The Intelligent Document Processing market is rapidly accelerating at 70-80% Compound Annual Growth Rate (CAGR) as enterprises seek to harness the power of AI to improve compliance, governance, and cost-efficiency of processing documents into data. The market size is over $1 billion in 2020, according to the Everest Group.
Some key findings are:
Banking, financial services and insurance (BFSI) and healthcare industries are the early adopters of IDP.
Consumer package goods (CPG) and retail, travel and logistics, manufacturing, and telecom are also deploying IDP solutions to process documents such as proof of delivery, custom declarations, driver logs and maintenance logs.
North America and Continental Europe dominate the market for IDP solutions, largely driven by mature enterprises within BFSI.
OCR, computer vision, machine and deep learning models, and NLP are the key core technologies powering IDP capabilities.
Sophisticated features such as configuration and set-up GUIs (general user interfaces), review or correction GUIs, workbenches for IT users, and analytics dashboards are proving of great use to enterprises.
The IDP software market primarily comprises three types of solutions: platform-based, package-based and IDP-as-a-service solutions. Package-based solutions are expected to become more prevalent than platform-based and IDP-as-a-service solutions, as they can be easily deployed and take less time to achieve high accuracy for pre-built use cases.