There are several deep learning tools out there in the market that are not only helping businesses automate their operations, but also adding immense value to these aspects of the commercial world. Intelligent document processing is one such manifestation of the deep learning technology, which is enabling businesses to extract much more out of the simple documents that too with an automated framework. Intelligent document processing in its most common form is associated with the extraction of unstructured data from emails, sales invoices, bills, etc., and then providing a structure to it for better and easy processing.
By leveraging newer concepts and emerging technologies like robotic process automation, and optical character recognition, among others, Intelligent Document Processing is now considered a pivotal aspect of automating the processing and insight generation from highly complex business documents.
In this blog, we shall give you an overview of the emerging trends in the intelligent document processing market in 2023. Also, take a look at the markets and valuations that businesses that are rendering intelligent document processing services have currently.
Table of Contents
The Market Presence
The market presence and usage patterns of Intelligent Document Processing varies based on the scale of the organizations. For example, large-scale organizations that have heavily data-dependent businesses have switched over to IDP best practices.
On the other hand, small and medium enterprises are adopting intelligent tools and methodologies to streamline their data handling for better results too.
The trends, however, for the usage of intelligent document processing technologies are different for small and medium enterprises since budget constraints drive most of the operations for such companies. SMEs are keenly using IDP services from SaaS vendors. The software as a service model reduces the capital-intensiveness of IT resources in general, which makes the model very suitable for emerging businesses.
Moreover, the Global Intelligent Document Processing market for Small and Medium Enterprises is predicted to grow at a solid rate in the coming years as well.
The Top Users
Intelligent document processing is fast-finding use cases in almost all industry verticals today. However, the trends of adoption and usage in industries like BFSI, IT & Telecom, Government undertakings, and Pharmaceutical companies are on the higher side.
Out of all the sectors making use of intelligent document processing, the CAGR for IDP in the government sector is said to be increasing at the fastest rate. The government sector is faced with a huge influx of data coming from all sections of the population.
This is why the need for added flexibility, data security, and faster processing of complex information is felt the most in these offices, hence, the focus of the government’s current administration on encouraging intelligent document processing in their setups is quite urgent.
As per the latest market reports and the data gathered from IDP vendors, it is quite evident that sectors like healthcare, banking, insurance, hospitality, etc., are also great contributors to the revenue generated by intelligent document processing tools and technologies.
Countries With Positive Intelligent Document Processing Market
While the global rates of adoption of intelligence document processing tools and technologies are on the rise, there are still certain geographical regions where companies have shown greater trust in this technology. North American companies, and even the small and medium enterprises in the United States are many of the leaders in intelligent document processing market.
Moreover, the tools used by these companies for this purpose are utilizing the concepts of artificial intelligence and machine learning at a much larger scale compared to companies from other parts of the world. If we look at other regions and geographical areas where the Intelligent Document Processing market is booming, then the likes of Europe and the Asia Pacific are frontrunners in this respect.
Predictions and Forecasts in 2023
The intelligent document processing market has already gathered a lot of attention and investment across the globe. What is even more surprising is that the growth trends are still very encouraging, and it is estimated that the market will continue to have a solid growth rate in the coming years as well. As of 2020, the intelligent document processing market was valued at USD 726.94 Million, which might reach USD 6324.38 Million by 2028 if the predictions and forecasts of market analysts prove right. This translates into an astonishing CAGR of 35.35% from 2021 to 2028.
The key driving factors for this steady growth rate of the intelligent document processing market include the ever-increasing load of data generated by companies. Secondly, since most of this data is unstructured and analysis would require structuring of complex entities, the need for intelligence document processing increases further.
Lastly, concerns with data accuracy and errors in outputs always surround the automation of data extraction. Thus, intelligent document processing which leverages the benefits of artificial intelligence is the need of the hour for most enterprises.
KlearStack: A Leading Name In The Intelligent Document Processing Market
Klearstack has emerged as a leading name in the intelligent document processing market in 2023. Clients from across the globe trusted the solutions delivered by Klearstack to not only automate their data extraction operations but also to add value to every data-dependent task. Klearstack provides an AI-based optical character recognition technology, which ensures 100% accurate outputs delivered within seconds.
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Compatible with several file formats and templates such as invoices, bills, etc., the tool is best suited for diverse industry verticals. With clients ranging from banking Finance, Insurance, Healthcare, etc., we have established our presence in every sector of the industry today.
KlearStack AI is a solution that can be integrated with any existing RPA, ERP or database management solution. Using the API integration, it can be easily integrated your solution and in no time, you can start digitzing documents for your business.
To seek the benefits of the best Intelligent Document Processing solution in the market, contact KlearStack representative today!