Intelligent Document Processing Market size is poised to reach USD 122 Billion by the end of 2035, growing at a CAGR of 40.50% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of intelligent document processing was USD 2 Billion. The reason behind the growth is impelled by the rising need for enterprises to process large volumes of structured and unstructured documents with utmost accuracy and speed. For instance, according to various reports, more than 75% of business data at present are unstructured. This necessitates the use of intelligent document processing which is one of the most potent techniques since it allows businesses to handle massive amounts of unstructured data and turns it into meaningful information that individuals can utilize to make informed business decisions.
The rise in the adoption of advanced technologies is believed to fuel market growth. By integrating several technologies, intelligent document processing can increase business operation efficiency and improve document outsourcing. Corporate operations refer to the use of intelligent document processing along with technologies including OCR, ML, and NLP. It is estimated that organizations on average are allocating 64% of tech spend in operations and around 36% in the growth and innovation sector.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~40.50% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 122 Billion |
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Regional Scope |
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Growth Drivers
It was estimated that 45 to 50% of organizations around the globe will adopt AI and ML into their processing system in 2023.
By the end of 2022, it is anticipated that global spending on digital transformation would increase by over USD 1 trillion.
Challenges
Deployment (Cloud, On-Premises)
The cloud segment in the intelligent document processing market is estimated to gain a robust revenue share of about 57% in the coming years owing to the increasing development of cloud solutions. For instance, ABBYY Vantage OCR skill automated cloud OCR service was launched in 2022, and this can help with converting unstructured documents into structured and actionable content within less time. Cloud-based intelligent document processing is cost-effective, provides analytics capabilities, and helps in tracking performance.
According to estimates, global end-user spending on public cloud services will increase by over USD 590 billion in 2023.
End-User (BFSI, Healthcare, Retail, Government, Life Sciences)
The BFSI segment in the intelligent document processing market is set to garner a notable share shortly owing to the large volume of documents processed daily by the BFSI sector in regard to providing products and services. With the COVID-19 pandemic, the BFSI sector witnessed a massive shift to AI as supply chains were disrupted and manual processing was halted.
According to reports, the BFSI sector’s CEOs have quoted the need for AI-enabled Intelligent Document Processing solutions that can help with productivity and overall revenue. Besides this, the need for seamless execution of transactions and ensuring streamlined workflow is also projected to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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North American Market Forecast
Intelligent document processing market in North America is predicted to account for the largest share of about 35% by the end of 2035 impelled by expanding businesses and their need to automate internal operations. This, as a result, has generated a larger volume of documents which has necessitated the need for intelligent document processing to handle the growing workload in the region.
Moreover, automating internal operation business in the region has reduced the need for manual data entry which has improved the overall productivity and increased the focus on higher-value activities. In 2022, foreign direct investors spent over USD 175 billion on purchasing, establishing, or growing enterprises in the United States.
APAC Market Statistics
The Asia Pacific Intelligent Document Processing market is estimated to hold the second largest of about 24%, during the forecast timeframe led by increasing investments in the digital transformation sector. The acceleration of India's digital revolution can be attributed to the rise in private sector investments, and the country’s growing digital infrastructure is being used by several sectors, including health, education, retail, and financial services owing to which these industries are moving away from paper-based processes. This as a result is creating huge demand for intelligent document processing solutions in the region.
For instance, research cites that digital transformation spending in the Asia Pacific is forecast to reach USD 540 billion by 2024, making a growth of about 18% from 2022.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The rising need for enterprises to process large volumes of structured and unstructured documents with utmost accuracy and the rise in the adoption of advanced technologies are the major factors driving the growth of the market.
Ans: The market size of intelligent document processing is anticipated to attain a CAGR of 40.50% over the forecast period, i.e., 2023 – 2035.
Ans: The major players in the market are Automation Anywhere, Inc., Kofax Inc., WorkFusion, Inc., UiPath, IBM, Appian, HCL Technologies Ltd., HYPERSCIENCE, and AntWork.
Ans: The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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