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

Intelligent Document Processing Market Size & Forecast

The Intelligent Document Processing Market is projected to reach $9.18 billion by 2031, at a CAGR of 25.8% during the forecast period of 2024–2031. 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.

Integration of AI for Document Processing is Expected to Drive Growth of Intelligent Document Processing Market

Most organizations recognize the importance of harnessing data intelligently. However, 80% to 90% of useful information is primarily hidden in unstructured sources such as e-mails, customer chats, invoices, physical papers, and other digital artifacts. It becomes increasingly challenging to process such information. Recently, document processing has become more intelligent with the integration of AI technologies. AI-based intelligent document processing solutions employ computer vision and natural language processing to scan documents containing unstructured data, such as invoices, receipts, and contracts. Furthermore, robotic process automation (RPA) and machine learning are used for the extraction of data.

Integration of AI for document processing saves enormous amounts of time and workforce resources as it optimizes data capture by reading, analyzing, and converting documents into structured, searchable, organized data. Several key players are providing intelligent document processing solutions that harness AI technologies. For example, ABBYY (U.S.), Tungsten Automation Corporation (U.S.), UiPath (U.S.), WorkFusion, Inc. (U.S.), HCL Technologies Limited (India), IBM Corporation (U.S.), Infrrd Inc. (U.S.) provides AI based intelligent document processing solutions. In addition, several key players are focusing on advancing the AI capabilities of their solutions to achieve greater efficiency. Therefore, the integration of AI for document processing to achieve greater efficiency is expected to drive the growth of the intelligent document processing market.

Some of the recent developments are as follows:

• In November 2023, ACORD Solutions Group, Inc. (U.S.), a leading provider of next-generation digital solutions, launched extended capabilities in ACORD Transcriber. These AI-based capabilities facilitate data extraction from both structured and unstructured document formats
• In June 2023, Automation Anywhere Inc. (U.S.) expanded features of generative AI in Document Automation for fast understanding, extraction, and summarization of data from an ever-growing universe of unstructured document types, in addition to structured and semi-structured.

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Key Findings in the Global Intelligent Document Processing Market Study:

Based on Offering, the Solutions Segment is Expected to Account for the Larger Share of 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.

Based on Deployment Mode, the Cloud-based Deployment Segment is Expected to Account for the Larger Share of the Intelligent Document Processing Market

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.

Based on Technology, the Machine Learning (ML) Segment is Expected to Account for the Largest Share of the Intelligent Document Processing Market

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.

Based on End Users, the BFSI Segment is Expected to Account for the Largest Share of the Intelligent Document Processing Market

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.

North America: The Largest Regional Market

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 focus on digitization of workflow, presence of mature BFSI sector and increasing partnership of several key players to integrate intelligent document processing solution into automation platform.

Intelligent Document Processing Market: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.).

Intelligent Document Processing Market Report Summary:

Key questions answered in the report: