Intelligent Document Processing Market

Intelligent Document Processing Market Overview

The global Intelligent Document Processing Market size was valued at USD 1.70 billion in 2023 and is predicted to reach USD 12.21 billion by 2030 with a CAGR of 32.5% from 2024-2030. The Intelligent Document Processing (IDP) market encompasses advanced software and systems that leverage artificial intelligence (AI), machine learning, and natural language processing (NLP) to streamline document-related processes. These technologies are employed to enhance efficiency, accuracy, and productivity by converting unstructured data from documents into structured formats that can be easily analysed and used.

This market includes software and services that facilitate the entire document lifecycle, from capturing and digitizing documents to extracting data and integrating it into business systems. By integrating with existing enterprise systems, IDP helps organizations achieve greater operational efficiency and make informed decisions based on comprehensive data analysis.

Market Dynamics and Trends

The increase in data generation by various organizations from sources such as digital interactions, transactions, and various operational processes drives the demand for advanced data handling technologies. Intelligent Document Processing (IDP) enhances accuracy and accelerates decision-making by automating data extraction, classification, and processing through AI, machine learning, and natural language processing, thereby driving the market growth.

According to the World Economic Forum, daily data creation across the world is projected to reach approximately 463 exabytes by 2025. As the volume of global data surges, driven by digital interactions and transactions, the adoption of intelligent document processing becomes increasingly essential for efficient data management and decision-making.

Moreover, ongoing advancements in AI and machine learning globally are further driving the intelligent document processing market trends by boosting the capabilities of IDP systems. Enhanced AI and machine learning technologies improve the precision and efficiency of document processing, enabling IDP solutions to handle increasingly complex documents with greater accuracy.

For instance, in February 2024, Mphasis launched DeepInsights Doc AI, an AI-powered IDP platform. This solution leverages generative AI to enhance document management by automating data extraction, classification, and processing. It also uses advanced AI, machine learning, and natural language processing to handle complex document formats and streamline workflows.

Furthermore, the global shift towards digital transformation including advancements such as cloud computing, artificial intelligence (AI), and machine learning is boosting the growth of the intelligent document processing sector. As businesses digitize their operations, they produce large amounts of data from online transactions and interactions.

To manage this data effectively, companies are adopting IDP technologies to automate document management tasks. Leveraging AI, machine learning, and natural language processing, IDP systems enhance accuracy and efficiency. This automation helps organizations streamline their workflows and extract valuable insights, supporting broader technology modernization goals.

However, high implementation costs associated with software acquisition, integration, and training along with concerns over data privacy and security are the major factors restraining the intelligent document processing market growth. On the contrary, the integration of intelligent document processing (IDP) with robotic process automation (RPA) solutions will create ample number of opportunities for the market in the upcoming years.

Market Segmentations and Scope of the Study

The intelligent document processing market report is segmented on the basis of component, organization size, deployment, technology, end users, and region. On the basis of component, the market is divided into solutions and services. On the basis of organization size, the market is classified into small & medium enterprises and large enterprises. On the basis of deployment, the market is divided into cloud and on-premise. On the basis of technology, the market is segmented into natural language processing (NLP), optical character recognition (OCR), machine learning (ML), and artificial intelligence (AI). On the basis of end-users, the market is classified into BFSI, government, healthcare, retail, manufacturing, transportation, and logistics. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the intelligent document processing market share during the forecast period. The dominance of the region in the development of advanced AI models significantly propels the growth of the market. This leadership fosters innovation and accelerates the adoption of AI-driven solutions, including IDP technologies. As per the AI Index, in 2023, the U.S. established itself as the foremost originator of leading AI models, producing 61 notable models. This strong position in AI model development reinforces North America's leadership in the market, driving both technological advancements and widespread adoption of IDP solutions.

Moreover, the rising healthcare sector in the region significantly drives the growth of the intelligent document processing industry. As healthcare organizations transition to digital solutions for managing extensive patient data and medical records, the need for efficient document processing technologies increases to streamline the extraction, classification, and analysis of data efficiently. 

The American Medical Association states that, U.S. spent USD 4,464.4 billion on health care in 2022. Such high investment facilitates adoption of innovative technologies into healthcare systems to efficiently manage data.

On the other hand, Asia Pacific is expected to show a steady rise in the intelligent document processing market during the forecast period due to the significant growth of BFSI sector in the region. 

The surge in digitalization by financial institutions in the region drives the demand for advanced intelligent document processing technologies to manage vast volumes of transactions, customer data, and compliance documents, boosting operational efficiency and ensuring accurate information. Ministry of Commerce and Industry states that, in 2023, total assets in the public banking sector amounted to USD 1686.70 billion in India. Such a well-established financial sector incorporates advanced technologies into its operations to enhance its efficiency, thus boosting the intelligent document processing market growth.

Moreover, the well-established telecommunication infrastructure in the region significantly drives the growth of the intelligent document processing market. The widespread availability of 5G boosts the development of data-intensive applications and seamless IoT integration, driving the need for advanced IDP technologies to manage and process the large volumes of data generated. 

The GSMA projected that by 2030, China's 5G market is anticipated to contribute nearly USD 260 billion to the economy, with 5G connections expected to exceed 1 billion within the current year. This rapid expansion highlights the increasing demand for sophisticated document processing solutions to handle the growing data demands effectively.

Competitive Landscape

Various key market players operating in the intelligent document processing industry include ABBYY, IBM Corporation, Kofax Inc., Global Services Limited, HCL Technologies Limited, Extract Systems LLC, Automation Anywhere Inc., Datamatics Global Services Limited, AntWorks Pte Ltd, Celaton Limited, HyperScience Inc., Kodak Alaris Inc., InData Labs, WorkFusion Inc., Acodis AG., and others. These market players are adopting various strategies such as product launches to remain dominant in the market. 

For instance, in May 2022, Infrrd introduced "Infrrd for Invoice," an AI-powered intelligent document processing solution designed to streamline invoice management. This tool enhances efficiency by automating invoice processing and handling complex document variations. 

Also, in May 2022, Automation Hero launched version 6 of Hero Platform, significantly enhancing document processing accuracy with new AI engine. This update leverages deep learning to efficiently handle structured and unstructured documents, such as contracts and invoices. 

Key Benefits

• The intelligent document processing market report provides the quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing industry opportunities to capitalize on.

• The study comprises of a detailed analysis of the intelligent document processing market trends including the current and future trends for depicting the prevalent investment pockets in the industry.

• The information related to key drivers, restraints, and opportunities and their impact on the intelligent document processing market is provided in the report.

• The competitive analysis of the key market players along with their market share in the intelligent document processing market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Intelligent Document Processing Market Key Segments

By Component

• Solutions

• Services

By Organization Size

• Small & Medium Enterprises

• Large Enterprises

By Deployment

• Cloud

• On-premise

By Technology

• Natural Language Processing (NLP)

• Optical Character Recognition (OCR) 

• Machine Learning (ML)

• Artificial Intelligence (AI)

By End-Users

• BFSI

• Government

• Healthcare

• Retail, Manufacturing

• Transportation

• Logistics

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• Rest of the World (RoW)

  • Latin America

  • Middle East 

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 1.70 Billion
Revenue Forecast in 2030	USD 12.21 Billion
Growth Rate	CAGR of 32.5% 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	The increase in data generation through various sources is driving the growth of the market. Ongoing advancements in AI and machine learning is propelling the growth of the market. The global shift towards digital transformation is boosting the growth of the intelligent document processing sector.
Countries Covered	28
Companies Profiled	15
Market Share	Available for 15 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

Key Players

• ABBYY Software Ltd.

• International Business Machines Corporation

• Kofax Inc.

• Global Services Limited

• HCL Technologies Limited

• Extract Systems, Inc.

• Automation Anywhere, Inc.

• Datamatics Global Services Ltd.

• AntWorks Pte Ltd

• Celaton Ltd.

• HyperScience Inc.

• Kodak Alaris, Inc.

• InData Labs LLC

• WorkFusion, Inc.

• Acodis AG