Increasing demands for improved customer satisfaction and increasing adoption of digitization and artificial intelligence are driving the growth of the global intelligent document processing market.
PORTLAND, Ore., November 25, 2022 /PRNewswire/ — Allied Market Research released a report titled “Intelligent Document Processing Market by Component (Solution, Services), by Organization Size (SMEs, Large Enterprises), by Deployment Model (Cloud, On Premise), by Technology ( Natural Language Processing, Optical Character Recognition, Machine Learning, Artificial Intelligence, Others), by Vertical End Use (BFSI, Government, Healthcare, Retail, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031,” according to the report published by Allied Market Research, the global intelligent document processing market was estimated $1.1 billion in 2021 and is expected to be met $7.4 billion to 2031 with a CAGR of 21.7% from 2022 to 2031.
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Drivers, Limitations and Opportunities
Increasing demands for improved customer satisfaction and increasing adoption of digitization and artificial intelligence are driving the growth of the global intelligent document processing market. On the other hand, several government initiatives related to compliance requirements are partially slowing growth. However, increasing demand from multiple end-use industries is expected to create lucrative opportunities in the industry.
Covid-19 scenario
- The increasing use of online network connectivity and the surge in online purchases of essential goods have led to a significant increase in demand for connectivity intelligence and intelligent document processing solutions, which has had a positive impact on the global intelligent document processing market.
- This trend is likely to continue after the pandemic is over.
The solution segment is expected to dominate until 2031
By component, the solutions segment held the largest share in 2021, accounting for more than two-thirds of the global intelligent document processing market revenue. The same segment would also report the fastest CAGR of 22.2% over the forecast period. Because the solutions segment enables organizations to efficiently control, manage and execute their business operations and support commercial and customer-facing activities in various industries.
The large company segment is set to retain the lion’s share
By organization size, the large enterprise segment contributed to more than three-quarters of the global intelligent document processing market revenue in 2021, holding the largest share. The same segment is also expected to grow at the fastest CAGR of 22.3% over the forecast period. Large companies can be defined as organizations that have more than 1,000 employees. Such companies include an increased number of qualified employees with high data protection and data security problems. These companies can often manage huge transmission data on platforms with well-equipped and maintained connected infrastructure.
The cloud segment that rules the roost
By deployment model, the cloud segment accounted for more than three-fifths of global intelligent document processing market revenue in 2021, capturing the lion’s share. The same segment would also show the fastest CAGR of 22.4% from 2022 to 2031. This is attributed to the fact that cloud intelligent document processing is a virtual portal running in a cloud computing environment rather than on-spot systems. It is created and hosted online using cloud computing infrastructure that can be accessed remotely.
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North America held the main stake in 2021
by region, North America generated the largest share in 2021 and held nearly two-fifths of the global intelligent document processing market revenue. To be one of the early adopters and inventors of advanced technologies and solutions North America has grown into one of the largest adopters of technology. That Asia Pacific At the same time, the region is projected to represent the fastest CAGR of 23.0% during the forecast period. This is due to intelligent service providers actively engaging in the promotion of electronic records and advanced document processing solutions.
key players in the industry
- Datamatics Technologies Ltd.
- WorkFusion, Inc.
- Deloitte Touche Tohmatsu Limited
- HCL Technologies Limited
- Kodak Alaris (Eastman Kodak Company)
- Kofax Inc.
- Hyland Software, Inc.
- Infrrd Inc.
- ABBYY Solutions Ltd.
- International Business Machines Corporation
The report analyzes these major players in the global intelligent document processing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance and product portfolio, etc.
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