Market Size in 2019 | Market Forecast in 2026 | CAGR (in %) | Base Year |
---|---|---|---|
USD 1.02 Billion | USD 3.9 Billion | 37% | 2019 |
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 a 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).
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.
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.
Report Attributes | Report Details |
---|---|
Report Name | Intelligent Document Processing Market Research Report |
Market Size in 2019 | USD 1.02 Billion |
Market Forecast in 2026 | USD 3.9 Billion |
Growth Rate | CAGR of 37% |
Number of Pages | 255 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | Accenture, TCS, Genpact, Serox Corporation, Wipro, CGI Group, ATOS, IBM, Avasant, Capgemini, EXL Service, KPMG, Syntel, and Tech Mahindra. |
Segments Covered | By End-User, By Technology, By Application, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
Base Year | 2019 |
Historical Year | 2016 to 2019 |
Forecast Year | 2020 - 2026 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
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.
Key players profiled in the study include
By End-User:
By Technology:
By Application:
By Region
FrequentlyAsked Questions
Escalating need of 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 intelligent document processing industry over 2020-2026. In addition to this, 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.
According to Zion Market Research report, the global Intelligent Document Processing market Size, 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.
North America is likely to make noteworthy contributions toward overall market revenue during 2020-2026.
The key players profiled in the report include are Accenture, TCS, Genpact, Serox Corporation, Wipro, CGI Group, ATOS, IBM, Avasant, Capgemini, EXL Service, KPMG, Syntel, and Tech Mahindra.
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