need for operational efficiency drives the demand for intelligent document processing solutions among large enterprises.
APAC is expected to grow at a higher CAGR during the forecast period
The Intelligent document processing market has been segmented into five regions: North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America. Due to growing technology adoption APAC is expected to register the highest CAGR in the intelligent document processing market during the forecast period.In APAC, China, Japan, and India are expected to drive the overall market. Rapid economic development, globalization, digitalization, and increased adoption of cloud-based technologies are other key factors driving the growth of the intelligent document processing market in this region. Further, banking industry in APAC countries is continuously investing in cutting-edge solutions to enhance customers’ banking experience. This will drive the adoption of intelligent document processing solutions and services in APAC.
Major vendors operating in the intelligent document processing vendors include ABBY (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 (UK), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), Evolution AI (England), BIS (US), and AmyGB (India), Acodis (Switzerland), Ocrolus (US), Hive (California), Hypatos (Germany), and IN-D (Singapore).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
