The Global Intelligent Document Processing Market size is expected to reach $4. 1 billion by 2027, rising at a market growth of 29. 2% CAGR during the forecast period. Intelligent Document Processing (IDP) solutions help in converting unstructured & semi-structured data into structured data which can be used.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Intelligent Document Processing Market By Component, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131416/?utm_source=GNW
The core of the digital transformation is the business data, in which approx. 80% of the business data is present in unstructured forms like emails, images, business documents, and PDF documents. Intelligent document processing is the upgradation of automation, able to capture, extract, and process data from a variety of document formats. It utilizes AI technologies like Computer Vision, natural language processing (NLP), deep learning, and machine learning (ML) to organize, categorize, and obtain relevant data, and authenticate the collected data.
All the unstructured & semi-structured data can be transformed into usable & structured data, offering end-to-end automation to the document-centric business procedure. The RPA-automation procedures would need informed workers to read documents and obtain data for it, without IDP-like solutions. In other words, IDP is the key to unlock the value of RPA.
The increasing digitalization across the world is motivating companies to use a wide variety of technology solutions to simplify the document processing procedure. So, the usage of various digital age technologies like Machine Learning (ML) & Natural Language Processing (NLP) to carry out and simplify document processing is termed as Intelligent Document Processing (IDP). These technologies help IDP to remove the requirement for human intervention, which earlier depends on human intelligence. IDP is very useful for organizations that have a huge volume of semi-structured & unstructured documents like sales orders, invoices, and customer correspondence, which generally cannot be fully processed by utilizing rules-based automation software.
Impact of Covid-19
The global Covid-19 pandemic has impacted almost every domain of society, be it individuals or businesses. The imposition of various restrictions like the travel ban, social distancing, lockdowns, and shutdown of industries has adversely impacted several sectors of the business. The work-from-home culture has motivated companies to shift to digital space to carry out better operations, which would fuel the intelligent document processing market in the forecast period.
Intelligent Document Processing solution enables organizations to automate the core business procedures like the automation of the customer delivery process, categorizing incoming credit applications from numerous channels for banks approving loans, clause detection in legal documents, and online verification of identification documents. This pandemic has augmented the usage of intelligent document processing across numerous companies. Owing to the imposed lockdown, employees have restricted or no access to the required physical documents. It further increases the demand for digitization and document automation with intelligent document processing.
Based on Component, the market is segmented into Solution and Services. The services segment is anticipated to witness a high growth rate over the forecast period. The growing technological improvements are augmenting the demand for intelligent document processing solutions. Services provided by the intelligent document processing solution providers involve professional services & managed services. These IDP services play an important role for each solution provider because customers demand an effortless integration of the solution and also training & support of the offered solution with the enterprise’s system.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. The On-premises segment is expected to procure the largest market share over the forecast period. On-premise deployment is defined as the implementation of applications or solutions on the premises of a company instead of its deployment at a remote facility. These on-premise solutions are provided for a one-time license fee, as well as a service agreement. On-premise deployment type needs a robust infrastructure & a personal data center, which only large companies can afford as the cost of deploy these solutions is comparatively high.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprises segment is among the top adopters of intelligent document processing solutions & services owing to the growing requirement to evaluate the structured & unstructured data gathered across the years. Such enterprises aim at providing improved customer experiences and achieve a competitive edge in the market. The requirement for intelligent document processing is needed in every company for competing in the market, regardless of size.
End User Outlook
Based on End User, the market is segmented into BFSI, Government & Defense, IT & Telecom, Healthcare, Manufacturing, Transportation & Logistics and Others. BFSI vertical is the largest adopter of these IDP solutions, it is due to the requirement of this vertical to process huge amounts of semi-structured & unstructured documents like KYC documents and invoices. Intelligent document processing solutions are also extremely prevalent in the healthcare sector, in which such solutions are implemented across use cases like the support of electronic medical records, patient onboarding, and processing physician referrals.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Region-wise, North America was the leading region in the market over the forecast period. Companies in this region are progressive in the case of AI, NLP, ML, and computer vision adoption, thus propelling the growth of the intelligent document processing market. In addition, the presence of major IDP solutions companies in North America is one of the major factors driving the adoption of intelligent document processing in this region.
The major strategies followed by the market participants are partnerships. Based on the Analysis presented in the Cardinal matrix; IBM Corporation and Deloitte Touche Tohmatsu Limited are the forerunners in the Intelligent Document Processing Market. The major strategies followed by the market participants are partnerships. Based on the Analysis presented in the Cardinal matrix; IBM Corporation and Deloitte Touche Tohmatsu Limited are the forerunners in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include OpenText Corporation, IBM Corporation, ABBYY Solutions Limited, Appian Corporation, Automation Anywhere, Inc., UiPath, Inc., WorkFusion, Inc., Datamatics Global Services Limited (Delta Infosolutions Private Limited), Deloitte Touche Tohmatsu Limited, and Kofax, Inc. (Thoma Bravo LLC).
Recent strategies deployed in Intelligent Document Processing Market
Partnerships, Collaborations, and Agreements:
May-2021: ABBYY Japan came into collaboration with EduLab, provider of building new businesses and investments in the field of EdTech. Under this collaboration, EduLab launched its Intelligent Character Recognition DEEP READ, which is a combination of ABBYY’s FlexiCapture and EduLab’s ICR DEEP READ that help the companies to leverage each other’s technology to gain more precise digitization of handwritten text.
Mar-2021: Deloitte formed a collaboration with Automation Anywhere, a global leader in Robotic Process Automation, offering cloud-native, web-based, intelligent automation solutions. This collaboration aimed to drive the adoption of cloud deployments on Automation 360. Deloitte would integrate its top-class capabilities in cloud infrastructure & automation to deliver a first-of-its-kind solution, which allows a successful transformation of customer automation to the cloud, enabling companies to boost the rate and delivery of business performance and also effectively reducing costs.
Feb-2021: Kofax teamed up with Coupa Software, a global technology platform. This collaboration aims to assist companies to increase operational efficiencies when they digitally transform their spend management processes. With the integration of Kofax ReadSoft Online with Coupa Business Spend Management (BSM) Platform, companies can transform invoice processing & payment procedures with automation.
Dec-2020: UiPath entered into a Technical Partnership with DoubleYard, an AI solutions company. This partnership aimed to take out the best of both technologies by adding handwriting recognition to RPA via their DEEP READ product. There are various use cases including forms with handwriting that are eligible for automation enhancing customer experience in financial services, education, insurance, manufacturing, healthcare, and public sector.
Nov-2020: Datamatics came into partnership with BizXL Solutions, a boutique management consulting firm. This partnership focused on bringing the next generation digital services & transformation solutions to companies across North America.
Jun-2020: ABBYY formed a partnership with Winshuttle, the leader in data management and process automation software. This partnership aimed to assist companies to provide on their digital transformation go-live projects that include extracting information from physical documents & loading it automatically into SAP.
Jun-2020: Kofax joined hands with ImageTech Systems, an enterprise content management solution provider. Under this collaboration, the companies developed an end-to-end load processing solution to assist financial institutions to tackle enormous volumes of applications for the CARES and PPP Paycheck Protection Program initiatives. These apps package software robots, cognitive Capture, and process orchestration offerings to expedite loan applications.
May-2020: UiPath teamed up with Deloitte, a multinational professional services network. This collaboration aimed to provide Deloitte Intelligent Document Processing (DIDP). DIDP refers to an on-premise or cloud-based automation accelerator, providing a capability that captures documents prior to extraction, classification, and verification of their data for processing.
Mar-2020: Appian extended its partnership with Google Cloud. This expansion aimed to improve the Appian AI capability and delivers customers out-of-the-box AI offerings pre-configured for Intelligent Document Processing (IDP) use cases.
Jan-2020: IBM extended its partnership with Blue Prism, a UK multinational software corporation. This expansion aimed to combine three key offerings of IBM Cloud Pak for Automation including Capture, Workflow, and Decisions, with Blue Prism’s Digital Workforce.
Jan-2020: Appian came into partnership with Celonis, the market leader in AI-enhanced Process Mining and Process Excellence software. This partnership aimed to unify Appian’s low-code automation platform with the robust process mining technology of the Celonis Intelligent Business Cloud (IBC). In addition, this partnership would also boost digital business process transformation and constant process enhancements for joint customers.
Acquisition and Mergers:
Jun-2021: Kofax took over PSIGEN Software, a provider of document capture, content management, and workflow automation software & solutions. This acquisition aimed to expand Kofax’s document capture software and solutions portfolio and strengthen its position in the capture market.
Apr-2021: IBM signed an agreement to acquire myInvenio, a process mining software company. This acquisition would deliver companies with data-driven software, which helps them to identify the most important business procedures to automate utilizing AI that includes procurement, sales, production, and accounting.
Mar-2021: UiPath took over Cloud Elements, a pioneering API integration platform. Through this acquisition, UiPath continues to lead the innovations in the automation market to deliver enterprise-grade user interface (UI) & API-based automation offerings in one platform. It further helps UiPath users to get the flexibility to automate processes utilizing an optimal mix of UI and API-based automation.
Jul-2020: IBM entered into an agreement to acquire WDG Automation, provider of robotic process automation (RPA). This acquisition aims to improve IBM’s comprehensive AI-infused automation offerings, across business processes to IT operations.
Jan-2020: Appian acquired Novayre Solutions SL, developer of the Jidoka RPA platform. This acquisition aimed to make Appian a one-stop-shop for Automation, with top-class solutions for workflow, AI, and RPA.
Product Launches and Product Expansions:
May-2021: Appian released a new version of the Appian Low-code Automation Platform. This version expanded the low-code industry with the launch of low-code data, a new code-free approach to unite enterprise data. In addition, the latest version also features improved AI-driven Intelligent Document Processing (IDP), the latest design guidance & developer collaboration features, and improved DevSecOps offerings.
May-2021: UiPath introduced the latest features and products that expand their capabilities for companies to seamlessly scale and operate their automation initiatives. The UiPath Platform 21.4 release complements large-scale & comprehensive automation programs with the most powerful methods to offer more business value and also making it simpler to control & more ROI.
Apr-2021: Deloitte launched ReadyAI, a full portfolio of capabilities and services. This launch aims to help companies to boost and scale their artificial intelligence (AI) projects. In addition, ReadyAI would bring together skilled AI specialists & managed services in a more flexible AI-as-a-service model developed to assist customers scale AI across their organizations.
Mar-2021: ABBYY introduced Vantage 2, a low-code/no-code platform. This platform provides cognitive skills for RPA robots, chatbots, automation systems, and mobile solutions, which allow companies to generate insights from documents & content. In addition, the company also released ABBYY Marketplace, the first open marketplace where companies could discover, purchase and try reusable AI skills to boost their automation initiatives, at the same time, partners can develop and publish skills to automate each kind of content-centric processes.
Mar-2021: Automation Anywhere launched the Automation 360. It is the latest brand for the company’s integrated, cloud-native, AI-powered enterprise automation platform.
Jan-2021: Datamatics released the latest version of TruCap+, an AI-enabled Intelligent Document Processing (IDP) product. TruCap+ would enable companies to realize quicker time-to-value and gain more Straight-Through Processing (STP) with precision. This product is closely combined with Datamatics Robotic Process Automation (RPA) product, TruBot.
Dec-2020: IBM introduced new capabilities planned for IBM Watson. These capabilities are developed to assist scale the usage of AI by companies. It would also enhance the automation of AI, deliver more accuracy in natural language processing, and bolster more trust in results derived from AI predictions.
Oct-2020: IBM unveiled IBM Automation Document Processing. It integrates AI with deep learning & low-code tooling. In addition, these tools make it faster and easier to precisely design, configure and implement document categorization & extraction for every document type and format.
Sep-2020: Kofax introduced the latest version of its Intelligent Automation Platform. This platform aimed to boost the companies’ automation initiatives by simplifying the development & implementation of solutions with improved AI-powered document intelligence, low-code offerings, and streamlined integration to third-party software applications.
Jun-2020: UiPath unveiled a new product, UiPath Document Understanding. This product integrates RPA with AI to automatically process the documents. It also allows intelligent document processing under automation workflows, hence, enabling automation of complicated & cognitive procedures which are generally highly manual.
Jun-2020: OpenText unveiled the latest version of its Captiva, named Intelligent Capture 20.2. This latest version has updated features robust machine learning offerings, which optimize workflows. It also includes a roadmap, which aims to move the world of business automation to the next big step forward with artificial intelligence & adaptive technology.
Scope of the Study
Market Segments covered in the Report:
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• Government & Defense
• IT & Telecom
• Transportation & Logistics
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• OpenText Corporation
• IBM Corporation
• ABBYY Solutions Limited
• Appian Corporation
• Automation Anywhere, Inc.
• UiPath, Inc.
• WorkFusion, Inc.
• Datamatics Global Services Limited (Delta Infosolutions Private Limited)
• Deloitte Touche Tohmatsu Limited
• Kofax, Inc. (Thoma Bravo LLC)
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