Intelligent Document Processing Market Forecast 2031: Reaching USD 7.4 Billion with a 21.7% CAGR

The global intelligent document processing market is growing due to rising AI-driven digitalization and increasing demand for enhanced customer satisfaction.

WILMINGTON, DE, UNITED STATES, February 14, 2025 /EINPresswire.com/ -- A recent report by Allied Market Research, titled “Intelligent Document Processing Market,” reveals that the market was valued at $1.1 billion in 2021 and is projected to reach $7.4 billion by 2031, growing at a CAGR of 21.7% from 2022 to 2031.

Intelligent document processing is an advanced technological capability that enables businesses to digitize and automate unstructured data from various document sources. These include scanned documents, PDFs, word-processing files, online forms, and more. By leveraging machine learning, natural language processing, and workflow automation, intelligent document processing replicates human abilities in document recognition, contextual understanding, and processing.

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This technology enhances data collection by extracting, interpreting, and converting documents into structured, searchable, and organized data, significantly reducing the time and effort required for manual processing. Moreover, it alleviates employees from tedious and repetitive tasks, leading to substantial cost and time savings. By supporting workers in their roles, intelligent document processing boosts operational efficiency while minimizing expenses. Additionally, it empowers businesses to derive strategic insights from data across multiple sources, including their customer base.

Advancements in artificial intelligence (AI) have significantly enhanced document processing automation. Intelligent document processing (IDP) leverages AI and machine learning to classify documents, extract key information, and validate data, streamlining and accelerating document handling. By automating and organizing unstructured data, IDP enhances efficiency and minimizes errors in the transition from analog to digital formats. Additionally, integrating robotic process automation (RPA) and natural language processing (NLP) further optimizes workflow, with RPA automating manual, repetitive tasks to reduce human intervention.

The increasing need for enhanced customer satisfaction and the growing reliance on AI are key drivers of the IDP market’s expansion. The widespread adoption of digitalization and AI has transformed document processing, making it more cost-effective by helping businesses reduce operational expenses. As a result, modern IDP software has become an essential component of business operations.

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Market research indicates that, in 2021, the NLP and machine learning segments together accounted for approximately 55.75% of the market, with NLP contributing around 36.43%. These segments are expected to witness notable CAGRs of 24.7% and 22.8%, respectively, over the forecast period. Their combined market share is projected to increase from 55.75% in 2021 to 64.69% by 2031.

The COVID-19 pandemic significantly influenced the growth of the IDP market, as demand for digital documentation surged across industries. The global BFSI sector, in particular, increased its deployment of IDP solutions, driving post-pandemic market expansion. However, the emergence of COVID-19’s third wave in the U.S. and the U.K. was expected to impact market growth in 2022.

Regionally, North America dominates the global IDP market, largely due to the presence of key industry players. The growing adoption of NLP, optical character recognition (OCR), and machine learning is expected to further propel market growth in the region. Additionally, increased awareness of structuring unorganized data into well-organized digital documents is anticipated to drive market trends.

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Key Market Insights:

1. By Component: The solutions segment led the market with $745.91 million in revenue in 2021. However, the services segment is expected to grow at a notable CAGR of 20.4%, reaching $2,094.99 million by 2031.

2. By Organization Size: Large enterprises dominated the market with $823.07 million in revenue in 2021. Meanwhile, the SME segment is forecast to grow at a significant CAGR of 19.4%, reaching $1,493.53 million by 2031.

3. By Deployment: The cloud segment currently holds the largest market share, while the on-premises segment is anticipated to grow at a substantial CAGR over the forecast period.

4. By Region: North America is projected to maintain its market dominance throughout the forecast period.
The report also offers a quantitative analysis of the global competitive landscape and market share of key players in the industry.

Key players in the industry:

Datamatics Technologies Ltd.
WorkFusion, Inc.
Deloitte Touche Tohmatsu Limited
HCL Technologies Limited
Kodak Alaris (Eastman Kodak Company)
Kofax Inc.
Hyland Software, Inc.
Infrrd Inc.
ABBYY Solutions Ltd.
International Business Machines Corporation

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The report analyzes these key players in the global intelligent document processing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps assess the operating segments, their business performance & product portfolio, and so on.

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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. AMR 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.

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