Intelligent Document Processing (IDP) Solutions Market - Introduction
- Intelligent document processing is adopted by many organizations to perform the document related analysis process on a daily basis. Intelligent document processing is used in the process of translating the document content (electronic or physical) into actionable and organized data for further processes.
- Intelligent document processing is majorly used by analysts and technology software vendors. Solution providers offer the solution with artificial intelligence and intelligent character recognition (ICR) technology.
- Intelligent document processing is also known as intelligent process automation in which natural language processing or ICR and machine learning technologies are using to improving the performance of document processing.
- Organizations receive huge data in the form of semi-structured and unstructured data such as sales orders, invoices, and customer correspondence which difficult to be organized by rule based automation software. Companies are adopting the intelligent document processing solution to manage large data and for data mining to improve the data quality for analysis.
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Key Drivers of the Intelligent Document Processing (IDP) Solutions Market
- Growing demand for automated advanced document processing software to improve the data analysis from an unstructured database is expected to drive the market growth of intelligent document processing (IDP) solutions. Increasing use of AI and intelligent character recognition technology is expected to boost the demand for intelligent document processing (IDP) solutions during the forecast period.
- Adoption of new technology is anticipated to create business opportunity for intelligent document processing solution providers to offer data analytics solutions to improve the data mining and decision making process.
Low adoption by small and medium scale enterprises expected to hinder the market
- The low adoption of the intelligence document processing solution by small and medium enterprises due to high cost of the solution may restrain the market growth of intelligent document processing (IDP) solutions among small and medium enterprises.
- Large enterprises majorly use intelligent document processing to analyze the huge amount of data or improve the data base for analytics processes.
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Impact of COVID 19 on Global Intelligent Document Processing (IDP) Solutions Market
- All manufacturing and IT companies are facing a financial crisis situation due to lockdown in major countries in Asia Pacific and Europe. It is expected that businesses would expand at a prominent growth rate after the current financial year 2020.
- The demand for IDP is expected to increases in healthcare for maintain the record of the patients. During this lockdown condition, government are running the health checkup campaign for identifying the COVID 19 patients to control the pandemic condition. The large amount of patients’ data id requires to store in actionable structured data format. The demand for IDP solution is expected increase in healthcare sector during lockdown conditions.
North America to Hold Major Share of the Global Intelligent Document Processing (IDP) Solutions Market
- North America was holding prominent share of the intelligent document processing (IDP) solutions market due to increasing adoption of document processing technology to improve the back office administration process.
- The intelligent document processing (IDP) solutions market in Asia Pacific and Europe is expected to face economic crisis due to the increasing coronavirus impact over all businesses globally.
Key Players Operating in the Global Intelligent Document Processing (IDP) Solutions Market
- InData Labs Group Limited
InData Labs Group Limited is a global provider of custom AI-powered software development and data science consulting solutions. The company offers data science and AI, Big Data solutions, BI implementations, and intelligent automation services to businesses. The company has expertise in computer vision models and machine learning technologies and solutions.
- Parascript, LLC
Parascript, LLC founded in 1989 is a global provider of pattern recognition and machine learning technology- based intelligent document processing solutions. The company offers document processing, mail and Post SDK’s, payment processing, and fraud prevention solution to businesses. It offers professional services, data verification services, and education services.
Other key players operating in the global intelligent document processing (IDP) solutions market include ABBYY, WorkFusion, Inc., Kofax Inc., AntWorks, Automation Anywhere, and Hyper Labs, Inc.
Global Intelligent Document Processing (IDP) Solutions Market: Research Scope
Global Intelligent Document Processing (IDP) Solutions Market, by Component
- Cloud Based
- Professional Services
- Managed Services
Global Intelligent Document Processing (IDP) Solutions Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Intelligent Document Processing (IDP) Solutions Market, by End-user
- IT& Telecom
- Transportation and Logistics
- Retail and E-Commerce
Global Intelligent Document Processing (IDP) Solutions Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.