Intelligent Document Processing Market Analysis

Intelligent Document Processing Market Analysis

Based on component, the market is divided into solution and services. The solution segment held around USD 33.5 billion in market revenue in 2022. The IDP industry size from the solutions segment will expand at a decent growth rate from 2023 to 2032. The demand for Intelligent Document Processing (IDP) solutions is gaining momentum due to several factors. Businesses across industries are increasingly seeking ways to automate manual and document-intensive tasks, boosting efficiency, and reducing operational costs. For instance, financial institutions are using IDP to expedite loan processing, while healthcare organizations utilize it for handling patient records more efficiently. In addition, the growth in unstructured data and the need to extract valuable insights from documents are driving adoption. Furthermore, regulatory compliance requirements are pushing organizations to implement IDP to ensure accuracy and security in handling sensitive data, further fueling the demand for these solutions.
 

Based on end user, the market is categorized into BFSI, Government, IT & Telecom, Healthcare, Manufacturing, Transportation & Logistics, and others. The BFSI segment held a market share 25% in 2022 and is projected to grow by 2032. Intelligent Document Processing (IDP) solutions and services are experiencing high demand in the Banking, Financial Services, and Insurance (BFSI) sector due to their ability to streamline operations, enhance customer experiences, and improve compliance. For instance, in the banking sector, IDP is utilized to automate the processing of mortgage applications, reducing turnaround times and enhancing customer satisfaction. In insurance, IDP solutions assist in claims processing, accelerating payouts to policyholders. Moreover, stringent regulatory requirements in the BFSI sector, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, drive the adoption of IDP for accurate and efficient document verification, ensuring compliance and mitigating risks. This growing demand underscores the industry's recognition of IDP's transformative potential.
 

North America dominated the global intelligent document processing market with a major share of over 33.5% in 2022. The US Intelligent Document Processing (IDP) industry is witnessing significant growth due to the ability of IDP solutions to boost efficiency and competitiveness across various sectors. For example, the healthcare industry in the US has embraced IDP to manage the vast volumes of patient records, billing documents, and insurance claims, streamlining processes and reducing administrative burdens. Additionally, the financial sector has adopted IDP to automate mortgage applications and streamline Know Your Customer (KYC) procedures, improving customer experiences and compliance. Furthermore, the pandemic accelerated the shift towards remote work, increasing the demand for IDP solutions to digitize and automate document-centric tasks, making the US a ripe market for IDP innovation and growth.