Increasing requirements for improved customer satisfaction and rising adoption of digitalization & artificial intelligence drive the growth of the global intelligent document processing market.
PORTLAND, Ore., Nov. 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Intelligent Document Processing Market by Component (Solution, Services), by Organization Size (SMEs, Large Enterprises), by Deployment Model (Cloud, On Premise), by Technology (Natural Language Processing, Optical Character Recognition, Machine Learning, Artificial Intelligence, Others), by End Use Vertical (BFSI, Government, Healthcare, Retail, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report published by Allied Market Research, the global intelligent document processing market was estimated at $1.1 billion in 2021 and is expected to hit $7.4 billion by 2031, registering a CAGR of 21.7% from 2022 to 2031.
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Drivers, restraints, and opportunities
Increasing requirements for improved customer satisfaction and rising adoption of digitalization & artificial intelligence drive the growth of the global intelligent document processing market. On the other hand, several government initiatives associated with compliance requirements impede the growth to some extent. However, rising demand from several end use verticals is expected to create lucrative opportunities in the industry.
Covid-19 scenario
- Increase in usage of online network connectivity and rise in online purchases of essential goods gave way to a significant surge in demand for connectivity intelligence and intelligent document processing solutions, thus impacting the global intelligent document processing market positively.
- This drift is likely to sustain even after the pandemic is gone.
The solution segment to dominate by 2031
By component, the solution segment held the major share in 2021, accounting for more than two-thirds of the global intelligent document processing market revenue. The same segment would also cite the fastest CAGR of 22.2% during the forecast period. This is because the solution segment allows organizations to control, manage, and execute their business operations efficiently and support commercial and customer-oriented activities in various sectors.
The large enterprises segment to retain the lion's share
By organization size, the large enterprises segment contributed to more than three-fourths of the global intelligent document processing market revenue in 2021, holding the major share. The same segment is also anticipated to grow at the fastest CAGR of 22.3% during the forecast period. Large enterprises can be stated as organizations that have an employee strength of more than 1,000. Such enterprises include an increased number of skilled people with high privacy and data security issues. These enterprises can often manage huge transmission data on platforms with well-equipped and maintained connected infrastructure.
The cloud segment to rule the roost
By deployment model, the cloud segment accounted for more than three-fifths of the global intelligent document processing market revenue in 2021, garnering the lion's share. The same segment would also display the fastest CAGR of 22.4% from 2022 to 2031. This is attributed to the fact that cloud intelligent document processing is a virtual portal that runs in a cloud computing environment rather than on-spot systems. It is created and hosted, online using a cloud computing infrastructure that can be accessed remotely.
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North America held the major share in 2021
By region, North America generated the major share in 2021, holding nearly two-fifths of the global intelligent document processing market revenue. Being one of the early adopters and inventors of advanced technologies and solutions North America has emerged as one of the highest technology adopters. The Asia-Pacific region, simultaneously, is projected to portray the fastest CAGR of 23.0% during the forecast period. This is due to the fact that intelligent service providers are actively participating in the promotion of electronic records and advanced document processing solutions.
Key players in the industry
- Datamatics Technologies Ltd.
- WorkFusion, Inc.
- Deloitte Touche Tohmatsu Limited
- HCL Technologies Limited
- Kodak Alaris (Eastman Kodak Company)
- Kofax Inc.
- Hyland Software, Inc.
- Infrrd Inc.
- ABBYY Solutions Ltd.
- International Business Machines Corporation
The report analyzes these key players in the global intelligent document processing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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