Intelligent Document Processing Market: Size, Restraints, Drivers, Trends, and Analysis 2024-2033

The Intelligent Document Processing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Intelligent Document Processing, The intelligent document processing market size has grown exponentially in recent years. It will grow from $1.75 billion in 2023 to $2.33 billion in 2024 at a compound annual growth rate (CAGR) of 32.9%. The growth in the historic period can be attributed to automation demand, paperless initiatives, data accuracy concerns, regulatory compliance, data security demands, cost reduction, advanced analytics needs..

The intelligent document processing market size is expected to see exponential growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 32.3%. The growth in the forecast period can be attributed to industry-specific requirements, cognitive automation, real-time processing, cross-platform compatibility, enhanced data security measures.. Major trends in the forecast period include natural language processing (nlp) advancements, hyperautomation integration, integration with robotic process automation, cloud-based idp solutions, human-in-the-loop (hitl) systems..

The growing number of IoT-connected devices is expected to propel the growth of the intelligent document processing (IDP) market going forward. IoT-connected devices refer to devices that are nonstandard computing platforms with data transmission capabilities that connect wirelessly to a network. The Internet of Things (IoT) is capable of streamlining many document processes and implications for digital documents when combined with machine learning, so growing IoT-connected devices, is expected to propel the market growth. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunication company, broadband IoT (4G/5G), which connects the majority of cellular IoT devices, reached 1.3 billion connections in 2022. Nearly 60% of cellular IoT connections are anticipated to be broadband IoT connections by the end of 2028, with 4G connecting the bulk. In terms of cellular IoT connections, North East Asia is currently in the lead, in 2023, it is predicted to surpass 2 billion connections. The growing number of IoT-connected devices is driving the intelligent document processing market.

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The intelligent document processing market covered in this report is segmented –

1) By Component: Solution, Services

2) By Deployment Model: Cloud, On Premise

3) By Technology: Natural Language Processing (NLP), Optical Character Recognition (OCR), Robotic Process Automation (RPA), Google Vision, Deep Learning (DL), Machine Learning (ML), Artificial Intelligence (AI)

4) By Organization Size: SMEs (Small And Medium Enterprises), Large Enterprises

5) By End Use Vertical: Banking, Finance Services, And Insurance (BFSI), Government, Healthcare, Retail, Manufacturing, Other End Use Verticals

Product Innovation are a key trend gaining popularity in the intelligent document processing market. Major companies operating in the intelligent document processing market are focusing on product innovation to sustain their position in the market. For instance, in March 2021, ABBYY, a US-based digital intelligence company launched Vantage 2. Vantage 2 platform delivers cognitive skills for RPA robots, automation systems, chatbots, and mobile solutions, that enable organizations to gain insights from documents and content. Business users can use Vantage 2 in their applications such as invoice processing, accounts receivable, claims processing, mortgage lending, and customer onboarding.

The intelligent document processing market report table of contents includes: