United States Intelligent Document Processing (IDP) Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 33.9% from 2023 to 2033
• The U.S. Intelligent Document Processing (IDP) Market Size is Expected to Hold a Significant Share by 2033

The U.S. Intelligent Document Processing (IDP) Market Size is Anticipated to Hold a Significant Share by 2033, Growing at a CAGR of 33.9% from 2023 to 2033.

Market Overview

Intelligent document processing is the automation workflow technology that mines, reads, scans, and categorizes data from documents to enhance business process automation. It combines OCR with AI and ML algorithms to automatically process complex documents in various formats. The mechanism can deal with several categories of documents, such as papers, Word docs, PDFs, and spreadsheets, among others. The core concept of IDP is extracting important information from numerous data streams without human input. These are likely to contribute much to the market growth over the studied period. The factors driving growth in the market include increased investment in digital transformations along with the need for cost-effective and efficient solutions for document processing. Moreover, growth in digitalization across emerging geographies presents an excellent opportunity for the market. IDP solutions employ machine learning (ML), natural language processing (NLP), optical character recognition (OCR), and computer vision technologies to capture data from documents, classify the same, and extract relevant data for further integration and processing.

Report Coverage

This research report categorizes the market for the US intelligent document processing (IDP) 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 United States intelligent document processing (IDP) 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 U.S. intelligent document processing (IDP) market.

Driving Factors

No-code or low-code platforms have revolutionized how enterprises construct applications and systems. They enable users to create working applications with little technical knowledge. These platforms provide an array of benefits such as developing applications at lower development costs and making the process easy. Integration of IDP solutions with low-code or codeless applications develops completely automated work operations that process unstructured and structured data and provide vital solutions to address the continually changing requirements of business.

Restraining Factors

The major problem with IDP is that it may minimize accuracy in data mining. Accuracy is reduced in case of divergence of corporate documents from templates or the necessities of users exceed basic term extractions. It can also happen with bad-quality scans. Such factors affect the reliability of this software for the users.

Market Segmentation

The US intelligent document processing (IDP) market share is classified into function and mode of consultation.

• The finance & accounting segment is expected to hold a significant market share through the forecast period.

The United States intelligent document processing (IDP) market is segmented by function into finance & accounting, human resources, supply chain & procurement, and others. Among these, the finance & accounting segment is expected to hold a significant market share through the forecast period. This is attributed to the financial institutions utilizing IDP to automate know-your-customer (KYC) and anti-money laundering (AML) through the extraction of information from a range of documents, including IDs, utility bills, and bank statements. This creates a growing demand for intelligent document processing technology in the finance & accounts process, driving the market.

• The cloud segment is expected to dominate the US market during the projected period.

Based on the deployment model, the United States intelligent document processing (IDP) market is divided into on-premises and cloud. Among these, the cloud segment is expected to dominate the US intelligent document processing (IDP) market during the projected period. This is attributed to the cloud-based solutions typically provide the latest AI, ML, and NLP technologies to ensure that an organization gets the most up-to-date benefits. The implementation of such technologies in intelligent document processing solutions allows businesses to improve their productivity through the automation of structured format-based data processing in a large volume, which is critical for the growth of the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States intelligent document processing (IDP) 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

• ABBYY
• Hyperscience
• UiPath
• IBM Corporation
• Automation Anywhere, Inc.
• Hyland Software, Inc.
• Tungsten Automation Corporation
• Others

Key Target Audience

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

Recent Developments

• In May 2024, in response to rising demand for better-quality data to support the application of LLM, The ABBYY Marketplace announced the launch of a restyled marketplace for AI document skills. The ABBYY Marketplace is an online library of a wide-ranging scope. It allows offering different AI assets natively integrated in order to enhance capabilities available through ABBYY Vantage, the firm's low-code IDP, or intelligent document processing platform.

Market Segment

This study forecasts revenue at U.S., regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States intelligent document processing (IDP) market based on the below-mentioned segments:

United States Intelligent Document Processing (IDP) Market, By Function

• Finance & Accounting
• Human Resources
• Supply Chain & Procurement
• Others

United States Intelligent Document Processing (IDP) Market, By Deployment Model

• On-premises
• Cloud