Market Overview
The global intelligent document processing market is expected to register a CAGR of 35.5% in the years spanning 2022 and 2030. The market was worth USD USD 1,465.6 million in 2022. It should be valued at USD 14,789.7 million in 2030.
The intelligent document processing market is currently in high demand because they put various documents together in order. By doing so, they make valuable connections and do strategic analysis for data and information that may seem to be irrelevant and/or unrelated on the surface. In reality, this data is very relevant and related. This process makes it easier for companies to get the insights that they need to make strategic business decisions.
Intelligent document processing can be seen as being a ‘godsend technology’ in many ways because it allows businesses to structure and therefore give meaning and order to the 80% of data that happens to be unstructured and that flows through organizations in a random format.
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Segment overview
By component
This segment can be grouped as follows:
- Solutions
- Services
The solutions sub-segment currently enjoys the largest market share. This is expected to continue for the time period that this report covers. The reason for its dominance can be attributed to the fact that many companies across all industries are adopting advanced IT systems that are either on their premises or based in the cloud.
By deployment mode
This segment can be grouped as follows:
- On-premises
- Cloud-based
The cloud-based sub-segment is expected to enjoy one of the highest CAGRs for the time period that this report covers. The reason for this is that most businesses around the world either have adopted or are adopting the cloud-based model of technological services.
By technology
This segment can be grouped as follows:
- Natural language processing
- Optical character recognition
- Robotic process automation
- Google Vision Deep Learning
- Machine Learning
- Artificial Intelligence
By organization size
This segment can be grouped as follows:
- SMEs
- Large companies
The SMEs sub-segment has historically held the largest market share. This is expected to continue for the time period that this report covers. The reason for this is that most smaller businesses are adopting intelligent processing systems in their organizations.
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Regional analysis
The global intelligent document processing market can be grouped into the following geographic regions:
- North America
- The European Union
- Asia-Pacific
- The Middle East and Africa
- South America
Most companies in the United States of America and Canada were among the first to adopt intelligent document processing systems. Therefore, this region currently commands the greatest market share. This is expected to continue for the time period that this report covers.
The fact that most of the world’s largest intelligent document processing companies are located in North America also gives this region a sustainable competitive advantage. It also explains why the region leads the world in terms of market share.
Industry news
- Appian introduced a new intelligent document processing system that integrates AI into its daily operations.
- Deloitte and UPath recently entered into a joint venture. The resulting company will deliver a new generation of on-premises and cloud-based technologies that will have more innovative and useful applications
- IBM recently launched a new intelligent document processing system technology
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