Intelligent Document Processing Market Size, Share, Growth Report 2030

Intelligent Document Processing Market Size

The global Intelligent Document Processing market, which was estimated at about 1.02 (USD Billion) in 2019 and is predicted to accrue earnings worth 3.9 (USD Billion) by 2026, is set to record a CAGR of nearly over 37% during 2020-2026. The report offers valuation and analysis of the Intelligent Document Processing market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).

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Intelligent Document Processing Market: Overview

The surge in technological breakthroughs has culminated in the massive need for intelligent document processing services. Services provided by intelligent document processing services vendors are managed services and professional services. In addition to this, intelligent document processing services have played an important part in improving business relations between firms and clients or firms and vendors. With customers expecting seamless integration between training & support as well as enterprise services, the market for the intelligent document processing industry is anticipated to gain momentum over the assessment period.

Intelligent Document Processing Market: Growth Drivers

Escalating the need for firms for processing huge volumes of both unstructured as well as semi-structured docs with accuracy along with high speed will steer the expansion of the intelligent document processing industry over 2020-2026. In addition to this, the rise in acceptance of cloud-based document processing for providing strong security to the firm’s data will embellish the intelligent document processing market size in the upcoming years.

Apparently, the growing trend of automation in various industries along with the necessity of intelligent automation for enhancing the efficiency of various businesses will create new growth avenues for the intelligent document processing market in the years ahead. In addition to this, India, Malaysia, and Singapore as well as Middle East countries are projected to provide untapped growth potential for the industry over 2020-2026.

With automated IT tools trying to fulfill the dynamic needs of consumers, the market for intelligent document processing is likely to accelerate over the estimated timeline. However, high initial costs can pull down the growth of the intelligent document processing industry over 2020-2026.

Furthermore, many of the industry players are trying to introduce new products and this will further impel the growth of the business in the years to come. Citing an instance, on 2nd June 2021, Visionet Systems - a major digital Banking & Financial service provider, launched DocVu.AI – an AI-based intelligent document processing tool. Furthermore, this tool helps customers effectively derive, search, analyze, and handle datasets from trade docs and business-specific contracts, thereby assisting end-users to make correct & accurate business decisions. Such strategic moves will build a strong platform for market growth over the next decade.

North America Market Size To Scale Up Leaps & Bounds Over 2020-2026

The market in North America over the forecast timeline is likely to expand humungous subject to the large-scale acceptance of artificial intelligence, computer vision, machine learning, and natural language processing. In addition to this, the presence of major participants such as IBM, Kofax, Hyland, and WorkFusion in countries such as Canada and the U.S. will drive the regional market size over the assessment period.

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Key players profiled in the study include Accenture, TCS, Genpact, Serox Corporation, Wipro, CGI Group, ATOS, IBM, Avasant, Capgemini, EXL Service, KPMG, Syntel, and Tech Mahindra.

The global Intelligent Document Processing Market is segmented as follows:

By End-User:

• BFSI
• Telecom & IT
• Retail & eCommerce
• Healthcare
• Transport & Logistics
• Media & Entertainment
• Lifesciences
• Manufacturing

By Technology:

• Machine Learning
• NLP
• Deep Learning

By Application:

• IT Operations
• Business Process Automation
• Application Management
• Content Management
• Security

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa