Intelligent Document Processing Market To Reach $11.29 Billion By 2030

Intelligent Document Processing Market Growth & Trends

The global intelligent document processing market size is expected to reach USD 11.29 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a lucrative CAGR of 30.1% from 2023 to 2030. The adoption of intelligent document processing solutions is likely to rise owing to the growing need to manage large amounts of data, requiring efficient document processing solutions. Moreover, growing investments in digital transformation among industries will likely drive market growth. For instance, in November 2022, Rossum Ltd, the pioneer in cloud-native intelligent document processing, partnered with Celonis SE, a German data processing company. With Rossum's document extraction and categorization capabilities, Celonis will provide deeper insights into invoice processes. By leveraging AI technology, customers can streamline their invoice management, improve accuracy, and reduce errors.

The COVID-19 pandemic had a positive impact on the market for intelligent document processing. The pandemic made governments impose travel restrictions and social distancing norms. Hence, many businesses worldwide sought technological alternatives such as automation to reduce human interference. According to UK-based Intelligent Automation Network, a community of global technology leaders, the pandemic accelerated investments in automation and made organizations rethink every business aspect, including customer service delivery and manufacturing. Hence, intelligent document processing solutions witnessed a rise in adoption post-pandemic. For instance, IDP in healthcare assists professionals in automating the processing of huge amounts of patient records and implementing effective data management, cutting down time and manual work. This wide adoption across industries creates opportunities for specialized IDP solutions tailored to specific industry requirements.

Intelligent document processing vendors offer solutions and services to various end-use industries such as manufacturing, banking, financial services, insurance (BFSI), and the government & public sector. Moreover, the companies invest in research & development (R&D) and launch new products to meet customer needs. For instance, in February 2023, Kofax Inc. launched TotalAgility, an intelligent automation platform that operates on a low-code framework. This platform introduces various enhancements, including improved Intelligent Document Processing (IDP), new low-code design features, and enhanced DevSecOps capabilities. TotalAgility enables businesses to handle unstructured data effectively, promotes automation adoption among developers and business users, and facilitates secure cloud-based automation deployment for distributed workforces. Besides, in March 2021, U.S.-based ABBYY announced the launch of Vantage 2, a platform for getting insights from documents. With this launch, the company aimed to help clients accelerate digital transformation and improve customer experience.

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Intelligent Document Processing Market Report Highlights

• In terms of component, the solution intelligent document processing segment accounted for the largest revenue share of over 63% in 2022. This can be attributed to the availability of various intelligent document-processing software packages and tools with multiple deployment options

• Based on technology, the machine learning segment dominated the market with a share of over 45% in 2022, owing to the importance of machine learning algorithms in extracting and classifying information

• Based on deployment, the cloud segment dominated the market with a share of over 58% in 2022, owing to the cost-effectiveness and ease of deployment of cloud solutions

• Based on organization size, the large size enterprise segment dominated the market in 2022. The need to manage large amounts of data and improve internal workflows is driving the growth of the segment

• Based on end-use, the BFSI segment dominated the market in 2022. This can be attributed to the large document processing requirements in the sector

• North America held the largest share of over 30% in 2022 and is expected to retain its position over the forecast period. This can be attributed to high digitalization and technology adoption in the region.

• In September 2022, U.S.-based ProcessMaker, a Business Process Management (BPM) software provider, announced the acquisition of Netherlands-based Doculayer (Onior Group B.V.), an intelligent document processing solution provider. ProcessMaker aimed to add the intelligent document processing feature to its offerings and solve process management challenges with this acquisition

Intelligent Document Processing Market Segmentation

Grand View Research has segmented the global intelligent document processing market based on component, technology, deployment, organization size, end-use, and region:

Intelligent Document Processing Component Outlook (Revenue, USD Billion, 2017 - 2030)

• Solution

• Services

Intelligent Document Processing Technology Outlook (Revenue, USD Billion, 2017 - 2030)

• Machine Learning

• Natural Language Processing (NLP)

• Computer Vision

Intelligent Document Processing Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

• Cloud

• On-premise

Intelligent Document Processing Organization Size Outlook (Revenue, USD Billion, 2017 - 2030)

• Small and Medium Sized Enterprises (SMEs)

• Large Size Enterprises

Intelligent Document Processing End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• BFSI

• Healthcare

• Manufacturing

• Retail

• Government & Public Sector

• Transportation & Logistics

• IT & Telecom

• Others

Intelligent Document Processing 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

List of Key Players in Intelligent Document Processing Market

• ABBYY

• Automation Anywhere, Inc.

• Kofax Inc.

• WorkFusion, Inc.

• UiPath

• IBM

• Appian

• HCL Technologies Limited

• HYPERSCIENCE

• AntWorks

• Datamatics Global Services Limited