Based on technology, the global intelligent document processing market is segmented into machine learning (ML), computer vision, natural language processing (NLP), optical character recognition (OCR), and robotic process automation (RPA). In 2024, the machine learning (ML) segment is expected to account for the largest share of the global intelligent document processing market. The large market share of this segment is attributed to the increasing use of machine learning (ML) for document classification, data capture, and extraction and continuous improvement in the ML model to achieve efficiency in document processing.
In addition, several players operating in the market utilize machine learning (ML) technology in their platforms to obtain the best extraction result. For instance, Infrrd Inc. (U.S.) provides an IDP solution that uses a combination of coherent machine learning algorithms, deep learning models, OCR capabilities, and deskew techniques and mechanisms to ensure exceptional skew correction results.
However, the natural language processing (NLP) segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing use of natural language processing (NLP) to analyze free-flowing text in documents, understand the context, and the growing application of NLP for processing semi-structured, and unstructured documents in enterprises.
In addition, several key players are increasing investment in natural language processing (NLP) technology to strengthen their intelligent document processing offerings. For instance, in August 2022, UiPath (U.S.), a leading enterprise automation software company, acquired Reinfer Ltd. (U.K.), an NLP company for unstructured documents and communications, to combine Reinfer’s NLP technology with UiPath’s Document Understanding and AI products to expands the breadth of UiPath current AI-powered automation capabilities and unlocks new automation opportunities for their customers.
Based on end users, the global intelligent document processing market is segmented into BFSI, government & public sector, education, healthcare & pharmaceutical, manufacturing, retail & E-commerce, transportation and logistics, media & entertainment, law firms, and other end users. In 2024, the BFSI segment is expected to account for the largest share of the global intelligent document processing market. The large market share of this segment is attributed to the constant generation of banking, financial, and signed forms documents on a daily basis and the increasing adoption of intelligent document processing to digitize the processing of insurance forms to reduce manual processing.
Several BFSI enterprises are integrating intelligent document processing solutions to reduce the overall work time for document processing, which is also contributing to a large market share. For instance, in June 2022, ITOCHU Corporation (Japan), one of Japan’s largest trading companies, integrated ABBYY's intelligent document processing (IDP) platform with its digital transformation (DX) platform to improve the efficiency of paper-based order transactions.
However, the government & public sector segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for digitization, modernizing government operations, and increasing use of intelligent document processing solutions to extract relevant information from legal documents, contracts, and policy reports, as well as for automatically capturing and processing financial data from invoices, receipts, and expense reports.
Key players are working with several government entities to digitize and automate the slowest, most dated document- and data-heavy processes. For instance, in March 2023, Hyperscience (U.S.), a provider of intelligent document processing solutions announced that they are on track to surpass one billion processed documents for the U.S. Government.
Based on geography, the global intelligent document processing market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global intelligent document processing market. The large market share of the region is attributed to factors such as the presence of leading intelligent document processing solutions providers such as ABBYY (U.S.), UiPath (U.S.), Tungsten Automation Corporation (U.S.), and IBM Corporation (U.S.), rising government & public sector focus on digitization of workflow, and presence of mature BFSI sector.
Also, the increasing partnerships of several key players to integrate intelligent document processing solutions into the automation platform are also contributing to the large market share of this region. For instance, in May 2023 , Pipefy Inc. (U.S.), the low-code process automation platform, partnered with ABBYY (U.S.), the industry leader in Intelligent Document Processing (IDP), to offer a powerful integrated solution. The integrated solution fuses Pipefy’s process automation capabilities with ABBYY’s optical character recognition (OCR) technology.
However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is driven by factors such as the emergence of regional players, growing government initiatives for digitization, and the increasing focus of several players on the development of intelligent document processing solutions. For instance, in May 2023, Xiao-I Corporation (China), a leading cognitive artificial intelligence (“AI”) enterprise, launched its state-of-the-art Intelligent Document Processing (“IDP”) product. This innovative solution is delivered by a smart and efficient platform that streamlines and automates the document management process, empowering businesses toward an era of intelligent operations.
Key Players:
Some of the key players operating in the global intelligent document processing market are Tungsten Automation Corporation (U.S.), ABBYY (U.S.), UiPath (U.S.), WorkFusion, Inc. (U.S.), HCL Technologies Limited (India), Infrrd Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.) SS&C Technologies Holdings, Inc. (U.S.), AntWorks (U.K.), Datamatics Global Services Limited (India), AYR, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), IRIS group SA (Belgium), Open Text Corporation (Canada), SERgroup Holding International GmbH (Germany), Rossum (U.K), Appian Corporation (U.S.), Parascript, LLC (U.S.), and Hyperscience (U.S.).
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Key questions answered in the report:
• Which are the high-growth market segments in terms of offering, deployment mode, technology, and end users?
• What is the historical market size for intelligent document processing across the globe?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, and challenges in the global intelligent document processing market?
• Who are the major players in the global intelligent document processing market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global intelligent document processing market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high-growth countries?
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