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Intelligent Document Processing Market by Component, Deployment Mode, Organization Size, Technology, Vertical and Region - Global Forecast to 2027

Intelligent Document Processing Market by Component, Deployment Mode, Organization Size, Technology, Vertical and Region - Global Forecast to 2027

  • August 2022
  • 271 pages
  • ID: 6093882
  • Format: PDF
  • MarketsandMarkets

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The global Intelligent Document Processing market size is expected to grow to USD 5.2 billion in 2027 from USD 1.1 billion in 2022, at a Compound Annual Growth Rate (CAGR) of 37.5% during the forecast period. The major factors such as rising adoption of cloud-based document processing solutions, and shift towards digital transformation are driving growth of the intelligent document processing market. .

Based on services, the professional service segment is projected to account for the largest market size during the forecast period
Professional services are intangible offerings provided by solution providers that help customers in deploying and managing their solutions.They are categorized into deployment and integration, support and training, and consulting services.

Professional services are delivered to customers after the purchase of the intelligent document processing solution. The growing focus of organizations to effectively deploy intelligent document processing solutions is expected to fuel the adoption of professional services.

Based on deployment, On-premises segment is projected to account for the largest market size during the forecast period.
On-premises deployment refers to the installation of applications on the premises of an organization rather than its installation at a remote facility.On-premises solutions are delivered for a one-time license fee, along with a service agreement.

As this deployment mode requires a strong infrastructure and a personal data center, only large organizations can afford the cost to deploy these solutions. The focus of the regulated government, BFSI, healthcare, and life science verticals on data protection are expected to drive the adoption of on-premises intelligent document processing solutions.

SMEs, by organization size segment, to grow at a higher CAGR during the forecast period
Organizations with employees ranging between 1 and 999 are categorized as SMEs.The need for intelligent document processing is equally required in all organizations for competing in the market, irrespective of size.

Intelligent document processing solutions and services are expected to witness robust growth among SMEs during the forecast period due to the availability of cost-effective cloud solutions.

Government, by vertical segment, to grow at a higher CAGR during the forecast period
The Government agencies are increasingly looking to improve customer service levels and are also making active efforts to enhance citizens’ experiences.Government agencies handle secured and private data of individuals, departments, processes, and agencies.

The volume of data generated in government agencies is huge and in unstructured formats, which needs to accurately capture, classify, and extract meaning to streamline the government process. Growing demand for greater flexibility, enhanced data security, and advanced intelligence are expected to drive the intelligent document processing market in the government vertical.

APAC is expected to grow at a higher CAGR during the forecast period
The APAC is expected to register the highest CAGR in the intelligent document processing market during the forecast period.The adoption of intelligent document processing solutions among verticals, such as BFSI, retail and eCommerce, and healthcare and life sciences, in the region, is on the rise.

Intelligent document processing solutions are being adopted rapidly since these solutions and services offer benefits, such as reduced cost, enhanced customer experience, and improved operational efficiency.In APAC, China, Japan, and India are expected to drive the overall market.

Among these, Japan and India are estimated to be the most lucrative markets for intelligent document processing initiatives.CAPEX and OPEX savings have led to the rapid adoption of intelligent document processing solutions and services in this region.

The surge in growth can be attributed to technological advancements, along with mandatory regulations and industry standards. Companies, such as Datamatics and Infrrd, are major players that offer intelligent document processing solutions and services in the APAC.

Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the intelligent document processing market.
• By Company Type: Tier 1 – 34%, Tier 2 – 43%, and Tier 3 – 23%
• By Designation: C-level – 50%, Directors – 30%, and Others – 20%
• By Region: North America – 25%, Europe – 30%, APAC – 30%, MEA – 10%, Latin America– 5%.

Some prominent players profiled in the study include ABBY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian (US), UiPath (US), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (US), HyperScience (US), OpenText (Canada), Hyland (US), Extract Systems (US), Infrrd (US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (UK), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), Evolution AI (England), BIS (US), and AmyGB (India), Acodis (Switzerland), Ocrolus (US), Hive (California), Hypatos (Germany), and IN-D (Singapore).

Research coverage
The market study covers the intelligent document processing market across different segments.It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), deployment mode (cloud, on-premises), organization size, technology, vertical (bfsi, government, healthcare and life sciences), and regions.

The services segment is further professional services and managed services.The regional analysis of the intelligent document processing market includes North America, Europe, APAC, the MEA, and Latin America.

The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the intelligent document processing market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.

The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

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