Intelligent Document Processing Market worth $3.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 4, 2021 /PRNewswire/ -- According to a new market 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 2026", published by MarketsandMarkets™, the global Intelligent Document Processing Market size is expected to grow from USD 0.8 billion in 2021 to USD 3.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast period.
The major factors driving the growth of the Intelligent Document Processing Market include the rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed, increasing investments in digital transformation, and the rising adoption of cloud-based document processing solutions.
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Based on component, the services segment is expected to grow at a higher CAGR during the forecast period
With rising technological advancements, the demand for intelligent document processing solutions is expected to rise. This is projected to fuel the demand for intelligent document processing services. Services offered by most intelligent document processing solution vendors include professional services and managed services. Intelligent document processing services play a crucial role for every solution vendor as clients expect seamless integration of the solution as well as training and support of the provided solution with the enterprise's system.
Based on deployment, the cloud segment is expected the segment to grow at a higher CAGR during the forecast period
Cloud deployment offers various benefits to organizations. These benefits include easy availability and scalability. The cloud deployment mode also provides multiple benefits, including reduced operational costs and hassle-free deployments. The cloud deployment for intelligent document processing while using different disruptive technologies is expected to grow with the increasing awareness of the benefits of cloud-based solutions. The cost-effectiveness and scalability of cloud deployment are expected to boost the growth of cloud-based intelligent document processing solutions.
Based on organization size, the large enterprises segment is expected to hold the highest market size during the forecast period
Based on organization size, the Intelligent Document Processing Market is segmented into SMEs and large enterprises. Large enterprises are the leading adopters of intelligent document processing solutions and services due to the increasing need to analyze the structured and unstructured data collected over the years. These enterprises focus on delivering enhanced customer experiences and gaining a leading edge in the market.
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North America to hold the highest market size 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. By market size, North America is expected to be the major contributor to the Intelligent Document Processing Market during the forecast period. The US and Canada comprise the North American market. Enterprises in the region are most progressive in terms of AI, ML, NLP, and computer vision adoption, thereby boosting the growth of the document analysis market. The presence of key players in North America (such as ABBYY, Kofax, IBM, WorkFusion, Automation Anywhere, Parascript, Hyland, and Extract Systems) is also a key factor responsible for the adoption of intelligent documents processing in the region.
Major vendors operating in the Intelligent Document Processing Market include ABBYY (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).
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