Global Intelligent Document Processing (IDP) Market Size, Status and Forecast 2021-2027

Intelligent Document Processing (IDP) Market

The global intelligent document processing (IDP) market is expected to grow from USD 860 Million in 2021 to USD 4.15 Billion in 2026 at a CAGR of 37%. Key drivers of the intelligent document processing market include the rising need for enterprises to manage huge volumes of structured and unstructured data. The financial industry has to collect, store and analyze a large amount of information related to credit card details, loan processing, etc. This creates the need for digital automation thereby fueling the growth of the intelligent document processing market. 

 

The electronic monitoring of patient data is vital in the medical industry which will augment the growth of the market during the forecast period. Several federal and state governments have to deal with billions of sensitive data that will provide lucrative growth opportunities for the market in the coming years.

Trends Influencing the Global IDP Market

Surging quantity of unstructured and structured data

Data is the new engine for the development of industrial processes. However, managing information inside documents, images, PDFs, and emails is a time-consuming process. The key is to extract, classify and use the data without overburdening your employees or running the risk of errors. IDP is the core of digital automation as manual entry of data is prevented completely. Labor costs are reduced. The documents are converted into a digital format which simplifies the management process. The files are organized and stored efficiently. Moreover, IDP solutions leave a digital trail which can later be used by compliance authorities to match the operations as per data protection regulations and auditing. The software is highly compatible with multiple file sizes, and applications thereby saving costs on extra installations. Integration is seamless. These factors will drive the growth of the intelligent document processing market during the forecast period. 

Finance sector

The BFSI industry has to process a lot of documents related to credit card applications and cheque payments. Automating certain tasks reduces the risks of errors. IDP auto-captures customer data from questionnaires and validates it from other sources. It helps in KYC document upload and loan processing. Banks and financial agencies generate a lot of reports which is auto extracted thereby expediting the entire procedure. Paper-based forms are converted into electronic documents and information is integrated swiftly. Furthermore, IDP sends all the relevant documents into fraud detection engines for gaining 360-degree visibility over the financial operations. These factors are expected to push the Intelligent Document Processing market during the forecast period. 

Healthcare Industry

Manually transferring patient records to an EHR system is an error-prone and long process. IDP streamlines hospitals’ operational workflows by automatically sorting, extracting, and matching documents from fax, PDFs, and scans. The entire onboarding process is automated without sacrificing patient care quality. The medical staff does not need to invest their crucial time in sorting out hundreds of documents. Medical billing becomes efficient as the requirement for filling out multiple fields is avoided completely. Errors will be caught immediately by the system thereby maintaining high levels of accuracy. The risk of losing or misplacing vital documents is minimal as the entire paperwork is organized in one place. It is an ideal collaborative platform where multiple stakeholders can come together easily and the system adapts automatically as per the user’s needs over a period of time. These factors will spur the growth of the intelligent document processing market in the coming years. 

Government and Public Sector

Public sector organizations and government agencies face challenges regarding documentation. The amount of data that they deal with on a daily basis is huge. The software stores the digital document of sensitive data in a secure database reducing the risks of leakage or hacking. IDP speeds up the digitization of physical records. The machine learning models allow you to train your system to segregate certain pieces of information that are vital. The extraction is faster from multiple sources. Many public agencies have redundant systems that are no longer feasible. Upgrading them is an uphill task as finding a suitable API is tough. However intelligent document processing software avoids complex integration and automates the entire task organizations them in the exact spots where they are needed the most. The installation procedure is seamless. It works directly with any user interface. Such factors will propel the growth of the intelligent document processing market during the forecast period.

Trends Influencing the Global Intelligent Document Processing Market Share

Based on type, the segmentations include legacy IDP and AI native IDP. 

Based on application, the government and public sector segment is expected to dominate in the intelligent document processing market share due to the growing need for data flexibility, security, and intelligence in documentation. 

 

Based on region, North America will grow the highest in the intelligent document processing market share due to the early adoption of technologies like AI, ML, and computer vision by businesses, and the presence of key players.

By Type

• Legacy IDP
• AI-native IDP

By Application

• Financial Industry
• Healthcare
• Government & Public Sector
• Retail & E-commerce

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

By Company

• IBM
• Open Text Corporation
• Datamatics Global Services Limited
• EdgeVerve Systems Limited
• ABBYY
• PDFTRON SYSTEMS
• Kofax
• Appian
• Automation Anywhere, Inc.
• Rossum
• Canoe Intelligence
• WorkFusion
• Baidu
• Laiye
• ENCOO
• AntWorks
• Singularity Systems
• OpenBots.

Scope of Intelligent Document Processing Market Report