Intelligent Document Processing Market size to grow by USD 3.34 billion from 2022 to 2027, The integration of IDP software with ML is the major trend in the market, Technavio

NEW YORK, March 7, 2024 /PRNewswire/ -- The intelligent document processing market size is estimated to grow by USD 3.34 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 29.69%. The growth momentum will progress during the forecast period. The integration of IDP software with ML is the key factor shaping intelligent document processing market growth. Data is an integral part of any organization in their enterprise operations, decision-making process, and, ultimately, their revenues and profits. Nevertheless, despite the rapid digitization of documents, within electronic content management systems, there are massive volumes of unstructured data in the documents. Generally, ML techniques are used in enterprises to understand the business effects and implications of the context, which are trapped within documents, and make sense out of the huge volumes of digital clutter.

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For example,  one of the IDP software vendors, Ephesoft, has launched Ephesoft Insight, an ML document mining platform that can analyze files from content repositories on a large scale and extract business insights from them. Thus, the integration of Ml with IDP software will have a favorable impact on the growth of the Intelligent Document Processing Market during the forecast period. 

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Segment Overview
Technavio has segmented the market based on component (Solution and Services), end-user (BFSI, IT and telecom, Manufacturing, Healthcare, and Others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth by the solution segment will be significant during the forecast period. due to its ability to automate document processing tasks, streamline workflow, and improve accuracy, there is a rise in demand for the solutions segment of the global intelligent document processing market. Businesses are facing challenges in processing and managing data efficiently due to an increasing amount of data generated every day, leading to high demand for IDP solutions. The major advantages of IDP software include the ability to process unstructured data, decrease the time required to process large amounts of data and eliminate errors caused by human intervention. Hence, as a result, there is an increase in adoption in industries across healthcare, finance, legal, and insurance. For instance, in the healthcare industry, there are wide applications of IDP solutions as they are being used to streamline the processing of medical records, insurance claims, and patient information. Therefore, such advantages are anticipated to fuel the growth of this segment which in turn will drive the intelligent document processing market growth during the forecast period.

Geographical Analysis

North America is estimated to account for 38% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America has the largest market share in the intelligent document processing market as enterprises in the region are tech-oriented and have invested in technologies such as business process management software and IDP software solutions to digitize their workflows. Moreover, IDP software is one of the key technologies that enterprises invest in to digitize their paper-based processes around most of the operating segments, including finance, human resource, operations, and marketing. Companies are experiencing a fast return on investment (ROI) on document capture software implementations and enhancing profitability. Therefore, such advantages are anticipated to boost the intelligent document processing market growth in the region during the forecast period.

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The growing use of big data analytics is one of the key drivers

Increasing adoption of big data analytics among enterprises delivers many business advantages, including enhancing customer service and operational efficiency, developing effective marketing strategies, recognizing new revenue opportunities, and achieving competitive advantages over its competitors. As multiple enterprises generate structured, unstructured, and semi-structured data, it can be directly incorporated with the analytics solution. Therefore, this data can be harnessed and interpreted using IDP software solutions after digitization.  Moreover, with the support of IDP software solutions, it allows organizations to utilize the information stored in physical documents with the help of digital transformation. Therefore, the rising use of big data analytics is directing to an upsurge in demand for IDP software solutions which will fuel the growth of the Intelligent Document Processing (IDP) Market focus during the forecast period.

• The key challenges hindering market growth are the risks of data theft and cyberattacks. 

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Analyst Review

In today's rapidly evolving business landscape, keeping abreast of industry trends is paramount for success. The shift toward digital transformation has spurred a surge in demand for solutions like Intelligent Document Processing (IDP), revolutionizing business process automation across various verticals such as BFSI, healthcare and life sciences, retail and consumer goods, and transportation and logistics.

As organizations embrace digital transformation, they recognize the importance of harnessing AI and automation to enhance customer experience, streamline business processes, and drive growth. IDP leverages AI and ML algorithms for efficient data extraction from structured and unstructured documents, enabling auto-classify, auto-categorize, and auto-crop functionalities, thereby making documents easily searchable and improving analytics capabilities.

A comprehensive pricing analysis reveals that while IDP solutions incur initial costs, the revenue generated from enhanced operational efficiency and improved customer satisfaction far outweighs the investment. Moreover, IDP aids in governance and compliance requirements by ensuring adherence to regulations like the Sarbanes-Oxley Act (SOX), General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and Freedom of Information Act.

Enterprises, especially large enterprises, are increasingly prioritizing IDP as a board-level topic and a critical business priority. The availability of actionable data derived from IDP empowers organizations to make informed decisions, driving innovation and success. Moreover, IDP enhances bottom line performance by reducing manual errors and accelerating document processing, thereby optimizing costs.

In the IDP market, vendors offer a range of software and services, catering to different component segments and deployment mode segments, including cloud solutions. These offerings cater to organizations of varying organization size segments, from large enterprises to small and medium-sized enterprises (SMEs), across regions worldwide.

In conclusion, the IDP market presents a lucrative opportunity for organizations across diverse vertical segments to streamline operations, drive efficiency, and unlock new avenues for growth and innovation. Embracing IDP is not just about adopting a technology; it's about embracing a transformative approach to document management and business operations.

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Market Overview

The Intelligent Document Processing (IDP) market is experiencing significant growth driven by technological advancements. Industry trend analysis reveals a surge in demand for IDP solutions across various sectors. Market buying trends indicate a preference for integrated IDP platforms offering seamless document handling. Pricing analysis shows competitive pricing strategies adopted by vendors to capture market share. Patent analysis highlights ongoing innovation in IDP technologies, safeguarding intellectual property. Conference and webinar materials contribute to knowledge dissemination, fostering industry collaboration. Stakeholders, including businesses and investors, recognize IDP's potential for efficiency gains. Enterprises are increasingly integrating IDP into their operations to streamline document processing. IDP caters to both structured and unstructured documents, enhancing workflow automation. Overall, IDP's market trajectory reflects a promising landscape with ample opportunities for further growth.

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Table of contents

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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