Intelligent Document Processing Market worth $3.7 billion by 2026

According to a 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″ published by MarketsandMarkets, 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.

Browse and in-depth TOC on “Intelligent
Document Processing Market”

302 – Tables

44 – Figures

271 – Pages

Based on component, the services segment
is expected to grow at a higher CAGR during the forecast period

With rising technological advancements, the demand for
intelligent document processing solutions is expected to rise. This is
projected to fuel the demand for intelligent document processing services.
Services offered by most intelligent document processing solution vendors
include professional services and managed services. Intelligent document
processing services play a crucial role for every solution vendor as clients
expect seamless integration of the solution as well as training and support of
the provided solution with the enterprise’s system.

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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.

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.

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North America to hold the highest market
size during the forecast period

The Intelligent document processing market has been segmented
into five regions: North America, Europe, the Asia Pacific, the Middle East
& Africa, and Latin America. By market size, North America is expected to
be the major contributor to the intelligent document processing market during
the forecast period. The US and Canada comprise the North American market.
Enterprises in the region are most progressive in terms of AI, ML, NLP, and
computer vision adoption, thereby boosting the growth of the document analysis
market. The presence of key players in North America (such as ABBYY, Kofax,
IBM, WorkFusion, Automation Anywhere, Parascript, Hyland, and Extract Systems)
is also a key factor responsible for the adoption of intelligent documents
processing in the region.

Major vendors operating in the intelligent document
processing vendors 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).

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