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Redding, California - January 26, 2024

Intelligent Document Processing Market to be Worth $9.18 Billion by 2031

Intelligent Document Processing Market by Offering (Solutions, Services), Deployment Mode (Cloud, On-premise), Technology (ML, Computer Vision, NLP, RPA, OCR), End Users (BFSI, Government & Public Sector, & Others), & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Intelligent Document Processing Market by Offering (Solutions, Services), Deployment Mode (Cloud, On-premise), Technology (ML, Computer Vision, NLP, RPA, OCR), End Users (BFSI, Government & Public Sector, & Others) & Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the intelligent document processing market is projected to reach $9.18 billion by 2031, at a CAGR of 25.8% from 2024 to 2031. The growth of this market is driven by the rising inclination of enterprises towards digital transformation and the integration of AI for document processing. In addition, the increasing adoption of cloud-based solutions, increasing human-in-the-loop approach in intelligent document processing, and growing use of intelligent document processing for real-time applications are expected to offer significant growth opportunities for the stakeholders in the intelligent document processing market.

However, persistent issues in the processing of handwritten documents may restrain the market's growth. Furthermore, data security & privacy shortcomings of existing document processing solutions are expected to challenge the growth of the intelligent document processing market. Additionally, the integration of generative AI in intelligent document processing and the shift of enterprises from traditional data-storing methods to digital methods are the key trends in the intelligent document processing market.

Based on offering, the global intelligent document processing market is broadly segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global intelligent document processing market. The large market share of this segment is attributed to factors such as the rising need of enterprises to process unstructured and semi-structured information from documents such as emails and images into structured, usable information, and consistent generation of a high volume of documents in enterprises, and availability of solutions for processing unstructured and semi-structured documents.

In addition, the increasing focus of several key players operating in the intelligent document processing market on partnerships to broaden their range of expertise in digitization is also contributing to the large market share. For instance, in November 2023, Kodak Alaris Inc. (U.S.), a pioneer and expert in intelligent document processing, partnered with KYOCERA Document Solutions France SAS (France), a provider of document capture solutions. This partnership aims to strengthen its range of solutions to respond to customer issues related to digital transformation.

Moreover, the solutions segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of intelligent document processing solutions for automating data extraction, classification, and verification processes and the integration of AI technologies for gaining greater efficiencies in document processing.

In addition, several players operating in the intelligent document processing market undertaking initiatives to integrate AI models for greater efficiencies is also contributing to segment growth. For instance, in January 2024, TCG Process (Switzerland), a provider of intelligent document processing and process automation software, announced a new integration of large language models (LLMs) developed by Lazarus Enterprises Inc. (U.S.) to their input management and automation product DocProStar to gain greater efficiencies when automating document and media-centric business processes.

Based on deployment mode, the global intelligent document processing market is segmented into cloud-based deployment and on-premise deployment. In 2024, the cloud-based deployment segment is expected to account for the larger share of the global intelligent document processing market. The large market share of this segment is attributed to the increased availability of cloud-based intelligent document processing solutions and their benefits, such as scalability, maintenance free, and relatively fast to implement. For instance, UiPath (U.S.) provides Intelligent Document Processing & Specialized AI with Automation Cloud for the fastest updates and the scalability and flexibility to automate document processing.

Moreover, the cloud-based deployment segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as increasing adoption of cloud-based intelligent document processing solutions, growing awareness about the benefits of cloud-based solutions, and increasing robust security and compliance features in cloud-based solutions that help to address data security and privacy concerns.

Based on technology, the global intelligent document processing market is segmented into machine learning (ML), computer vision, natural language processing (NLP), optical character recognition (OCR), and robotic process automation (RPA). In 2024, the machine learning (ML) segment is expected to account for the largest share of the global intelligent document processing market. The large market share of this segment is attributed to the increasing use of machine learning (ML) for document classification, data capture, and extraction and continuous improvement in the ML model to achieve efficiency in document processing.

In addition, several players operating in the market utilize machine learning (ML) technology in their platforms to obtain the best extraction result. For instance, Infrrd Inc. (U.S.) provides an IDP solution that uses a combination of coherent machine learning algorithms, deep learning models, OCR capabilities, and deskew techniques and mechanisms to ensure exceptional skew correction results.

However, the natural language processing (NLP) segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing use of natural language processing (NLP) to analyze free-flowing text in documents, understand the context, and the growing application of NLP for processing semi-structured, and unstructured documents in enterprises.

In addition, several key players are increasing investment in natural language processing (NLP) technology to strengthen their intelligent document processing offerings. For instance, in August 2022, UiPath (U.S.), a leading enterprise automation software company, acquired Reinfer Ltd. (U.K.), an NLP company for unstructured documents and communications, to combine Reinfer’s NLP technology with UiPath’s Document Understanding and AI products to expands the breadth of UiPath current AI-powered automation capabilities and unlocks new automation opportunities for their customers.

Based on end users, the global intelligent document processing market is segmented into BFSI, government & public sector, education, healthcare & pharmaceutical, manufacturing, retail & E-commerce, transportation and logistics, media & entertainment, law firms, and other end users. In 2024, the BFSI segment is expected to account for the largest share of the global intelligent document processing market. The large market share of this segment is attributed to the constant generation of banking, financial, and signed forms documents on a daily basis and the increasing adoption of intelligent document processing to digitize the processing of insurance forms to reduce manual processing.

Several BFSI enterprises are integrating intelligent document processing solutions to reduce the overall work time for document processing, which is also contributing to a large market share. For instance, in June 2022, ITOCHU Corporation (Japan), one of Japan’s largest trading companies, integrated ABBYY's intelligent document processing (IDP) platform with its digital transformation (DX) platform to improve the efficiency of paper-based order transactions.

However, the government & public sector segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need for digitization, modernizing government operations, and increasing use of intelligent document processing solutions to extract relevant information from legal documents, contracts, and policy reports, as well as for automatically capturing and processing financial data from invoices, receipts, and expense reports.

Key players are working with several government entities to digitize and automate the slowest, most dated document- and data-heavy processes. For instance, in March 2023, Hyperscience (U.S.), a provider of intelligent document processing solutions announced that they are on track to surpass one billion processed documents for the U.S. Government.

Based on geography, the global intelligent document processing market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global intelligent document processing market. The large market share of the region is attributed to factors such as the presence of leading intelligent document processing solutions providers such as ABBYY (U.S.), UiPath (U.S.), Tungsten Automation Corporation (U.S.), and IBM Corporation (U.S.), rising government & public sector focus on digitization of workflow, and presence of mature BFSI sector.

Also, the increasing partnerships of several key players to integrate intelligent document processing solutions into the automation platform are also contributing to the large market share of this region. For instance, in May 2023 , Pipefy Inc. (U.S.), the low-code process automation platform, partnered with ABBYY (U.S.), the industry leader in Intelligent Document Processing (IDP), to offer a powerful integrated solution. The integrated solution fuses Pipefy’s process automation capabilities with ABBYY’s optical character recognition (OCR) technology.

However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this region is driven by factors such as the emergence of regional players, growing government initiatives for digitization, and the increasing focus of several players on the development of intelligent document processing solutions. For instance, in May 2023, Xiao-I Corporation (China), a leading cognitive artificial intelligence (“AI”) enterprise, launched its state-of-the-art Intelligent Document Processing (“IDP”) product. This innovative solution is delivered by a smart and efficient platform that streamlines and automates the document management process, empowering businesses toward an era of intelligent operations.

Key Players:

Some of the key players operating in the global intelligent document processing market are Tungsten Automation Corporation (U.S.), ABBYY (U.S.), UiPath (U.S.), WorkFusion, Inc. (U.S.), HCL Technologies Limited (India), Infrrd Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.) SS&C Technologies Holdings, Inc. (U.S.), AntWorks (U.K.), Datamatics Global Services Limited (India), AYR, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), IRIS group SA (Belgium), Open Text Corporation (Canada), SERgroup Holding International GmbH (Germany), Rossum (U.K), Appian Corporation (U.S.), Parascript, LLC (U.S.), and Hyperscience (U.S.).

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Key questions answered in the report:

Which are the high-growth market segments in terms of offering, deployment mode, technology, and end users?
What is the historical market size for intelligent document processing across the globe?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the global intelligent document processing market?
Who are the major players in the global intelligent document processing market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global intelligent document processing market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?

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Redding, California - January 26, 2024

Intelligent Document Processing Market to be Worth $9.18 Billion by 2031

Intelligent Document Processing Market by Offering (Solutions, Services), Deployment Mode (Cloud, On-premise), Technology (ML, Computer Vision, NLP, RPA, OCR), End Users (BFSI, Government & Public Sector, & Others), & Geography - Global Forecast to 2031

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