CHICAGO, Aug. 26, 2022 /PRNewswire/ -- According to a research report "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 - Global Forecast to 2027", published by MarketsandMarkets, the global Intelligent Document Processing Market size is expected to grow from USD 1.1 billion in 2022 to USD 5.2 billion in 2027, at a Compound Annual Growth Rate (CAGR) of 37.5% during the forecast period. The major factors driving the growth of the Intelligent Document Processing Market include the shift toward digital transformation, increasing adoption of cloud-based document processing solutions, and rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed.
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Based on component, the solution segment is projected to hold the largest market size during the forecast period
Intelligent document processing solutions help transform unstructured and semi-structured information into usable data. The growing need to automate the documentation process is expected to drive the adoption of intelligent document processing solutions. Organizations can significantly reduce the time and cost needed to model and implement business processes, services, and applications with Intelligent document processing solutions. The rising need for streamlining business flows, adapting intelligent processes, and continuously improving workflows to become more responsive to customers' dynamic requirements is driviibg the adiption of intelligent document processing solutions.
Based on deployment, the cloud segment is expected the segment to grow at a higher CAGR during the forecast period
The cloud-based deployment mode allows users to access intelligent document processing solutions from anywhere or from any device, such as Personal Computers (PCs), laptops, and mobiles. Implementing cloud-based intelligent document processing solutions help SMEs and large enterprises focus on their core competencies rather than IT processes. The cloud-based deployment of intelligent document processing has made it easy for users to apply predictive capabilities to the entire organization Large-scale offerings of intelligent document processing solutions through the cloud model would increase customer reliance on such solutions and enhance their penetration across SMEs.
Based on organization size, the large enterprises segment is expected to hold the highest market size during the forecast period
Organizations with more than 1,000 employees are categorized as large enterprises. The demand for intelligent document processing among large enterprises is higher than among SMEs. This is due to the affordability and high economies at stake that enables organizations to adopt intelligent document processing. Companies spend a significant amount to adopt intelligent tactical techniques. Large enterprises are the leading adopters of intelligent document processing solutions and services due the rising need for operational efficiency drives the demand for intelligent document processing solutions among large enterprises.
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APAC is expected to grow at a higher CAGR during the forecast period
The Intelligent Document Processing Market has been segmented into five regions: North America, Europe, the Asia Pacific, the Middle East & Africa, and Latin America. Due to growing technology adoption APAC is expected to register the highest CAGR in the Intelligent Document Processing Market during the forecast period.In APAC, China, Japan, and India are expected to drive the overall market. Rapid economic development, globalization, digitalization, and increased adoption of cloud-based technologies are other key factors driving the growth of the Intelligent Document Processing Market in this region. Further, banking industry in APAC countries is continuously investing in cutting-edge solutions to enhance customers' banking experience. This will drive the adoption of intelligent document processing solutions and services in APAC.
Major vendors operating in the Intelligent Document Processing Market include ABBY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (US), HyperScience (US), OpenText (Canada), Hyland (US), Extract Systems (US), Infrrd (US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (UK), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), Evolution AI (England), BIS (US), and AmyGB (India), Acodis (Switzerland), Ocrolus (US), Hive (California), Hypatos (Germany), and IN-D (Singapore).
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