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Intelligent Document Processing Market Trends

Report ID: GMI6635
Published Date: Sep 2023
Report Format: PDF

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Intelligent Document Processing Market Trends

As AI and machine learning technologies continue to advance, IDP solutions are expected to become more intelligent and capable. This includes improved natural language processing (NLP) capabilities for better understanding and processing of unstructured data, enhanced pattern recognition, and the ability to handle more complex document types. In May 2023, China's leading cognitive artificial intelligence (AI) firm, Xiao-I Corporation, unveiled its cutting-edge product in the realm of Intelligent Document Processing (IDP). This pioneering solution is presented through a highly intelligent and effective platform designed to simplify and automate document management processes, enabling businesses to transition into an era characterized by intelligent operations. These advancements would lead to higher accuracy rates and increased automation in document processing tasks, propelling the demand for IDP solutions and services.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Intelligent document processing market size reached USD 1.4 billion in 2022 and is set to grow at 24.7% CAGR from 2023 to 2032, due to the rapid digitalization of business operations and the exponential growth of data usage worldwide.

The solution component segment recorded USD 33.5 billion revenue in 2022, as several businesses across industries are seeking ways to automate manual and document-intensive tasks.

North America registered over 33.5% of the market share in 2022, owing to the ability of IDP solutions to boost efficiency and competitiveness across various sectors in the region.

Kofax, Opentext, Hyperscience, ABBYY, UiPath, Infrrd, AntWorks, JUFFY.ai, EdgeVerve Systems, Ephosoft, Parascript, IBM, Datamatics, Automation Anywhere, and Workfusion are some of the major intelligent document processing companies worldwide.