Intelligent Document Processing Market Size, Share & Trends Analysis Report By Component, By Technology, By Deployment, By Organization Size, By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global intelligent document processing market size was valued at USD 1.2 billion in 2021 and is expected to expand at a CAGR of 29.7% from 2022 to 2030. Factors such as increasing investments in digital transformation and the increasing need for cost-effective and efficient document processing solutions are driving market growth. Moreover, increasing digitalization in developing nations offers significant growth opportunities for the market.

The COVID-19 pandemic had a positive impact on the intelligent document processing market. Businesses across industries looked to adopt technologies such as Artificial Intelligence (AI) in response to the COVID-19 pandemic. Moreover, the COVID-19 pandemic propelled organizations across industries to increase investments in automation. According to U.S.-based IBM’s Global AI Adoption Index 2022, 31% of the respondents said that COVID-19 pandemic-induced demands were driving AI adoption at their organizations. Hence, there was a rise in intelligent document processing solution adoption.

Intelligent document processing solutions use technologies such as Machine Learning (ML), Natural Language Processing (NLP), Optical Character Recognition (OCR), and computer vision to capture data from documents, classify, and then extract relevant data for further integration and processing. The advantages of using intelligent document processing solutions include reductions in operational costs & errors and improved data quality & usability for analysis. Some of the use cases of the solution include invoice processing, fraud detection, and customer onboarding.

Growing technology adoption and digitalization among developing countries such as India, South Africa, and Indonesia is likely to offer significant growth opportunities for the market. Data privacy concerns are a challenge for the market as the documents are likely to contain sensitive and personal information and any data breaches may hamper the market growth.

Component Insights

Based on component, the market is segmented into solution and services. The solution intelligent document processing segment held the maximum revenue share of 63.6% in 2021 and is expected to register a CAGR of 29.4% over the forecast period. The growth of the segment can be attributed to the availability of various intelligent document processing platforms and software packages offering multiple features, such as fast processing and intelligent data classification.

Furthermore, the services segment is projected to exhibit the highest CAGR of 30.1% over the forecast period.  This can be attributed to the availability of services offered by market players. For instance, Canada-based Open Text Corporation offers training and professional services for its OpenText Intelligent Capture solution.

Technology Insights

Based on technology, the market is segmented into machine learning, Natural Language Processing (NLP), and computer vision. The machine learning segment accounted for the largest revenue share of 45.9% in 2021 and is projected to grow at the highest CAGR of 30.1% in the forecast period. Machine learning is used for data extraction and classification in intelligent document processing solutions.

The Natural Language Processing (NLP) segment held a revenue share of 33.9% in 2021 is likely to grow at a CAGR of 29.6% over the forecast period. It is used to understand and interpret information from the text. The computer vision segment is likely to grow at a CAGR of 28.7% over the forecast period. Computer vision uses Optical Character Recognition (OCR) to recognize text and then uses Artificial Intelligence (AI) to analyze information.

Deployment Insights

Based on deployment, the market is segmented into cloud and on-premise. The cloud segment accounted for the largest revenue share of 57.6% in 2021 and is projected to grow at the highest CAGR of 32.5% over the forecast period. Cloud solutions are easier to deploy and cost-effective. Many intelligent document processing solution vendors, such as U.S.-based ABBYY and Appian, provide cloud deployment options.

The on-premise segment held a revenue share of 42.4% in 2021 and is likely to capture significant growth over the forecast period. This can be attributed to enhanced security offered by on-premise deployment, especially in industries such as healthcare and Banking, Financial Services, and Insurance (BFSI), which are likely to have greater compliance requirements.

Organization Size Insights

Based on organization size, the market is segmented into Small and Medium Sized Enterprises (SMEs) and large size enterprises. The large size enterprises segment accounted for the largest revenue share of 72.8% in 2021. Intelligent document processing is an effective and scalable solution for large businesses, helping them manage huge amounts of data, reduce operational costs and improve internal workflows.

The Small and Medium Sized Enterprises (SMEs) segment is likely to attain the highest CAGR of 31.1% over the forecast period. The growth of this segment can be attributed to the growing interest of SMEs in the adoption of digital technologies post-COVID-19 pandemic. According to World Economic Forum’s December 2021 white paper, SMEs represent over 90% of all enterprises worldwide and are interested in technologies such as Artificial Intelligence (AI) and cloud computing.

End-use Insights

Based on end-use, the market is segmented into Banking, Financial Services, and Insurance (BFSI), healthcare, manufacturing, retail, government & public sector, transportation & logistics, IT & telecom, and others. The BFSI segment accounted for the largest revenue share of USD 304.1 million in 2021 and is projected to grow at a CAGR of 28.9% over the forecast period. This can be attributed to a large number of documents processed in the BFSI sector to provide products and services. Moreover, intelligent document processing solutions serve many use cases in the BFSI sector, such as Know Your Customer (KYC), mortgage applications, and bank statements.

The government & public sector segment is likely to exhibit a CAGR of 32.3%, over the forecast period. The intelligent document processing solutions can serve various use cases, such as educational applications, social security documents, and tax forms. Hence, as more governments adopt data digitalization, the segment is likely to witness significant growth in the forecast period.

Regional Insights

North America dominated the intelligent document processing market with a share of 31.4% in 2021. Factors such as high digitization and technology adoption and the presence of prominent market players such as U.S.-based ABBYY, Appian, and Canada-based Open Text Corporation are driving market growth in the region.

Asia-Pacific is expected to achieve the highest CAGR of 31.4% during the forecast period. The market growth across the region can be attributed to improving technology infrastructure and the presence of intelligent document processing solution vendors such as India-based HCL Technologies Limited, Datamatics Global Services Limited, and Singapore-based AntWorks.

Key Companies & Market Share Insights

The competitive landscape of the intelligent document processing market is moderately consolidated in nature, with the presence of established vendors and numerous niche players and startups. The key market players are investing in innovation, Research, and Development (R&D), to provide innovative features to customers. Moreover, they are adopting strategies such as expansion and acquisition to gain a competitive edge in the market.

In August 2022, U.S.-based Kofax Inc. announced the acquisition of U.S.-based Ephesoft Inc., an intelligent document processing solution provider. Kofax Inc. aimed to enhance its intelligent document processing capabilities and meet customer needs with this acquisition. Some prominent players in the global intelligent document processing market are:

• ABBYY

• Automation Anywhere, Inc.

• Kofax Inc.

• WorkFusion, Inc.

• UiPath

• IBM

• Appian

• HCL Technologies Limited

• HYPERSCIENCE

• AntWorks

• Datamatics Global Services Limited

Intelligent Document Processing Market Report Scope

Global Intelligent Document Processing Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global intelligent document processing market report based on, component, technology, deployment, organization size, end-use, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Solution

  • Services

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Machine Learning

  • Natural Language Processing (NLP)

  • Computer Vision

• Deployment Outlook (Revenue, USD Million, 2017 - 2030)

  • Cloud

  • On-premise

• Organization Size Outlook (Revenue, USD Million, 2017 - 2030)

  • Small and Medium Sized Enterprises (SMEs)

  • Large Size Enterprises

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • BFSI

  • Healthcare

  • Manufacturing

  • Retail

  • Government & Public Sector

  • Transportation & Logistics

  • IT & Telecom

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Netherlands

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Chile

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa