Intelligent Document Processing (IDP) Solutions Market – Introduction
- Intelligent document processing is adopted by many organizations to perform the document related analysis process on a daily basis. Intelligent document processing is used in the process of translating the document content (electronic or physical) into actionable and organized data for further processes.
- Intelligent document processing is majorly used by analysts and technology software vendors. Solution providers offer the solution with artificial intelligence and intelligent character recognition (ICR) technology.
- Intelligent document processing is also known as intelligent process automation in which natural language processing or ICR and machine learning technologies are using to improving the performance of document processing.
- Organizations receive huge data in the form of semi-structured and unstructured data such as sales orders, invoices, and customer correspondence which difficult to be organized by rule based automation software. Companies are adopting the intelligent document processing solution to manage large data and for data mining to improve the data quality for analysis.
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Key Drivers of the Intelligent Document Processing (IDP) Solutions Market
- Growing demand for automated advanced document processing software to improve the data analysis from an unstructured database is expected to drive the market growth of intelligent document processing (IDP) solutions. Increasing use of AI and intelligent character recognition technology is expected to boost the demand for intelligent document processing (IDP) solutions during the forecast period.
- Adoption of new technology is anticipated to create business opportunity for intelligent document processing solution providers to offer data analytics solutions to improve the data mining and decision making process.
Low adoption by small and medium scale enterprises expected to hinder the market
- The low adoption of the intelligence document processing solution by small and medium enterprises due to high cost of the solution may restrain the market growth of intelligent document processing (IDP) solutions among small and medium enterprises.
- Large enterprises majorly use intelligent document processing to analyze the huge amount of data or improve the data base for analytics processes.
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Impact of COVID 19 on Global Intelligent Document Processing (IDP) Solutions Market
- All manufacturing and IT companies are facing a financial crisis situation due to lockdown in major countries in Asia Pacific and Europe. It is expected that businesses would expand at a prominent growth rate after the current financial year 2024.
- The demand for IDP is expected to increases in healthcare for maintain the record of the patients. During this lockdown condition, government are running the health checkup campaign for identifying the COVID 19 patients to control the pandemic condition. The large amount of patients’ data id requires to store in actionable structured data format. The demand for IDP solution is expected increase in healthcare sector during lockdown conditions.
North America to Hold Major Share of the Global Intelligent Document Processing (IDP) Solutions Market
- North America was holding prominent share of the intelligent document processing (IDP) solutions market due to increasing adoption of document processing technology to improve the back office administration process.
- The intelligent document processing (IDP) solutions market in Asia Pacific and Europe is expected to face economic crisis due to the increasing coronavirus impact over all businesses globally.
Key Players Operating in the Global Intelligent Document Processing (IDP) Solutions Market
- InData Labs Group Limited
InData Labs Group Limited is a global provider of custom AI-powered software development and data science consulting solutions. The company offers data science and AI, Big Data solutions, BI implementations, and intelligent automation services to businesses. The company has expertise in computer vision models and machine learning technologies and solutions.
- Parascript, LLC
Parascript, LLC founded in 1989 is a global provider of pattern recognition and machine learning technology- based intelligent document processing solutions. The company offers document processing, mail and Post SDK’s, payment processing, and fraud prevention solution to businesses. It offers professional services, data verification services, and education services.
Other key players operating in the global intelligent document processing (IDP) solutions market include ABBYY, WorkFusion, Inc., Kofax Inc., AntWorks, Automation Anywhere, and Hyper Labs, Inc.
Global Intelligent Document Processing (IDP) Solutions Market: Research Scope
Global Intelligent Document Processing (IDP) Solutions Market, by Component
- Software
- On-premises
- Cloud Based
- Services
- Professional Services
- Managed Services
Global Intelligent Document Processing (IDP) Solutions Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Intelligent Document Processing (IDP) Solutions Market, by End-user
- BFSI
- IT& Telecom
- Legal
- Pharmaceutical
- Manufacturing
- Transportation and Logistics
- Retail and E-Commerce
- Others
Global Intelligent Document Processing (IDP) Solutions Market Segmentation, by Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Spain
- Nordic
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- Malaysia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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