GVR Report cover Intelligent Document Processing Market Size, Share & Trends Report

Intelligent Document Processing Market Size, Share & Trends Analysis Report By Component, By Technology (Machine Learning, Computer Vision), By Deployment, By Organization Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-023-3
  • Number of Pages: 112
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Technology

Report Overview

The global intelligent document processing market size was estimated at USD 1.45 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 30.1% from 2023 to 2030. Factors driving the market growth include the increasing digital transformation investments and the need for cost-effective and efficient document processing solutions. Moreover, increasing digitalization in developing nations offers significant growth opportunities for the market. IDP 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.

Asia Pacific Intelligent Document Processing market size and growth rate, 2023 - 2030

For instance, in June 2023, Grasshopper Bancorp, Inc. N.A., a digital business bank, integrated Numerated Growth Technologies, Inc.'s AI-powered automated spreading platform to automate document processing and streamline underwriting. This will help Grasshopper Bancorp, Inc. N.A., to reduce the time it takes to process documents, improve the accuracy of its data, and free up employees to focus on other tasks.

The COVID-19 pandemic positively impacted the intelligent document processing market. Businesses across industries looked to adopt technologies such as Artificial Intelligence (AI) in response to the 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 drove AI adoption at their organizations.

Hence, there was a rise in intelligent document processing solution adoption. Various COVID-19-related use cases also emerged in sectors most impacted by it, such as healthcare and pharmaceutical, government and public, airlines, and insurance. The adoption of IDP solutions is growing in the healthcare & pharmaceutical, and manufacturing industries. These industries have encountered increased implementation of IDP solutions across multiple use cases such as order forms, invoices, records patient onboarding, change requests, and health records management.

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 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. IDP technology is used to improve the efficiency and effectiveness of operations.

By automating document processing and extracting data from documents, IDP helps to streamline workflows, reduce errors, and improve compliance. For instance, The United States Department of Defense is using IDP to automate the processing of military contracts. This has helped to save the DoD millions of dollars and reduce the risk of fraud. Similarly, the United Kingdom's National Health Service is using IDP to automate the processing of patient records. This has helped improve patient records' accuracy and reduce the risk of medical errors.

Growing technology adoption and digitalization among developing countries such as India, South Africa, and Indonesia will likely offer significant growth opportunities for the market. Data privacy concerns are challenging for the market as the documents are likely to contain sensitive and personal information, and any data breaches may hamper the market growth.IDP is becoming more affordable and accessible as technology matures, making it more feasible for businesses of all sizes to adopt IDP.

In addition to the need for efficiency and cost-effectiveness, several other factors drive the growth of IDP, such as the need to comply with regulations, improve customer service, and make better business decisions. Thus, IDP is expected to grow as businesses recognize its value in efficiency, cost savings, compliance, customer service, and data-driven decision-making. As technology advances and becomes more accessible, IDP will likely become an integral part of the document processing landscape across various industries.

Component Insights

The solutions segment dominated the market in 2022 and accounted for a revenue share of over 63%. This 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. Key players, such as Deloitte, KPMG, PwC Accenture, and other system integration firms, aim to bring all processes, applications, and software into a single integrated environment. Several system integrators have started to offer IDP services because of the surge in demand for AI-determined OCR or IDP solutions in recent years.

The services segment is anticipated to grow significantly in the coming years. This can be attributed to the availability of services offered by market players. IDP services are helping organizations meet these requirements by automating data extraction, classification, and verification processes while ensuring data privacy and security. Service providers in intelligent document processing are propelling the market growth. For instance, Canada-based Open Text Corporation offers training and professional services for its OpenText Intelligent Capture solution.

Deployment Insights

The cloud segment led the market in 2022, accounting for over 58% share of the global revenue. Significant offerings of cloud deployment in intelligent document processing, such as scalability, accessibility, and cost-effectiveness, are propelling the market growth. Cloud deployment eliminates the need for organizations to invest in and maintain their dedicated infrastructure. Instead, they leverage the pay-as-you-go model offered by cloud service providers. This reduces upfront costs, eliminates the need for hardware/software maintenance, and allows organizations to scale their IDP systems according to their budget and requirements. Moreover, major players like VisionEra and ABBYY offer innovative IDP cloud solutions to fuel market growth over the forecast period.

The on-premise segment is predicted to foresee significant growth during the forecast period. This can be attributed to enhanced security offered by on-premises deployment, especially in industries such as healthcare and banking, financial services, and insurance (BFSI), which are likely to have greater compliance requirements. A significant offering of on-premises deployments, like faster processing times and lower latency compared to cloud-based solutions, propels the market growth. Organizations with large document volumes or those requiring real-time processing find that on-premises deployment allows quicker access to documents and faster processing speeds.

Organization Size Insights

The large enterprise segment led the market in 2022, accounting for over 71% share of the global revenue. Large enterprises deal with a massive volume of documents across various departments and business processes. IDP automates document processing tasks such as data extraction, classification, and validation, enabling faster and more efficient handling of documents. This streamlines workflow, reduces manual effort, and enhances productivity across the organization. Due to the increasing need to assess the structured and unstructured data amassed over time, the large enterprise segment is one of the top consumers of intelligent document processing solutions and services.

The small & medium enterprises segment is predicted to foresee significant growth during the forecast period. The growth of this segment can be attributed to the growing interest of SMEs in adopting digital technologies post-COVID-19 pandemic. Moreover, IDP solutions can help SMEs save costs by reducing the need for manual labor and streamlining document processing workflows. 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

The BFSI segment held the largest revenue share of over 24% in 2022. This can be attributed to a large number of documents processed in the BFSI sector to provide products and services. The BFSI sector utilizes intelligent document processing technology to improve operational efficiency, enhance customer experiences, and ensure compliance.IDP extracts relevant information from bank statements, pay stubs, and tax returns to assess creditworthiness and eligibility. These benefits augment the use of IDP technology in the BFSI industry.

The government & public sector segment is predicted to foresee significant growth in the forecast period. IDP technology is used to improve the efficiency and effectiveness of government and public sector operations. By automating document processing and extracting data from documents, IDP helps to streamline workflows, reduce errors, and improve compliance. For instance, the United States Department of Defense is using IDP to automate the processing of military contracts. This has helped to save the DoD millions of dollars and reduce the risk of fraud.

Technology Insights

The machine learning segment led the market in 2022, accounting for over 45% share of the global revenue. This is attributed to the significant use of ML techniques to automate the extraction and processing of information from various documents, such as invoices, purchase orders, contracts, and forms, augmenting market growth. Machine learning is a crucial component that leverages the growth of Intelligent Document Processing (IDP). machine learning algorithms are trained on large volumes of labeled data to extract information from documents accurately. These models learn from patterns, context, and structures within the documents, improving accuracy in data extraction, reducing errors, and increasing reliability. For instance, ML models learn to distinguish between invoices, receipts, and contracts, allowing the IDP system to handle each document type appropriately.

Global Intelligent Document Processing market share and size, 2022

The natural language processing (NLP) segment is predicted to foresee significant growth during the forecast period. IDP heavily relies on NLP technology that can comprehend and analyze human language. NLP also allows for extracting and analyzing data from unstructured sources like emails, reports, and articles. IDP tools like NLTK, SpaCy, and Stanford NLP propel market growth.For instance, MALTA, an Accenture NLP-based solution, automates the analysis and classification of textual data to make it simple for insurers to obtain crucial information. Accenture asserts that the technology offers a 30% more accurate classification than when the procedure is carried out manually.

Regional Insights

North America dominated the intelligent document processing market with a share of over 30% in 2022. Factors such as high digitization and technology adoption and the presence of prominent players such as U.S.-based ABBYY, Appian, and Canada-based Open Text Corporation are driving the regional market growth. The U.S. and Canada comprise the North American market. Leading intelligent document processing vendors in the region drive the adoption of intelligent document processing solutions in the U.S. In contrast, early adoption of automation-based technologies drives market growth in Canada. Emerging mergers & acquisitions by key players are augmenting the regional growth.

Intelligent Document Processing Market Trends, by Region, 2023 - 2030

Asia Pacific is anticipated to register the fastest CAGR over the forecast period. The growth 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. Countries in the region are increasingly embracing advanced technologies such as AI, machine learning, big data analytics, and cloud computing. These technologies are integral to decision intelligence solutions, enabling organizations to process and analyze vast amounts of data efficiently. The growing technology adoption in APAC acts as a catalyst for the expansion of the decision intelligence market in the region.

Key Companies & Market Share Insights

The competitive landscape of the intelligent document processing market is moderately consolidated, with the presence of established vendors and numerous niche players and startups. The key players are investing in innovation and 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.

For instance, in June 2023, Xiao-I, a prominent technology company, launched an intelligent document processing product to accelerate enterprise digital transformation and empower various business scenarios. The new IDP product from Xiao-I is designed to cater to the increasing demand for automating document-centric processes and extracting valuable insights from unstructured data. Moreover, 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

Report Attribute

Details

Market size value in 2023

USD 1.79 billion

Revenue forecast in 2030

USD 11.29 billion

Growth rate

CAGR of 30.1% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

Report updated

August 2023

Quantitative units

Revenue in USD million/billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, technology, deployment, organization size, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; France; Italy; Netherlands; China; India; Japan; Australia; South Korea; Brazil; Mexico; Chile; Argentina; UAE; Saudi Arabia; South Africa

Key companies profiled

ABBYY; Automation Anywhere, Inc.; Kofax Inc.; WorkFusion, Inc.; UiPath; IBM; Appian; HCL Technologies Limited; HYPERSCIENCE; AntWorks; Datamatics Global Services Limited

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Intelligent Document Processing Market Report 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 Billion, 2017 - 2030)

    • Solution

    • Services

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

    • Machine Learning

    • Natural Language Processing (NLP)

    • Computer Vision

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

    • Cloud

    • On-premise

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

    • Small and Medium Sized Enterprises (SMEs)

    • Large Size Enterprises

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

    • BFSI

    • Healthcare

    • Manufacturing

    • Retail

    • Government & Public Sector

    • Transportation & Logistics

    • IT & Telecom

    • Others

  • Regional Outlook (Revenue, USD Billion, 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

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes data points, ranging from trend analyses to estimates and forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.