Intelligent Document Processing Market Size

Intelligent Document Processing Market Size

The intelligent document processing market was valued at USD 1.4 billion in 2022 and is anticipated to register a CAGR of over 24.7% between 2023 and 2032. The digitalization of business operations and the exponential growth of data meant that organizations were dealing with vast amounts of unstructured data in various formats, such as invoices, contracts, emails, and forms. According to ITU's estimates for 2022, around 5.3 billion individuals, equivalent to 66 percent of the global populace, were utilizing the Internet. This marks a notable surge of 24 percent compared to 2019, signifying that approximately 1.1 billion individuals joined the online community during this three-year span. IDP technology helps organizations manage and extract valuable insights from this data, making it a crucial tool in handling information overload, thus contributing to market growth.

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Implementing an IDP system can be a complex and resource-intensive process. Organizations often require integrating IDP solutions with their existing IT infrastructure and document management systems. This integration process can be challenging, time-consuming, and costly, which can act as a barrier for some organizations, especially smaller ones with limited IT resources, limiting the growth of the IDP industry.
 

Regulatory compliance requirements were becoming increasingly stringent, especially in industries like finance, healthcare, and legal. For instance, the HIPAA Privacy Rule, a federal regulation in the United States, is designed to safeguard the personal data of Americans, specifically focusing on medical records and personal health information. Its primary role is to define the obligations related to the protection of patient information, applicable to both healthcare providers and organizations responsible for managing health plans. IDP systems can help organizations ensure compliance by automating the extraction and management of sensitive data from documents while also improving data security and reducing the risk of human error, strengthening the IDP market outlook.