High Demand for Gathering Insights from Unstructured Data is Catalyzing Intelligent Document Processing Market Growth
According to our latest market study on "Intelligent Document Processing Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Enterprise Size, and Industry," the intelligent document processing market is expected to grow from US$ 1,022.73 million in 2021 to US$ 8,045.81 million by 2028, with an estimated CAGR of 34.6% from 2022 to 2028.
Source: The Insight Partners Analysis
Most business data in recent years is unstructured, and end users face significant challenges in gathering meaningful insights from the data. The data is represented in various modules, including documents, emails, spreadsheets, audio & visual, presentations, images, and web searches. In order to gain maximum information from unstructured data, several end users or industries are opting for intelligent document processing solutions, which facilitates them in extracting important insights. The rising demand for the extraction of insights from unstructured data is catalyzing the growth of the intelligent document processing market. The awareness related to the advantages of intelligent document processing solutions is maximum among large enterprises, which generate enormous amounts of data daily. These large enterprises invest substantial amounts toward enhancing the respective business process and optimizing the efficiency of the business. Thus, the demand for intelligent document processing solutions among large enterprises is on a constant rise, which is allowing the intelligent document processing market players to experience growth in respective sales, ultimately driving the intelligent document processing market.
In the intelligent document processing market, end-use industries such as BFSI and manufacturing, and government- across the different regions have attributed in the solution popularity. For instance, the strong presence of manufacturing and BFSI sectors in China and India has witnessed substantial demand for robust and efficient document processing tools in the past few years. North America holds the highest share in the intelligent document processing market as most of the companies in the region have already shifted to digital transformation to compete effectively in the global intelligent document processing market.
Furthermore, several other countries are increasing their adoption of digital transformation technology to compete effectively in the global market and increase revenue growth. Moreover, the demand for document processing solutions is predicted to grow during the forecast period, owing to the need for automated operations from manufacturing industries in several emerging economies of APAC, contributing to the intelligent document processing market growth in the region.
Companies in the intelligent document processing market offer different products for various types of document processing. These products help streamline document and data flow, which helps in ensuring swift decision-making. For instance, in the retail industry, these products offer measurable and consistent business value to processes such as customer correspondence and claims, sales order processing, and accounts payable. The document processing platform reads the unstructured documents, further redacting or extracting the information the customer needs, and routes the data to the final destination. The document processing offered by the companies in the market lessens the time spent manually, reduces human error typically caused by manual data entry, and offers fast access to valuable discrete data that customers can compare, share, report, and analyze, contributing to the intelligent document processing market growth.
ABBYY; IBM Corp; Kofax Inc.; Datamatics Global Services Limited; Appian; WorkFusion, Inc.; Parascript; Open Text Corporation; Hyland Software, Inc.; and Extract Systems are among the key intelligent document processing market players profiled during the intelligent document processing market study. Several other major companies were studied and analyzed during this research study to get a holistic view of the intelligent document processing market and its ecosystem.
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