SAN FRANCISCO, Jan. 16, 2023 /PRNewswire/ -- The global intelligent document processing market size is anticipated to reach USD 11.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 29.7% from 2022 to 2030. The adoption of intelligent document processing solutions is likely to rise owing to the growing need to manage large amounts of data, requiring efficient document processing solutions. Moreover, growing investments in digital transformation among industries are likely to drive market growth.
Key Industry Insights & Findings from the report:
- In terms of component, the solution intelligent document processing segment accounted for the maximum revenue share of 63.6% in 2021. This can be attributed to the availability of various intelligent document-processing software packages and tools with multiple deployment options. The services intelligent document processing segment is likely to expand at the highest CAGR of 30.1% over the forecast period. This is due to the availability of support and deployment services while implementing intelligent document processing solutions.
- Based on technology, the machine learning segment dominated the market with a share of 45.9% in 2021 and is expected to grow at the highest CAGR of 30.1% over the forecast period. This can be attributed to the importance of machine learning algorithms in extracting and classifying information.
- Based on deployment, the cloud segment dominated the market with a share of 57.6% in 2021 and is expected to grow at the highest CAGR of 32.5% over the forecast period. This can be attributed to the cost-effectiveness and ease of deployment of cloud solutions.
- Based on organization size, the large size enterprises segment dominated the market with a share of 72.8% in 2021 and is expected to exhibit a CAGR of 29.1% over the forecast period. The need to manage large amounts of data and improve internal workflows is driving growth for large size enterprises segment. The Small and Medium Sized Enterprises (SMEs) segment is expected to grow at the highest CAGR of 31.1% over the forecast period. This can be attributed to the growing interest of SMEs in adopting digital technologies such as Artificial Intelligence (AI) to tackle various challenges.
- Based on end-use, the BFSI segment dominated the market with a share of 25.6% in 2021. This can be attributed to the large document processing requirements in the sector. The government & public sector segment is expected to grow at the highest CAGR of 32.3% over the forecast period. The increasing need to manage documents such as tax forms and social security documents is aiding growth for this segment.
- North America held the largest share of 31.4% in 2021 and is expected to retain its position over the forecast period. This can be attributed to high digitalization and technology adoption in the region. In September 2022, U.S.-based ProcessMaker, a Business Process Management (BPM) software provider, announced the acquisition of Netherlands-based Doculayer (Onior Group B.V.), an intelligent document processing solution provider. ProcessMaker aimed to add the intelligent document processing feature to its offerings and solve process management challenges with this acquisition.
- Asia Pacific is anticipated to expand at the highest CAGR of over 31.4% over the forecast period owing to the large presence of intelligent document processing vendors and numerous Artificial Intelligence (AI) startups in the region.
Read 175 page market research report, "Intelligent Document Processing Market Size, Share & Trends Analysis Report By Component, By Technology, By Deployment, By Organization Size, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Intelligent Document Processing Market Growth & Trends
The COVID-19 pandemic had a positive impact on the intelligent document processing market. The COVID-19 pandemic made governments impose travel restrictions and social distancing norms. Hence, many businesses across the world looked for technological alternatives that led to automation to reduce human interference. According to U.K.-based Intelligent Automation Network, a community of global technology leaders, the COVID-19 pandemic accelerated investments in automation and made organizations rethink every business aspect, including customer service delivery and manufacturing. Hence, intelligent document processing solutions witnessed a rise in adoption post-pandemic.
Intelligent document processing vendors offer solutions and services to various end-use industries such as manufacturing, banking, financial services, and insurance (BFSI), and the government & public sector. Moreover, the companies are investing in Research & Development (R&D) and launching new products to meet customer needs. For instance, in March 2021, U.S.-based ABBYY announced the launch of Vantage 2, a platform for getting insights from documents. The company aimed to help clients accelerate digital transformation and improve customer experience with this launch.
Intelligent Document Processing Market Segmentation
Grand View Research has segmented the intelligent document processing market based on component, technology, deployment, organization size, end-use, and region:
Intelligent Document Processing Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
- Solution
- Services
Intelligent Document Processing Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
Intelligent Document Processing Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)
- Cloud
- On-premise
Intelligent Document Processing Market - Organization Size Outlook (Revenue, USD Million, 2017 - 2030)
- Small and Medium Sized Enterprises (SMEs)
- Large Size Enterprises
Intelligent Document Processing Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- Healthcare
- Manufacturing
- Retail
- Government & Public Sector
- Transportation & Logistics
- IT & Telecom
- Others
Intelligent Document Processing Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Netherlands
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Chile
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
List of Key Players in Intelligent Document Processing Market
- ABBYY
- Automation Anywhere, Inc.
- Kofax Inc.
- WorkFusion, Inc.
- UiPath
- IBM
- Appian
- HCL Technologies Limited
- HYPERSCIENCE
- AntWorks
- Datamatics Global Services Limited
Check out more related studies published by Grand View Research:
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- Natural Language Processing Market - The global natural language processing market size is estimated to reach USD 439.85 billion by 2030, expanding at a CAGR of 40.4% from 2023 to 2030, according to a new study by Grand View Research, Inc. Machine learning is predicted to play a critical role in natural language processing (NLP) techniques, mostly in text analytics, as AI advances. In the future, unsupervised and supervised learning will enable machine-learning engines to undertake more in-depth assessments. According to their ongoing evolution, social media platforms are expected to play a superior role in business decisions. A company, for instance, can rely on several NLP tools to track customer evaluations, feedback, and comments about their business on social media platforms and in the news around the time of a quarterly report.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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