Intelligent Document Processing Market Forecast 2031: Reaching $7.4 billion with a 21.7% CAGR

The growth of the intelligent document processing market is driven by rising digitalization, AI adoption, and the demand for better customer satisfaction.

WILMINGTON, DE, UNITED STATES, January 24, 2025 /EINPresswire.com/ -- Increasing requirements for improved customer satisfaction and rising adoption of digitalization & artificial intelligence drive the growth of the global intelligent document processing market. On the other hand, several government initiatives associated with compliance requirements impede the growth to some extent. However, rising demand from several end-use verticals is expected to create lucrative opportunities in the industry.

According to a new report published by Allied Market Research, The Intelligent Document Processing Market Size was $1.1 billion in 2021, and is estimated to reach $7.4 billion by 2031, growing at a CAGR of 21.7% from 2022 to 2031.

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The development of artificial intelligence (AI) has allowed businesses to further automate document processing. Intelligent document processing classifies documents, extracts information from them, and verifies the data using automation powered by AI and machine learning. Automating and organizing unstructured data, further automates and accelerates document processing.

To accelerate and reduce the error-proneness of the transition from analog to digital, Intelligent document processing may additionally combine robotic process automation (RPA) and natural language processing (NLP) capabilities. Particularly RPA can automate manual point-and-click procedures, reducing the need for human involvement in the process.

Increasingly requirement for improved customer satisfaction, and Growing dependency on artificial intelligence (AI) contributed to the expansion intelligent document processing market scope. Rising adoption of digitalization and artificial intelligence (AI) have transformed intelligent document processing practices, to become cost-effective as it helps companies reduce their overall operating expenses. Modern intelligent document processing software has evolved into a critical tool for the company's operations.

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According to intelligent document processing market research, the natural language processing and machine learning segments collectively accounted for around 55.75% market share in 2021, with the former constituting around 36.43% share. The machine learning and natural language processing segments are expected to witness considerable CAGRs of 24.7% and 22.8%, respectively, during the forecast period. The cumulative share of these two segments was 55.75% in 2021 and is anticipated to reach 64.69% by 2031.

The outbreak of COVID-19 has significantly impacted the growth of the intelligent document processing market. The rise in demand for digital evidence across various sectors has significantly propelled the growth of the intelligent document processing market during the pandemic. However, the emergence of the third wave of COVID-19 across the U.S. and UK is anticipated to affect the growth of the intelligent document processing market in 2022. Moreover, the BFSI sector globally started to deploy intelligent document processing solutions and thus is expected to drive the growth of the intelligent document processing market analysis post-pandemic.

By component, the solution segment held the major share in 2021, accounting for more than two-thirds of the global intelligent document processing market revenue. The same segment would also cite the fastest CAGR of 22.2% during the forecast period. This is because the solution segment allows organizations to control, manage, and execute their business operations efficiently and support commercial and customer-oriented activities in various sectors.

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By organization size, the large enterprises segment contributed to more than three-fourths of the global intelligent document processing market revenue in 2021, holding the major share. The same segment is also anticipated to grow at the fastest CAGR of 22.3% during the forecast period. Large enterprises can be stated as organizations that have an employee strength of more than 1,000. Such enterprises include an increased number of skilled people with high privacy and data security issues. These enterprises can often manage huge transmission data on platforms with well-equipped and maintained connected infrastructure.

Region-wise, North America holds a significant share in the global intelligent document processing market, owing to the presence of prime players in this region. The adoption of natural language processing (NLP), optical character recognition (OCR), and machine learning (ML) is expected to propel the growth of the intelligent document processing industry in this region. Moreover, the surge in awareness of organizing unstructured data into structured documents in North America is anticipated to drive the intelligent document processing market trends in this region.

The report provides a quantitative analysis of the global competitive landscape of Intelligent Document Processing Industry along with Intelligent Document Processing Market Share analysis to understand the market structure and analyze behavior of key players.
The key players profiled in the report include ABBYY Solutions Ltd., Datamatics Technologies Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Limited, Hyland Software, Inc., Infrrd Inc., International Business Machines Corporation, Kodak Alaris (Eastman Kodak Company), Kofax Inc., WorkFusion, Inc. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the intelligent document processing market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost ata procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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