Leading intelligent document processing market players include ABBYY, Automation Anywhere, Inc. Kofax Inc., WorkFusion, Inc., UiPath, IBM, Appian, HCL Technologies Ltd., HYPERSCIENCE, and AntWork.
New York, Oct. 09, 2023 (GLOBE NEWSWIRE) — The global intelligent document processing market size is expected to expand at ~40.50% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 122 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The major factor for the growth of the market is growing banking activities. In 2021, about 76 percent of people worldwide had accounts, including 71 percent of residents of developing nations. These customers owing an account in bank perform various tasks. Banking companies must process many documents every day, including credit card applications and cheque payments. This sector, by its very nature, heavily depends on Intelligent Document Processing to streamline key processes and lower the possibility of a mistake.
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Additionally, the prevalence of fraud in banking sector is also growing which has necessities the adoption of intelligent banking processing. Government identification cards are perhaps the most often counterfeit document kind. Moreover, the bank asserts that, as opposed to the about 5 million accounts that were sold, the platform only had close to 400,000 valid customer accounts. The data retrieved from the documents by IDP platforms may be instantly pushed into the bank’s fraud detection systems. The software’s integration with already-in-place security procedures improves the banks’ ability to spot fraud and protects them against the dangers posed by applications that aren’t authentic.
Growing Human Error to Boost the Growth of Global Intelligent Document Processing Market
Unfortunately, mistakes committed by humans do occur, especially when one is attempting to input a lot of data rapidly. Particularly in the age of GDPR, this may have a number of detrimental effects for a company. A human element has been blamed for about 81% of data breaches, which includes cases in which employees directly disclose information (for instance, by misconfiguring databases) or make an error that allows cyber thieves to access the organization’s systems. However, since Intelligent Document Processing solutions eliminate away with the requirement for manual labor and data entry, this may substantially reduce the danger of human mistake in addition to handling any abnormalities or problems.
Intelligent Document Processing Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Number of Business to Drive the Market Share in North America
The intelligent document processing market in North America is projected to generate the highest share of about 35% over the projected period. The major element influencing the growth of the market in this region is growth in number of business. About 7 billion businesses is projected to be present in North America currently. Additionally, North America has competitive environment for market to grow which is why many organizations are getting encouraged to adopt the intelligent document processing.
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Growing E-Commerce to Influence the Market Expansion in Asia Pacific
The market for intelligent document processing in Asia Pacific is set to grow at a share of about 24% over the coming years. This could be owing to rising online purchase in this region. It was predicted that between 2023 and 2027, there is projected to be a total of about 0.5 billion more consumers in Asia’s e-commerce market. The statistic is predicted to surpass approximately 2 billion users and, consequently, an all-time high in 2027 after the ninth straight year of growth. As a consequence, the adoption of intelligent document processing is being influenced. With the assistance of IDP solutions, order processing, returns processing, and inventory management may all be automated, increasing operational effectiveness and lowering mistake rates.
Intelligent Document Processing, Segmentation by Organization Size
- Small
- Medium
- Large Enterprises
The large enterprises segment is estimated to generate the largest revenue by the end of 2035. The major factor influencing the market growth is growth in number of large enterprises. In 2021, there was expected to be about 351,519 major enterprises with 250 or more employees worldwide, up from close to 337,522 in 2020. Large enterprises has huge data to handle due to which the demand for intelligent document processing is growing.
Intelligent Document Processing, Segmentation by Deployment
- Cloud
- On-Premises
The cloud segment is poised to capture the largest market revenue by the end of 2035. The growth of the segment can be dominated by growing investment on cloud. End-user investment on public cloud services has been projected to surge by about 20% to close to USD 596 billion in 2023, up from approximately USD 490 billion in 2022.
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A few of the well-known market leaders in the intelligent document processing market that are profiled by Research Nester are ABBYY, Automation Anywhere, Inc. Kofax Inc., WorkFusion, Inc., UiPath, IBM, Appian, HCL Technologies Ltd., HYPERSCIENCE, AntWork, and others.
Recent Development in the Intelligent Document Processing Market
- In order to let customers, take advantage of its already-trained document parsers to handle a variety of application scenarios and enable businesses to automate and streamline operations, Automation Anywhere, Inc. introduced its next generation intelligent document processing (IDP) solution with Al technologies along with advanced machine learning technologies.
- Kofax Inc. unveiled TotalAgility 711 with enhanced Intelligent Document Processing (IDP), which aids in “addressing critical, unstructured data out of the box” and allows users to automate activities 50% faster with their new Quick Robotic Process Automation designer. Additionally, the platform supports the use of automation by both business users and engineers while allowing users to store passwords and other sensitive information in external cloud storage providers.
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