Intelligent Document Processing Market to grow by USD 7.38 Billion (2024-2028), fueled by big data analytics; Report highlights AI-driven transformation - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global intelligent document processing (IDP) market  size is estimated to grow by USD 7.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  40.94%  during the forecast period. Growing use of big data analytics is driving market growth, with a trend towards integration of IDP software with ML. However, risks of data theft and cyberattacks  poses a challenge. Key market players include ABBYY Solutions Ltd., Adobe Inc., Alphabet Inc., Amazon.com Inc., Automation Anywhere Inc., Capgemini Service SAS, Celaton Ltd., DATAMARK Inc., Datamatics Global Services Limited, Dell Technologies Inc., International Business Machines Corp., Kofax Inc., Lexmark International Inc., M Files, Microsoft Corp., OpenText Corp., SAP SE, SS and C Technologies Holdings Inc., UiPath Inc., and WorkFusion Inc..

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Intelligent Document Processing (IDP) is a business solution that uses artificial intelligence technologies like Machine Learning (ML) and Optical Character Recognition (OCR) to automate document data extraction and information structuring. IDP is trending in enterprises due to digital transformation investments. IBM, AI Platform Providers, and RPA companies are leading this market. ML and Deep Learning (DL) are key technologies, with computer vision and natural language processing enhancing capabilities. IDP solutions automate business functions like invoice processing, fraud detection, and customer onboarding in industries like Transportation and Logistics, Government and Defense, Airlines, and Insurance. Deployment modes include on-premises and cloud. Data privacy concerns are addressed through secure cloud deployment. IDP streamlines processes, improving efficiency and reducing errors. 

Organizations recognize the value of data in driving business operations and making informed decisions, yet a significant amount of unstructured data exists within electronic document management systems. For instance, a contract document's 100-page PDF may be labeled with metadata tags for retrieval. However, these tags only provide basic information about the document's content. Intelligent Document Processing (IDP) technology addresses this challenge by extracting and understanding contextual information from unstructured data, enhancing data utilization and improving overall business efficiency. 

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•         Intelligent Document Processing (IDP) market is witnessing significant growth as enterprises seek to automate business functions and improve efficiency. Machine Learning (ML) and AI technologies, including Generative AI, are at the heart of IDP solutions. IBM, among other AI platform providers, leads the way with advanced offerings. IDP solutions enable the extraction and structuring of data from various document formats. Challenges include ML and deep learning algorithms for accurate data recognition, especially in industries like Transportation and Logistics and Robotic Process Automation (RPA). Verticals like Government and Defense, Airlines, and Insurance face unique challenges. For instance, invoice processing in the Insurance industry requires fraud detection, while customer onboarding in the Airlines industry necessitates data privacy concerns. IDP solutions can be deployed on-premises or in the cloud. Large Enterprises are making substantial digital transformation investments, favoring cloud deployment for scalability and cost savings. However, on-premises deployment remains an option for those with specific security requirements. Optical Character Recognition (OCR) and computer vision technologies are crucial components of IDP solutions. AI Platform Providers are investing heavily in these areas to address the evolving needs of businesses. Data privacy concerns and the need for secure deployment modes are critical considerations for IDP solutions. Cloud deployment offers advantages in terms of security and scalability, but on-premises deployment may be preferred in certain industries and use cases. In conclusion, the IDP market is witnessing significant growth as businesses seek to automate document processing and improve efficiency. Challenges include the use of ML and deep learning algorithms, the need for secure deployment modes, and the unique requirements of various industries. IDP solutions are poised to revolutionize business processes and drive digital transformation.

•         The financial and business sectors, known as BFSI, handle vast amounts of confidential data in digitized documents. This data includes personal and financial information of consumers, which is sensitive and must be protected. These documents are stored online, either in the cloud or on-premise databases. However, the convenience of digital storage comes with risks. Cybersecurity and privacy concerns pose challenges to the adoption of document management systems, including Intelligent Document Processing (IDP) software. Mismanagement of digital content processed by IDP software increases vulnerability to cyberattacks. The consequences of such attacks can be severe, including loss of brand loyalty, expensive lawsuits, and costly insurance claims. It is crucial for businesses to prioritize data security and implement IDP solutions to mitigate these risks.

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This intelligent document processing (idp) market report extensively covers market segmentation by

1. Component 
• 1.1 Solution
• 1.2 Services
2. End-user 
• 2.1 BFSI
• 2.2 IT and telecom
• 2.3 Manufacturing
• 2.4 Healthcare
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Solution-  The Intelligent Document Processing (IDP) market's solutions segment is experiencing growth due to its automation capabilities, streamlining workflows, and enhancing document processing accuracy. With the escalating volume of daily data generation, businesses face challenges in managing and processing data efficiently. IDP solutions address these challenges by processing unstructured data, reducing processing time, and eliminating human error. Industries like healthcare, finance, legal, and insurance are major adopters, with IDP solutions streamlining medical records, insurance claims, and financial document processing. In finance, IDP solutions process loan applications, credit reports, and other financial documents more efficiently. As businesses digitalize, IDP solutions become essential for processing non-optimized digital documents. Technological advancements, including AI and ML algorithms, will create more efficient solutions, leading to increased IDP adoption across industries like retail and transport. This growth is expected to continue during the forecast period.

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Intelligent Document Processing (IDP) is a subset of Intelligent Automation that utilizes Machine Learning (ML) and Optical Character Recognition (OCR) technologies to extract data and insights from unstructured documents. IDP automates document processing tasks, reducing manual effort and errors. ML algorithms enable IDP systems to learn and improve from each document they process, enhancing accuracy and efficiency. IDP is increasingly adopted by enterprises across industries, including Transportation and Logistics, Government and Defense, Insurance, and the Airlines industry, for tasks like invoice processing, fraud detection, and more. AI Platform Providers like IBM offer IDP solutions, integrating Generative AI and Robotic Process Automation to streamline document processing and drive digital transformation investments.

Intelligent Document Processing (IDP) is a sub-field of Information Extraction that utilizes Machine Learning (ML), Deep Learning (DL), Generative AI, and Optical Character Recognition (OCR) technologies to automate the extraction of structured data from unstructured documents. IDP solutions are increasingly being adopted by enterprises across various industries, including Transportation and Logistics, Government and Defense, Airlines, and Insurance, to streamline business functions and enhance digital transformation investments. IDP solutions can process various document formats, such as invoices, contracts, and applications, and can be deployed on both on-premises and cloud modes. AI Platform Providers offer IDP solutions to automate data extraction, information structuring, and fraud detection, among other use cases. IDP solutions employ ML and DL algorithms to identify patterns and extract relevant data from documents, while computer vision technologies enable the recognition of handwriting and other complex document layouts. RPA tools can be integrated with IDP solutions to automate repetitive tasks, further enhancing efficiency and reducing errors. However, data privacy concerns remain a significant challenge for IDP adoption, as sensitive information must be securely handled and protected. IDP solutions must comply with relevant regulations, such as GDPR and HIPAA, to ensure data privacy and security. Invoice processing, customer onboarding, and fraud detection are some of the most common use cases for IDP solutions. The market for IDP solutions is expected to grow significantly in the coming years, driven by increasing digital transformation investments and the need for automation across various industries.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Solution
• Services
• End-user
• BFSI
• IT And Telecom
• Manufacturing
• Healthcare
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio