Global Intelligent Document Processing Solution Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global intelligent document processing solution market is estimated to garner a revenue of ~USD 8 billion by the end of 2031 by growing at a CAGR of ~40% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 1 billion in the year 2021. The growth of the market can primarily be attributed to the rising digitization worldwide. For instance, it is estimated that, approximately 70% of the world’s GDP will undergo digitization by 2022.
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Digitalization and modernization of industries are leading to the generation of huge amount of data. Data processing has become paramount to the business's success as conventional data processing methods leaves a business prone to inaccuracies and process inefficiencies. To manage huge volumes of this data intelligent document processing solution are employed to deliver insights with speed and accuracy. With the help of intelligent document processing solution unstructured and semi-structured data can be converted into structured one which can be used for further information. It provides end-to-end automation to document-centric business processes. The demand for intelligent document processing solution is on the rise because of increasing amount of data generation, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global intelligent document processing solution market during the forecast period. For instance, according to estimates, in the year 2020, on an average each individual generated more than 1.5 MB of data per second worldwide.
Global Intelligent Document Processing Solution Market: Growth Drivers and Challenges
Upsurge in ICT Spending on New Technologies – New technologies such as robotics, artificial intelligence, and augmented reality (AR) / virtual reality (VR) are expected to represent more than 25% of ICT spending in near 5-10 years, which will further drive the demand for market automation processes such as intelligent document processing solution.
Rising Adoption of Marketing Automation –According to estimates, as of 2022, on an average more than 50% of companies in the world are using marketing automation, with around 41% of B2B companies planning to adopt the technology.
Increasing Automation in Banking Sector –Digital transformation calls for plenty of processes requiring documented data, which is done with the help of intelligent document processing. The boost in fintech funding is estimated to increase the demand for intelligent document processing solutions. For instance, as per estimates, overall fintech funding was estimated to reach ~USD32.5 billion in 2018.
Growing Number of IoT connected devices –As IoT has great implications for digital documents when combined with machine learning, the demand for overall document management system (DMS) including intelligent document processing solution is expected to increase. It has been found that, the number of connected IoT devices was more than 12 billion globally in 2021.
- Probability of Inaccuracy in Processing Documents
- Concern of Data Validation and the Rules Applied
- Lack of Industry Specific Processing Solution
The intelligent document processing solution market is segmented and analyzed for demand and supply by deployment into cloud and on-premise. Amongst these segments, the cloud segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing trend of industry-specific cloud applications along with the surge in the cloud infrastructure services worldwide. It has been estimated that global spending on cloud infrastructure services grew 33% year on year, accounting for more than 62 billion in the second quarter of 2022.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Intelligent Document Processing Solution Market Regional Synopsis
Regionally, the global intelligent document processing solution market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, backed by the growing healthcare network automation in the region along with increasing patient documentation and a surge in healthcare spending. According to the Centers for Medicare & Medicaid Services, in 2020, healthcare spending increased 9.7%, accounting for ~USD 4.1 trillion in the United States.
The global intelligent document processing solution market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global intelligent document processing solution market includes the following segments:
Top Featured Companies Dominating the Global Intelligent Document Processing Solution Market
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- ABBYY Solutions
- IBM Corporation
- Kofax Inc.
- WorkFusion, Inc.
- HCL Technologies Ltd.
- Automation Anywhere, Inc.
- Datamatics Global Services Limited
- Parascript, LLC