NEW YORK, Nov. 21, 2023 /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. 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. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Intelligent Document Processing Market – Segmentation Assessment
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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Intelligent Document Processing Market – Market Dynamics
Key factor driving market growth
The growing use of big data analytics is one of the key factors driving the intelligent document processing market growth. 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.
Major challenges hindering the market growth
The key challenges hindering market growth are the risks of data theft and cyberattacks. Digitized data and online documents contain highly confidential data of different companies and industries such as BFSI. The BFSI sector includes the personal and financial data of consumers, such as their names, addresses, social security numbers, credit histories, and other sensitive information. Thus, these data are mostly prone to cyber risk or data breaches as these documents are available online, either on the cloud or in the on-premise database. Hence, cybersecurity and privacy concerns pose a major threat to the adoption of document management systems, which include IDP software. Consequently, the mismanagement of digital content captured using IDP software augments the vulnerability to cyberattacks which can direct in a reduction in brand loyalty, expensive lawsuits, and expensive insurance claims. and can adversely impact the IDP Market during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Intelligent Document Processing Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Intelligent document processing market between 2023 and 2027
- Precise estimation of the size of the intelligent document processing market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the intelligent document processing market across North America, Europe, APAC, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of intelligent document processing market vendors
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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
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SOURCE Technavio
