Global Intelligent Document Processing Market Insights Forecasts to 2033

• The Global Intelligent Document Processing Market Size was Valued at USD 1.74 Billion in 2023.
• The Market Size is Growing at a CAGR of 32.33% from 2023 to 2033.
• The Worldwide Intelligent Document Processing Market Size is Expected to Reach USD 28.64 Billion by 2033.
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Intelligent Document Processing Market Size is Anticipated to Exceed USD 28.64 Billion by 2033, Growing at a CAGR of 32.33% from 2023 to 2033.

Market Overview

Intelligent document processing (IDP) is an advanced system that collects and analyzes documents utilizing a variety of technologies, including natural language processing (NLP), optical character recognition (OCR), computer vision, and machine learning (ML). Businesses can leverage IDP-extracted data to decrease manual work and identify insights in both structured and unstructured documents. The increasing focus that enterprises are placing on digital transformation, the necessity of effective document management, and the increasing integration of artificial intelligence (AI) and machine learning (ML) technology into business processes are all major contributors to the substantial demand for intelligent document processing. According to the IBM Global AI Adoption Index Report 2022, 35% of businesses reported utilizing AI to improve task automation and cut expenses. AI-powered document processing also speeds up corporate decision-making by properly extracting important insights from papers and integrating them into systems or processes. IDP developed into one of the most important tools for companies undergoing digital transformation as more and more embraced digital technologies. The abrupt move to remote work necessitated the creation of centralized data repositories that provided access to material from any device, regardless of location or time. IDP enabled the centralization of documents by granting access to users with the required permissions. Furthermore, it dramatically reduced physical interactions and paper-intensive operations, which helped to improve safety. The need for widespread integration of digital technologies to combat uncertain business dynamics may propel the worldwide intelligent document processing market post-pandemic.

Report Coverage

This research report categorizes the market for the global Intelligent document processing market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global intelligent document processing market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global intelligent document processing market.

Driving Factors

Digital transformation has long been a board-level subject and business objective. Enterprises and mid-market firms have invested in digital, AI, and automation to increase revenue, save expenses, provide a unique customer experience, and fundamentally change the way they do business. All of these initiatives rely heavily on actionable data to accomplish their value propositions. Companies that provide intelligent document processing solutions are likely to focus on seamless integration with existing enterprise systems such as customer relationship management (CRM) platforms, enterprise resource planning (ERP) systems, and content management systems (CMS). This integration intends to improve business processes and overall efficiency. This is projected to provide numerous profitable opportunities in the global intelligent document processing market throughout the forecast period.

Restraining Factors

Rules governing document processing are becoming tougher. In addition, new compliance regulations in recent years have presented numerous hurdles for market participants. Existing automated workflows can be disrupted by changing governance and compliance requirements. Furthermore, automated workflows would need to be reset to meet new governance and compliance standards. As a result, the necessity to manage these shifting governance and compliance standards acts as a constraint for the adoption of intelligent document processing technologies.

Market Segmentation

The global intelligent document processing market share is classified into component, deployment mode, technology, and end user.

• The services segment is expected to hold the largest share of the global intelligent document processing market during the forecast period.   

Based on the component, the global intelligent document processing market is categorized into solution and services. Among these, the services segment is expected to hold the largest share of the global intelligent document processing market during the forecast period. Intelligent document processing services are critical for all solution manufacturers since clients are expecting smooth integration of the solution, as well as training and support for the offered solution with the enterprise's system. With the increasing adoption of intelligent document processing systems, the need for these supporting services is predicted to expand as they assist organizations in lowering costs, boosting overall revenue, and improving overall performance.

• The cloud segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the deployment mode, the global intelligent document processing market is categorized into cloud, and on-premises. Among these, the cloud segment is expected to grow at the fastest CAGR during the forecast period. Organizations utilizing IDP are increasingly turning to cloud-based solutions to improve their document operations. Cloud-based IDP solutions, such as those offered by leading providers, enable users to securely upload, process, and manage documents via the Internet. These systems usually contain advanced AI and machine learning capabilities to ensure consistent data extraction, allowing users to access the platform from any location with an internet connection. Using a cloud-based IDP solution provides the organization with the agility, scalability, and accessibility that the cloud environment offers. Furthermore, the pay-as-you-go pricing model aligns with the company's changing document processing needs, decreasing costs while enhancing overall efficiency.

• The machine learning (ML) segment is expected to hold a significant share of the global intelligent document processing market during the forecast period.

Based on the technology, the global intelligent document processing market is categorized into machine learning (ML), artificial intelligence (AI), natural language processing (NLP), optical character recognition (OCR), robotic process automation (RPA), Google Vision, and deep learning (DL). Among these, the machine learning (ML) segment is expected to hold a significant share of the global intelligent document processing market during the forecast period. To increase document processing efficiency, machine learning (ML) is being used more frequently for document classification, data capture, and extraction, and the ML model is being continuously improved. In addition, numerous market competitors use machine learning (ML) technology in their platforms to achieve the greatest extraction results. For example, Infrrd Inc. (U.S.) offers an IDP solution that combines coherent machine learning algorithms, deep learning models, OCR capabilities, and deskew approaches and procedures to achieve excellent skew correction outcomes.

• The BFSI segment is predicted to dominate the global intelligent document processing market during the forecast period.

Based on the end user, the global intelligent document processing market is categorized into BFSI, government, healthcare & life sciences, retail & e-commerce, manufacturing, transportation & logistics, and others. Among these, the BFSI segment is predicted to dominate the global intelligent document processing market during the forecast period. The BFSI sector faces numerous issues due to the difficulty of managing massive amounts of documents and back-office inefficiencies. Banks frequently deal with time-consuming and repetitive tasks. In addition, the function of financial auditors is very complex and prone to human errors. To address these difficulties, the BFSI sector is increasingly relying on innovative technologies such as IDP. This technology enables BFSI institutions to accurately automate repetitive processes, improve overall business efficiency, and provide a better experience to both staff and customers.

Regional Segment Analysis of the Global Intelligent Document Processing Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global intelligent document processing market over the forecast period.

North America is projected to hold the largest share of the global intelligent document processing market over the forecast period. The Intelligent Document Processing (IDP) market in the United States is expanding rapidly as a result of IDP solutions' capacity to improve efficiency and competitiveness across multiple industries. For example, the healthcare industry in the United States has adopted IDP to manage massive amounts of patient records, billing papers, and insurance claims, improving operations and lowering administrative overhead. Furthermore, the financial sector has used IDP to automate mortgage applications and improve Know Your client (KYC) procedures, resulting in better client experiences and compliance. In addition, the pandemic has hastened the trend to remote work, increasing demand for IDP solutions that digitize and automate document-centric operations, making the United States an ideal market for IDP innovation and growth.

Asia Pacific is expected to grow at the fastest CAGR growth of the global intelligent document processing market during the forecast period. APAC countries are experiencing an increase in the use of new technologies, rising investments in digital transformation, and growing GDP. This is due to the existence of fast-growing economies like China, Japan, and India. Rapid economic development, globalization, digitalization, and greater acceptance of cloud-based technologies are some important drivers driving market expansion in this region. Interconnection of the markets for intelligent document processing.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global intelligent document processing market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• IBM
• Appian.
• HCL Technologies Limited
• ABBYY
• UiPath
• HYPERSCIENCE
• AntWorks
• Datamatics Global Services Limited
• Automation Anywhere, Inc.
• Kofax Inc.
• WorkFusion, Inc.
• Others

Key Market Developments

• In May 2023, ABBYY, an intelligent automation firm, and Pipefy, a process automation platform, have formed a cooperation to provide an integrated solution for insurance, finance, and human resource operations. This integrated solution combines ABBYY's Optical Character Recognition (OCR) technology with Pipefy's process automation capabilities to reduce time-consuming manual document processing.

• In May 2023, Xiao-I Corporation, a China-based cognitive intelligence company, has unveiled an Intelligent Document Processing solution. This solution combines advanced technologies including optical character recognition (OCR), natural language processing (NLP), machine learning, and computer vision to create RPA and IDP systems.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global intelligent document processing market based on the below-mentioned segments: 

Global Intelligent Document Processing Market, By Component

• Solution
• Services

Global Intelligent Document Processing Market, By Deployment Mode

• Cloud
• On-Premises

Global Intelligent Document Processing Market, By Technology

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

Global Intelligent Document Processing Market, By End User

• BFSI
• Government
• Healthcare & Life Sciences
• Retail & E-Commerce
• Manufacturing
• Transportation & Logistic
• Others

Global Intelligent Document Processing Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa