Intelligent Document Processing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Intelligent Document Processing Market Analysis

The Intelligent Document Processing Market size is estimated at USD 2.28 billion in 2024, and is expected to reach USD 5.26 billion by 2029, at a CAGR of 18.12% during the forecast period (2024-2029).

• The landscape of Intelligent Document Processing (IDP) is rapidly evolving, driven by technological advancements and shifting business needs. Modern IDP solutions fundamentally rely on the integration of artificial intelligence (AI) and machine learning (ML). These technologies not only automate data extraction, classification, and validation but also enable systems to learn from data patterns, enhancing accuracy over time. Such capabilities are invaluable for managing unstructured data from diverse document types, including emails and legal papers.
• There is a significant trend towards adopting cloud-based IDP solutions. These platforms, boasting scalability, swift deployment, and regular updates, outshine traditional on-premises solutions in efficiency. According to the 'Great Expectations State of Data Quality' survey conducted in 2023, which polled 500 data technology professionals, about 91% acknowledged that data quality issues hinder their operations. Yet, only 23% deemed data quality a focal point for their organization. Today's cloud-centric file sharing and document processing solutions are adept at addressing many prevalent data quality challenges.
• Behavior-based analysis serves as a tool for pinpointing potential security concerns. For instance, DMS AI can scrutinize a user's usual document access habits—like their typical access times and frequently viewed document types—and flag any anomalies as potential unauthorized access.
• Xerox's survey, encompassing over 1,000 companies across the United States, United Kingdom, France, and Germany, revealed that an average 4-drawer file cabinet houses 10,000-12,000 documents, occupies roughly 9 square feet of floor space, and incurs an annual maintenance cost of about USD 1,500. By integrating AI into document management, organizations can effortlessly identify, classify, categorize, and segregate various documents, whether they pertain to payroll, appraisals, benefits, or other essential employee records.
• One of the primary challenges in the market is the intricate task of seamlessly weaving IDP solutions into established workflows and systems. Without proper integration, organizations risk encountering data silos and operational inefficiencies.
• The COVID-19 pandemic hastened the shift to remote work, underscoring the need for robust automation tools to ensure business continuity. In the current post-COVID landscape, the infusion of advanced AI and machine learning technologies is reshaping IDP capabilities. With Natural Language Processing (NLP) enhancing systems' ability to comprehend and process unstructured data, a surge in market growth is anticipated.

Intelligent Document Processing Market Trends

Healthcare to Hold Significant Share

Intelligent Document Processing Industry Segmentation

Intelligent document processing (IDP) is automating the process of manual data entry from paper-based documents or document images to integrate with other digital business processes. It uses AI and machine learning to read, extract, and organize data from any document.

The intelligent document processing market is segmented by type (solution, services), by deployment (cloud, on-premises), by enterprises (SMEs, large enterprises), by end-users (BFSI, retail and e-commerce, government, healthcare, manufacturing, other end-users), by geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.