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.
Major Intelligent Document Processing vendors 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). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2022, which helped companies innovate their offerings and broaden their customer base.
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IBM is a multinational technology and consulting corporation that offers infrastructure, hosting, and consulting services. The company operates through five major business segments: Cloud and Cognitive Software, Global Business Services, Global Technology Services, Systems, and Global Financing. IBM’s product portfolio comprises various segments, including IoT, analytics, security, mobile, social, and Watson. IBM Cloud has emerged as a platform of choice for all business applications, as it is AI compatible and safe to use. It is a unifying platform that integrates IBM’s capabilities with a single architecture and spans public and private cloud platforms. With this powerful cloud platform, the company can cater to the requirements of different businesses across the globe. In the intelligent document processing market, IBM offers IBM Datacap and IBM FileNet Content Manager solutions. IBM Datacap uses NLP, text analytics, and ML technologies, similar to those in IBM Watson, to automatically identify, classify, and extract content from unstructured or variable documents. The software can reduce labor and paper costs, deliver meaningful information, and support faster decision-making. IBM caters to various verticals that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has a robust presence in the Americas, Europe, Middle East and Africa, and Asia Pacific, and it has clients in more than 175 countries.
WorkFusion is one of the leading providers of intelligent document processing solutions. The company’s AI-based offerings help enterprises automate their business operations, improve customer experiences, and experience profitable growth. The company’s product portfolio includes smart process automation, RPA express, and intelligent automation. These solutions are capable of automating trade, finance, accounts payable invoices, and email task routing. It provides enterprises with workflow design tools to standardize business processes and automate legacy application tasks. It provides intelligent automation by using historical data and real-time human actions to train ML models to automate judgment work. The company caters to its solutions across verticals, such as BFSI, insurance, and healthcare. The company has a presence across North America, Europe, and Asia Pacific. WorkFusion’s Intelligent Automation solutions are powered by pre-trained bots, proprietary AI technology, and advanced analytics to automate various business processes. WorkFusion’s Intelligent Automation platform is uniquely designed to automate these processes within one platform, with material outcomes in a short amount of time. This is made possible with its solutions that comprise expertly designed ML models, workflows, and analytics created expressly for the banking, financial services, and insurance industries. WorkFusion’s intelligent automation platform can be easily configured without any IT support.
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
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