The global Intelligent Document Processing Market size was valued at USD 1.8 billion in 2023. It is projected to reach from USD 2.5 billion in 2024 to USD 2.9 billion by 2032, growing at a CAGR of 35.4% during the forecast period (2024–2032).
Intelligent Document Processing (IDP) Market Analysis, Size, Share, Growth, Trends, and Opportunities
Market Definition and Latest Trends
Intelligent Document Processing (IDP) refers to the automated processing of documents using artificial intelligence (AI) and machine learning (ML) technologies. IDP enables organizations to extract relevant data from documents, classify and categorize them, and automate business processes. The latest trends in IDP include the increasing adoption of cloud-based solutions, the integration of IDP with other technologies such as robotic process automation (RPA) and natural language processing (NLP), and the growing demand for IDP solutions in industries such as BFSI, healthcare, and government.
Market Size and Growth
The global Intelligent Document Processing Market size was valued at USD 1.8 billion in 2023. It is projected to reach from USD 2.5 billion in 2024 to USD 2.9 billion by 2032, growing at a CAGR of 35.4% during the forecast period (2024–2032).
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Market Segmentation
The Intelligent Document Processing Market is segmented based on component, deployment mode, technology, and end-user.
By Component
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Solution
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Services
By Deployment Mode
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Cloud
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On-Premises
By Technology
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Natural Language Processing (NLP)
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Optical Character Recognition (OCR)
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Machine Learning (ML)
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Artificial Intelligence (AI)
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Robotic Process Automation (RPA)
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Google Vision
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Deep Learning (DL)
By End-User
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BFSI
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Government
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Healthcare and Life Sciences
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Retail and E-Commerce
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Manufacturing
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Transportation and Logistics
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Others
Key Players
Some of the key players in the Intelligent Document Processing Market include:
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ABBYY
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IBM
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Kofax
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WorkFusion
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Automation Anywhere
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Appian
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UiPath
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Datamatics
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AntWorks
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Parascript
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Hyperscience
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OpenText
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Hyland
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Extract Systems
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Infrrd
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Celaton
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HCL Technologies
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Kodak Alaris
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Rossum
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InData Labs
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Ephesoft
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IRIS
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Evolution AI
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BIS AmyGB
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Growth Factors and Opportunities
The growth of the Intelligent Document Processing Market can be attributed to several factors, including:
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Increasing demand for automation and digital transformation
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Growing need for efficient document processing and management
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Rising adoption of cloud-based solutions
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Increasing use of AI and ML technologies in document processing
The Intelligent Document Processing Market also presents several opportunities for growth, including:
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Increasing demand for IDP solutions in emerging markets
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Growing need for IDP solutions in industries such as BFSI, healthcare, and government
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Rising adoption of IDP solutions in small and medium-sized enterprises (SMEs)
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Conclusion
The Intelligent Document Processing Market is expected to grow significantly in the coming years, driven by the increasing demand for automation and digital transformation, growing need for efficient document processing and management, and rising adoption of cloud-based solutions. The market presents several opportunities for growth, including increasing demand for IDP solutions in emerging markets, growing need for IDP solutions in industries such as BFSI, healthcare, and government, and rising adoption of IDP solutions in SMEs.
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