As per the report published by Fior Markets, the global Intelligent Document Processing system market is expected to grow from USD 1.2 billion in 2020 and to reach USD 15.78 billion by 2028, growing at a CAGR of 38% during the forecast period 2021-2028.
The intelligent document processing system market is witnessing significant growth in the past years., due to automated advanced document processing software to better data analysis from unstructured databases grows. During the projected period, demand for intelligent document processing (IDP) solutions is expected to rise due to the increased use of AI and intelligent character recognition technologies. With the use of new technology, intelligent document processing solution providers are expected to be able to offer data analytics solutions to help with data mining and decision-making.
Intelligent data processing, also known as intelligent data capture, is the practice of intelligently obtaining specified information and accelerating document processing operations. Intelligent document processing is designed to scan documents regardless of the file type that needs to be processed. Intelligent document processing can be used to process both paper and electronic documents. Data capture simplifies information management for every business. Analysts and technological software companies are the most common users of intelligent document processing. Artificial intelligence and intelligent character recognition (ICR) technology are used by solution providers.
The COVID-19 epidemic has accelerated the use of intelligent document processing in businesses. . Client delivery automation, classifying incoming credit applications from various channels for banks approving loans, online verification of identification documents, and clause detection in legal documents are some of the key business processes that intelligent document processing solutions help companies automate. Employees have limited or no access to tangible documents due to the shutdown. As a result, there is a growing demand for digitalization, and document automation with intelligent document processing is expected to become a requirement by 2021.
Some notable players operating in the global Intelligent Document Processingsystem market include Advantech, Wavetec, Aurionpro, Lavi Industries, Qmatic, SEDCO, Q-nomy, Core Mobile, ATT Systems, AKIS Technologies, AwebStar, Xtreme Media, Business Automation, Identity, 2Meters, OnlineToken, Hate2wait, VersionX.
- In February 2020, Kofax has added new features to its Intelligent Automation platform, including secure print management and market-leading Kofax RPA Digital Workforce Management.
- In July 2019, Datacap version 9.1.6 has been upgraded by IBM. The new version improves the image ruleset for modifying the color depth of a picture, fixes OCR/A engine files, and enhances Datacap to enable SQL Server AlwaysOn Availability Groups.
- In April 2019, The Intelligent Automation Cloud platform was launched by WorkFusion. The platform makes advantage of WorkFusion’s low-code machine learning technology, which speeds up business processes and lowers expenses.
The solution segment dominated the market and held the largest market share of 52% in the year 2020
Based on components, the global intelligent document processing system market is segmented into solutions and services. The solution segment dominated the market and held the largest market share of 52% in the year 2020, owing to cost-effectiveness and innovative friendly product. play a crucial role in reducing the existing overheads of enterprises and enabling them to be product-focused and innovation-friendly. These services further enable organizations to concentrate on their core business processes without worrying about the maintenance and servicing of the deployed solution.
The on-premise segment dominated the market and held the largest market share of 51% in the year 2020
On the basis of deployment mode, the global intelligent document processing system market is segmented into cloud and on-premises. The on-premise segment dominated the market and held the largest market share of 51% in the year 2020, owing to its benefits including easy availability and scalability. The on-premises deployment approach also has several advantages, such as lower operational expenses and easier deployments. On-premises intelligent document processing systems are projected to rise in popularity due to the cost-effectiveness and scalability of cloud deployment.