Intelligent Document Processing Market Is Exploding, Expected to Grow 70-80% Over Next 2 Years--Everest Group
Enterprise adoption of IDP is accelerating geometrically as companies apply AI technologies to improve governance and compliance, reduce costs and increase customer satisfaction.
DALLAS, June 10, 2019 /PRNewswire-PRWeb/ -- The Intelligent Document Processing (IDP) market reached US$250-350 million in 2018 and is expected to grow at a compound annual growth rate of 70-80% over the next two years, approaching US$1.1 billion by 2020, according to Everest Group. Adoption of IDP will rapidly accelerate as enterprises seek to harness the power of artificial intelligence (AI) technologies to improve compliance and governance and reduce the overall cost of processing huge volumes of information.
IDP software solutions blend the power of AI technologies—such as computer vision, optical character recognition (OCR), natural language processing (NLP) and machine/deep learning—to efficiently process all types of documents, extract relevant information, and feed the output into downstream applications. The most common use cases of IDP solutions are KYC (know-your-customer) verification, invoice processing, insurance claims, patient onboarding, patient records, proof of delivery and order forms.
"Today's IDP solutions are already capable of handling complex documents with accuracy and a fair amount of resiliency to change and variation, which is why enterprise adoption is accelerating rapidly," said Sarah Burnett, Executive Vice President and distinguished analyst at Everest Group. "Even more exciting, however, is the way the technology is evolving to help enterprises achieve strategic business outcomes. In the very near future, for example, we'll see remarkable capabilities such as pre-trained, 'out-of-the-box' solutions for particular use cases and better integration with robotic process automation solutions to enable end-to-end automation for enterprises. Mobile capture, multilingual solutions and ways to improve capture of low-quality images and handwritten documents are also on the horizon."
These findings are discussed in more detail in "Intelligent Document Processing (IDP) Annual Report 2019 – Let AI Do the Reading." This report addresses IDP market size and adoption trends, product capability trends, solution characteristics, the IDP vendor landscape, challenges to IDP adoption, and the IDP market outlook for 2019-2020.
Other Key Findings:
- Banking, financial services and insurance (BFSI) and healthcare industries are the early adopters of IDP, with over 50% share.
- 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.
- ABBYY, Kofax, Parascript and WorkFusion are the leading IDP vendors, each processing over one billion pages annually.
Download the complimentary report abstract.
About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. We are trusted advisors to senior executives of leading enterprises, providers, and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empowers clients to improve organizational efficiency, effectiveness, agility and responsiveness. What sets Everest Group apart is the integration of deep sourcing knowledge, problem-solving skills and original research. Details and in-depth content are available at http://www.everestgrp.com.
SOURCE Everest Group
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