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Intelligent Document Processing Market Business Trend , Growth Rate ,Size, Share, Growth & Top Companies Analysis

intelligent document processing market business trend growth rate size share growth top companies analysis

Intelligent Document

iCrowdNewswire   Feb 3, 2021  7:00 AM ET

Global Intelligent Document Processing Market

Intelligent Document Processing is defined as the solutions which transform unstructured & semi-structured information into usable data. It is a type of next generation automation which able to capture, extract & process data from a variety of document formats. Intelligence document processing is based on AI technologies like natural language processing, Computer Vision, deep learning & machine learning. This technology is adopted by many organizations to perform the document related analysis on daily basis.

It is mainly used in the process of translating the document content into actionable & organized data for further process. Intelligent document processing also referred as intelligent process automation in which NLP or ICR & Machine learning technologies are using to enhance the performance of document processing.

The increase in need for improving the productivity of business operations along with the increase in technological penetration across various end use industries is expected to drive the global intelligent document processing market growth. These solutions empower users with smart technologies & agile processes for making faster & monitor interfaces to fix bottlenecks in workflow system which is anticipated to accelerate the market growth in forthcoming years.

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Enterprises receive huge data in the form of unstructured & semi-structured data such as sales orders, invoices, & customer correspondence which difficult to be organized through rule based automation software. Thus, organizations are adopting the intelligent process automation solutions to manage huge data & for data mining to enhance the quality for analysis.

The increase in demand for automation-led transformation programs with the help of a digital workforce is one of the prominent factors propelling the market growth. Ongoing technological advancements from robotic process automation to AI are transforming the landscape of automation.

Low adoption by small and medium size enterprises owing to high cost of the solutions are expected to hinder the global intelligent document processing market growth over the forecast period.  Also, high cost of the solution may restrict the market growth. 

Regional Analysis

The North America is expected to continue to dominate intelligent document processing market during this forecast period due to the penetration of process management & automation solutions across the enterprises in this region. Also, the increase in adoption of advanced technologies like AI, and machine learning across organizations along with higher spending to optimize business operations are the key driving factors will contribute the market growth.

The Europe is expected to hold the second- largest market share. European BFSI sector is anticipated to adopt intelligent document processing solutions to enhance banking processes. The APAC is also expected to grow at the fastest CAGR during this forecast period. The BFSI industry in India and China is gaining momentum due to the increased online transaction in the countries. Further, the growing awareness about machine learning, automation, and AI is further fuelling the demand for intelligent document processing solutions.

Market key Players

Various key players are discussed in this report such as InData Labs Group Limited, Parascript, LLC, Hyper Labs, Inc, Automation Anywhere¸ AntWorks, Kofax Inc, WorkFusion, Inc, ABBYY, etc.

Market Taxonomy

By Component

  • Software
  • Services

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

By End User

  • IT & Telecom
  • BFSI
  • Legal
  • Manufacturing
  • Pharmaceutical
  • Transportation & Logistics
  • Retail & E-Commerce
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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