Research Nester’s recent market research analysis on “Intelligent Document Processing Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global intelligent document processing market in terms of market segmentation by component, deployment mode, organization size, end user vertical, and by region.
Growing Adoption Rate of Advanced Technologies to Promote Global Market Share of Intelligent Document Processing
The global intelligent document processing market is estimated to grow majorly on account of the increased adoption of advanced technologies all around the globe. With COVID 19 pandemic, the business sectors and organizations realized the importance of automated document processing solutions. The adoption of advanced technologies like artificial intelligence, machine learning and their integration into the organization is estimated to boost the market growth in the forecast period. The organizations operational costs, efficiency, document processing speed are all positively improved with the use of intelligent document processing solutions. It is estimated that organizations on an average are allocating 64% of tech spend in operations and around 36% in the growth and innovation sectors.

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Intelligent document processing can assist businesses, among other things, with the processing of bank statements and invoices, data extraction from documents used to verify income and identity, automated data extraction for financial forms, lease agreements, sales and offering memoranda, processing of bill of lading/shipping labels, receipts, and corporate expense processing, and automated document classification. The most promising and widely used service that intelligent document processing has to offer healthcare businesses is electronic health records threat reduction Healthcare organizations may overcome problems like security, rules, budgetary constraints, and standards that stand in the way of the digital transformation process with the aid of cloud adoption. Without the additional costs of maintaining a physical server, healthcare institutions can manage electronic medical records, mobile bot management, patient portals and big data analytics using intelligent document processing.

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Some of the major growth factors and challenges that are associated with the growth of the global intelligent document processing market are:
Growth Drivers:
• Surge in Adoption Rate of Advanced Technologies
• Rising Need for improving customer experience
Challenges:
The rising concern for restraints associated with changing government and compliance standards of intelligent document processing, and the stringent regulations developed by the government of nations worldwide are some of the major factors anticipated to hamper the global market size of intelligent document processing. Management and compliance requirements need to be complied with by all vertical enterprises. Compliance will allow enterprises to address industry standards and regulations. Some companies are making major changes to their IT in order to comply with federal laws and regulations such as the General Data Protection Regulation (GDPR) Health Insurance Portability and Accountability Act. Regulations are becoming more stringent regarding the processing of documents. In addition, several difficulties for market participants are arising due to changes in compliance requirements over the last few years. With the change in management and compliance requirements, current automated workflows may be interrupted. Additionally, automated processes would have to be revised due to the new changes in governance and compliance requirements.
By indication, the global intelligent document processing market is segmented by deployment mode into cloud and on-premises. The cloud segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of this segment has been attributed to the development of cloud solutions around the world. Another factor estimated to fuel market growth is cloud solutions for intelligent document management ease of use and cost effectiveness. This has led to deployment in many areas such as Banking, Financial Services and Insurance.
By region, the North America intelligent document processing market is to generate the highest revenue by the end of 2035. The high digitization in the region as well as its uptake of technical progress have significantly contributed to market growth. In addition, the market growth in that region is expected to be supported by a rapidly growing adoption of automation technologies in Canada.
This report also provides the existing competitive scenario of some of the key players of the global intelligent document processing which includes company profiling of ABBYY, Automation Anywhere, Inc., Kofax Inc., WorkFusion, Inc., UiPath, IBM, Appian, HCL Technologies Limited, HYPERSCIENCE, AntWork and others.

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