Global Intelligent Document Processing Market Report and Forecast 2024-2032

Global Intelligent Document Processing Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global intelligent document processing market size reached approximately USD 4.51 billion in 2023. Aided by the increasing push towards automation to reduce manual labour, is estimated to grow at a CAGR of 34.7% between 2024 and 2032, reaching a value of nearly USD 65.87 billion by 2032.

The global intelligent document processing market is rapidly expanding as businesses across various industries seek to enhance efficiency, accuracy, and productivity in document management. This market evolution is propelled by the integration of artificial intelligence (AI) and machine learning (ML) technologies, which automate the extraction and processing of data from a myriad of document types.

Intelligent document processing (IDP) refers to the use of AI-driven technologies to automate the processing of documents by extracting, learning, and managing the data they contain. Unlike traditional document management systems, IDP solutions employ natural language processing (NLP), optical character recognition (OCR), machine learning, and other advanced technologies to handle unstructured and semi-structured data efficiently. This capability allows IDP systems to interpret, categorise, and convert documents into actionable, structured information, significantly reducing the need for manual data entry and enabling more complex data interactions.

In today's fast-paced business environment, there is a significant push towards automation to reduce manual labour, minimise errors, and increase output. The intelligent document processing market is at the forefront of this movement, offering robust solutions that automate the processing of documents such as invoices, receipts, forms, and emails. This automation extends beyond mere data extraction to include context understanding and decision-making based on the content of documents.

IDP technologies are increasingly being integrated with robotic process automation (RPA) and broader AI capabilities to create more comprehensive automation solutions. This integration enables the seamless handling of tasks from data extraction to action implementation, such as initiating transactions or updating databases, based on the information processed. For instance, in the financial sector, IDP can extract data from loan applications and integrate it with RPA to perform credit checks and initial applicant screenings automatically.

With the growing volume of data handled by organisations, compliance with data protection regulations and security standards is becoming more critical, which creates new opportunities for the global intelligent document processing market growth. IDP systems are being designed with advanced security features to manage sensitive information securely. Encryption, access controls, and audit trails are standard features, ensuring that data processed through IDP systems complies with regulations such as GDPR in Europe or HIPAA in the United States.

The adoption of cloud-based IDP solutions is expected to boost the global intelligent document processing market value due to their scalability, ease of integration, and cost-effectiveness. Cloud platforms facilitate remote document processing and management, which is particularly advantageous for organisations with distributed workforces or those requiring extensive collaboration across geographic locations. Furthermore, cloud-based IDP solutions offer the flexibility to handle peak loads effectively and integrate with other cloud services, enhancing their functionality and reach.

The global intelligent document processing market expansion is propelled by growing applications of IDP across a range of industries beyond the traditional sectors of banking, finance, and insurance. Healthcare, logistics, government, and even the legal field are leveraging IDP to manage documents that are critical to their operations. In healthcare, for example, IDP helps in processing patient forms and medical records, while in logistics, it can automate the extraction of data from shipping documents, invoices, and customer forms.

Improvements in NLP are making IDP systems increasingly proficient at handling documents in multiple languages and various formats. This capability is crucial for global organisations that deal with documents from different regions and in different languages. Enhanced NLP allows for a more accurate interpretation of semantics and intent in documents, which improves the overall quality and utility of the data extracted.

As IDP technology becomes more sophisticated, there is a significant global intelligent document processing market trend towards developing user-friendly platforms that require minimal setup and training. This approach is designed to make IDP accessible to non-technical users, allowing them to configure and use these systems without in-depth programming knowledge or specialised training. The focus is on intuitive interfaces and AI-driven guidance to simplify the management and processing of documents.

Market Segmentation

The global intelligent document processing market can be divided based on component, organisation size, deployment, technology, end use, and region.

Market Breakup by Component

• Solution
• Services

Market Breakup by Organisation Size

• Small and Medium Sized Enterprises (SMEs)
• Large Size Enterprises

Market Breakup by Deployment

• Cloud
• On-premise

Market Breakup by Technology

• Natural Language Processing
• Optical Character Recognition
• Machine Learning
• Artificial Intelligence
• Others

Market Breakup by End Use

• BFSI
• Healthcare
• Manufacturing
• Retail
• Government and Public Sector
• Transportation and Logistics
• IT and Telecom
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global intelligent document processing market. Some of the major players explored in the report by Expert Market Research are as follows:

• ABBYY Development Inc.
• Automation Anywhere, Inc.
• IBM Corporation
• HCL Technologies Limited
• Kofax Inc.
• WorkFusion, Inc.
• Appian Corporation
• Datamatics Global Services Limited.
• UiPath
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.