Solutions Segment is Expected to Dominate the Global Intelligent Document Processing Market.
Factors
driving the market growth include the increasing digital transformation
investments and the need for cost-effective and efficient document processing
solutions.
According
to TechSci Research report, “Global Intelligent Document Processing Market -
By Country, Competition, Forecast & Opportunities, 2028”. The Global Intelligent
Document Processing is anticipated to project robust growth in the forecast
period with a CAGR of 25.31% through 2028. Today, worldwide businesses receive
a tremendous volume of data on daily basis. Processing unstructured and
semi-structured documents is a literally complex task for businesses. Accuracy
and speed is the prime factor which has become more important across
businesses. OCR is also available for a few years in the market for document
processing, however, speed and accuracy have not been proven to achieve as
compared to IDP. On other hand, businesses are seeking rapid speed in document
processing with great accuracy as small errors can lead to downtime and loss.
As a result, IDP has emerged as a reliable software tool that uses AI
technology for the processing of complex unstructured and semi-structured data.
Therefore, the demand has surged exponentially across businesses for the IDP
and is expected to boost even more during the projected period.Integration of
RPA with IDP solutions is expected to be a major opportunity for the market during
the forecast period. Intelligent document processing is an essential ingredient
of intelligent automation. Automation can reach only so far as data is
available to work with. With standard RPA systems, setting up data extraction
to run automation is often a separate third-party project, which adds ongoing
costs as well as fragile integration points. Effectively extracting data and
structuring information is the gateway to automating the lion’s share of
business processes that today rely on manual intervention and inputs. Embedding
IDP within the RPA platform is what enables business users to automate
processes end-to-end.
In
the wake of the COVID-19 pandemic, many life sciences organizations are seeking
efficiency and control over the regulatory process more than ever before. There
is an increased urgency for speed, accuracy, and simplified processes in the
Regulatory Information Management (RIM) space, and to prioritize projects that
will quickly deliver the most patient value. The pandemic has forced work from
home to major industries, which has surged the demand for cloud-based
deployments. In fact, the developing nation’s enterprises were on a steady pace
toward cloud adoption for the better part of the decade, Covid-19 has acted as
a catalyst for the same.
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Based
on the component, the market has been bifurcated into solutions and services.
The solutions segment accounted for the largest market share and is expected to
retain its dominance throughout the projected period. This can be attributed to
the adoption of advanced Intelligent Process Automation solutions across the
industry verticals. Solutions are being deployed on the on-premises and cloud
deployments.
Based
on the deployment, the market has been bifurcated into On-Premises and
Cloud-based. The cloud-based deployment model is expected to grow with a
significant CAGR during the forecast period. In the last couple of years,
software as a service model has gained exceptional traction among small and
large businesses. Even, large enterprises are utilizing cloud-based models by
using a hybrid cloud approach.
Based
on the technology, the market has been classified into Natural Language
Processing (NLP), Optical Character Recognition (OCR), Robotic Process
Automation (RPA), Google Vision, Deep Learning (DL), Machine Learning (ML), and
Artificial Intelligence (AI. Machine Learning (ML) was the leading segment.
Machine learning is used for data extraction and classification in intelligent
document processing solutions.
Key market
players in the Global Intelligent Document Processing Market include:
- IBM.
- WorkFusion.
- UiPath.
- HCL Technologies.
- Appian.
- Kofax.
- Adobe
- OpenText.
- ABBYY.
- Hyland Software
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“North
America accounted for the largest share of revenue in 2022. the rapid adoption
in the various industry verticals as well as the rise in IT spending. The
adoption of technologies such as AI, ML, NLP, and computer vision is
significantly high among enterprises. The presence of prominent vendors in the
region such as ABBYY, Kofax, IBM, WorkFusion, Parascript, Hyland, Automation
Anywhere, and Extract Systems is also a key factor driving the adoption of
intelligent document processing in the region. Industries such as government,
BFSI, transportation and logistics, manufacturing, and healthcare & life
sciences are at the forefront of adopting intelligent document processing
solutions.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Intelligent Document
Processing Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast
Segmented By Component (Solution,
Services), By Organization Size (SMEs, Large Enterprises), By Deployment Model
(Cloud, On Premise), By Technology (Natural Language Processing, Optical
Character Recognition, Machine Learning, Artificial Intelligence, Others), By
End Use Vertical (BFSI, Government, Healthcare, Retail, Manufacturing, Others),
By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Intelligent Document Processing Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Intelligent Document
Processing Market.
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