Market Research Report
Intelligent Document Processing Market by Component (Solutions, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Vertical (BFSI, Government, Healthcare and Life Sciences), and Region - Global Forecast to 2026
|Intelligent Document Processing Market by Component (Solutions, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Vertical (BFSI, Government, Healthcare and Life Sciences), and Region - Global Forecast to 2026|
Published: June 4, 2021
Content info: 272 Pages
Delivery time: 1-2 business days
The global Intelligent Document Processing market size is expected to grow from USD 0.8 billion in 2021 to USD 3.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast period. The major factors driving the growth of the Intelligent Document Processing market include the rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed, increasing investments in digital transformation and the rising adoption of cloud-based document processing solutions.
Based on services, the managed service segment is expected to grow at a higher CAGR during the forecast period
Managed services play a crucial role in reducing the existing overheads of enterprises and enabling them to be product-focused and innovation-friendly. These services further enable organizations to concentrate on their core business processes without worrying about the maintenance and servicing of the deployed solution. Managed Service Providers (MSPs) are third-party companies that charge on the basis of operational costs, without billing their clients for capital costs, as per the subscription model or a Service- level Agreement (SLA).
Based on deployment, the cloud segment is expected the segment to grow at a higher CAGR during the forecast period
Cloud deployment offers various benefits to organizations. These benefits include easy availability and scalability. The cloud deployment mode also provides multiple benefits, including reduced operational costs and hassle-free deployments. The cloud deployment for intelligent document processing while using different disruptive technologies is expected to grow with the increasing awareness of the benefits of cloud-based solutions. The cost-effectiveness and scalability of cloud deployment are expected to boost the growth of cloud-based 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. Cost-effectiveness is an important need for SMEs, as they are always constrained by limited budgets, which leaves them with limited ways to market themselves and gain proper visibility. SMEs usually opt for Software as a Service (SaaS)-based intelligent document processing solutions due to cost constraints. The SaaS model further minimizes IT requirements. However, SMEs are expected to register significant growth in the global intelligent document processing market.
Based on organization size, the large enterprises segment is expected to hold the highest market size during the forecast period
Based on organization size, the intelligent document processing market is segmented into SMEs and large enterprises. Large enterprises are the leading adopters of intelligent document processing solutions and services due to the increasing need to analyze the structured and unstructured data collected over the years. These enterprises focus on delivering enhanced customer experiences and gaining a leading edge in the market.
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, due to its growing technology adoption. This is due to the presence of rapidly growing economies, such as China, Japan, and India. Rapid economic development, globalization, digitalization, and the increased adoption of cloud-based technologies are other key factors driving the growth of the intelligent document processing market in this region. Companies operating in this region benefit from flexible economic conditions, industrialization, globalization-motivated policies of governments, and expanding digitalization. Enterprises have readily adopted RPA solutions in the past few years, and the trend is expected to gain traction with the growing presence of intelligent document processing vendors, such as Blue Prism-a company that has geographically expanded in the region. Such factors are expected to boost the growth of the intelligent document processing market.
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.
Some prominent players profiled in the study include ABBYY (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).
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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