Intelligent Document Processing Market Size & Share, by Component (Solutions, Services); Deployment Mode (Cloud, On-Premises); Organization (SMEs, Large Enterprises); End-user (BFSI, Healthcare, Retail, Government, Life Sciences) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 4826
  • Published Date: Jun 13, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Intelligent Document Processing Market size was valued at USD 1.8 Billion in 2023 and is projected to exceed USD 50.23 Billion by the end of 2036, expanding at over 31.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of intelligent document processing is evaluated at USD 2.26 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.


Intelligent Document Processing Market
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Intelligent Document Processing Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Need for Improving Customer Satisfaction– It is estimated that organizations are incorporating newer technologies such as AI, Machine Learning ML to deliver the best experience to customers and gain a competitive advantage. The first factor in a better experience includes real-time updates which can be attained by using document outsourcing services.

It was estimated that 45 to 50% of organizations around the globe will adopt AI and ML into their processing system in 2023.

  • Growing Digital Transformation- Rapid digitalization has shifted businesses towards paperless and digital workflows. This has significantly driven market growth. Intelligent document processing helps in managing documents within digital systems.

By the end of 2022, it is anticipated that global spending on digital transformation would increase by over USD 1 trillion.

Challenges

  • Ever Changing Governance and Compliance Standards– The regulations and government compliance standards for document processing are becoming stricter which is leading to disruptions in workflow as automated workflows need to be reset on account of this change.
  • Lack of Skilled Professionals
  • Underestimating the Efficiency of Intelligent Document Processing Solutions

Intelligent Document Processing Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

31.6%

Base Year Market Size (2023)

USD 1.8 Billion

Forecast Year Market Size (2036)

USD 50.23 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Intelligent Document Processing Segmentation

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:

            Component

  • Solutions
  • Services

            Deployment Mode

  • Cloud
  • On-Premises

            Organization Size

  • Small
  • Medium
  • Large Enterprises

           End-User Vertical

  • BFSI
  • Healthcare
  • Retail
  •  Government
  • Life Sciences

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Intelligent Document Processing Industry- Regional Synopsis

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 2036 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.

Research Nester
Intelligent Document Processing Market Size
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Companies Dominating the Intelligent Document Processing Landscape

    • ABBYY
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Automation Anywhere, Inc.
    • Kofax Inc.
    • WorkFusion, Inc.
    • UiPath
    • IBM
    • Appian
    • HCL Technologies Ltd.
    • HYPERSCIENCE
    • AntWork

In the News

  • Automation Anywhere, Inc. introduced its next-generation intelligent document processing (IDP) solution with AI technologies along with advanced machine learning technologies to let customers take advantage of its already-trained document parsers to handle a range of application scenarios and enable businesses to automate, and streamline operations.
  • Kofax Inc. introduced TotalAgility 7.11 with improved Intelligent Document Processing (IDP), which helps in addressing crucial, unstructured data out of the box, and enables customers to automate operations 50% faster with their new Quick Robotic Process Automation designer. Further, the platform allows users to store passwords and other private information in external cloud storage services and encourages the use of automation by both business users and engineers.

Author Credits:  Abhishek Verma


  • Report ID: 4826
  • Published Date: Jun 13, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of intelligent document processing is evaluated at USD 2.26 Billion.

The intelligent document processing market size was valued at USD 1.8 Billion in 2023 and is projected to exceed USD 50.23 Billion by the end of 2036, expanding at over 31.6% CAGR during the forecast period i.e., between 2024-2036. 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.

Asia Pacific industry share is estimated to reach 24% by 2036, led by increasing investments in the digital transformation sector in the region.

ABBYY, Automation Anywhere, Inc., Kofax Inc., WorkFusion, Inc., UiPath, IBM, Appian, HCL Technologies Ltd., HYPERSCIENCE, AntWork

In the year 2024, the industry size of intelligent document processing is evaluated at USD 2.26 Billion.
Intelligent Document Processing Market Report Scope
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