Global Intelligent Document Processing Market
Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The "Global Intelligent Document Processing Market by Component (Solutions, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Vertical (BFSI, Government, Healthcare and Life Sciences) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Intelligent Document Processing market size is expected to grow to USD 5.2 billion in 2027 from USD 1.1 billion in 2022, at a Compound Annual Growth Rate (CAGR) of 37.5%
The major factors such as the rising adoption of cloud-based document processing solutions, and shift towards digital transformation are driving the growth of the intelligent document processing market.
Based on services, the professional service segment is projected to account for the largest market size during the forecast period
Professional services are intangible offerings provided by solution providers that help customers in deploying and managing their solutions. They are categorized into deployment and integration, support and training, and consulting services. Professional services are delivered to customers after the purchase of the intelligent document processing solution. The growing focus of organizations to effectively deploy intelligent document processing solutions is expected to fuel the adoption of professional services.
Based on deployment, On-premises segment is projected to account for the largest market size during the forecast period
On-premises deployment refers to the installation of applications on the premises of an organization rather than its installation at a remote facility. On-premises solutions are delivered for a one-time license fee, along with a service agreement.
As this deployment mode requires a strong infrastructure and a personal data center, only large organizations can afford the cost to deploy these solutions. The focus of the regulated government, BFSI, healthcare, and life science verticals on data protection are expected to drive the adoption of on-premises intelligent document processing solutions.
SMEs, by organization size segment, to grow at a higher CAGR during the forecast period
Organizations with employees ranging between 1 and 999 are categorized as SMEs. The need for intelligent document processing is equally required in all organizations for competing in the market, irrespective of size. Intelligent document processing solutions and services are expected to witness robust growth among SMEs during the forecast period due to the availability of cost-effective cloud solutions.
Government, by vertical segment, to grow at a higher CAGR during the forecast period
Government agencies are increasingly looking to improve customer service levels and are also making active efforts to enhance citizens' experiences. Government agencies handle secured and private data of individuals, departments, processes, and agencies.
The volume of data generated in government agencies is huge and in unstructured formats, which needs to accurately capture, classify, and extract meaning to streamline the government process. Growing demand for greater flexibility, enhanced data security, and advanced intelligence are expected to drive the intelligent document processing market in the government vertical.
APAC is expected to grow at a higher CAGR during the forecast period
APAC is expected to register the highest CAGR in the intelligent document processing market during the forecast period. The adoption of intelligent document processing solutions among verticals, such as BFSI, retail and eCommerce, and healthcare and life sciences, in the region, is on the rise.
Intelligent document processing solutions are being adopted rapidly since these solutions and services offer benefits, such as reduced cost, enhanced customer experience, and improved operational efficiency. In APAC, China, Japan, and India are expected to drive the overall market. Among these, Japan and India are estimated to be the most lucrative markets for intelligent document processing initiatives. CAPEX and OPEX savings have led to the rapid adoption of intelligent document processing solutions and services in this region.
The surge in growth can be attributed to technological advancements, along with mandatory regulations and industry standards. Companies, such as Datamatics and Infrrd, are major players that offer intelligent document processing solutions and services in the APAC.
Enterprises' Need to Process Large Volumes of Semi-Structured and Unstructured Documents for Greater Accuracy Drives Market Growth During Forecast Period
BFSI Vertical to Account for Largest Market Share During Forecast Period
North America to Account for Largest Market Share in 2022
Solutions Segment (Component) and US (Country) to Account for Largest Market Share in 2022
Enterprises' Need to Extract Data from Unstructured Documents with Greater Accuracy and Speed
Shift Toward Digital Transformation
Adopting Cloud-based Document Processing Solutions
Changing Governance and Compliance Requirements
Advanced Technologies in Document Processing
Rising Need for Improving Customer Satisfaction
Misjudging Technological Possibilities
High Implementation Costs
Case Study Analysis
Transportation and Logistics Use Case: Polaris Transportation Automated Its Customs Paperwork Processing with Workfusion
Banking Use Case: Payment's Bank Used Computer Vision for Fraud Detection
Automobiles Use Case: Renault Argentina Transformed Its Finance Department with Abbyy Digital Intelligence
Healthcare Use Case: Rapid Access to Vital Healthcare Information with Kofax Totalagility
Insurance Use Case: Wefox Insurance Boosted Its Application Processing
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