PORTLAND, Oregon., November 25, 2022 /PRNewswire/ — Allied Market Research released a report titled, “Intelligent Document Processing Market by Component (Solution, Services), by Organization Size (SMB, Large Enterprise), by Deployment Model (Cloud, On Premise ), by Technology (Natural Language Processing, Optical Character Recognition, Machine Learning, Artificial Intelligence, others), by Vertical End-Use (BFSI, Government, Healthcare, Retail, Manufacturing, others): Global Opportunity Analysis and Forecasts Industry Sector, 2021-2031 “According to the report released by Allied Market Research, the global Intelligent Document Processing market was estimated at $1.1 billion in 2021 and should hit $7.4 billion by 2031, registering a CAGR of 21.7% from 2022 to 2031.
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Drivers, constraints and opportunities
Growing requirements for better customer satisfaction and growing adoption of digitization and artificial intelligence are driving the growth of the global intelligent document processing market. On the other hand, several government initiatives associated with compliance requirements are hampering growth to some extent. However, increased demand from several end-use verticals is expected to create lucrative opportunities in the industry.
The increase in the use of online network connectivity and the increase in online purchases of essential goods has given way to a significant increase in the demand for intelligent connectivity and intelligent document processing solutions, positively impacting the global market intelligent document processing.
This drift is likely to continue even after the pandemic ends.
The solutions segment will dominate by 2031
By component, the solutions segment held the largest share in 2021, accounting for more than two-thirds of the global Intelligent Document Processing market’s revenue. The same segment would also cite the fastest CAGR of 22.2% during the forecast period. This is because the solutions segment enables organizations to efficiently control, manage and execute their business operations and support business and customer-oriented businesses across various industries.
The large business segment will retain the lion’s share
Based on organization size, the large enterprise segment contributed more than three-quarters of the revenue of the global Intelligent Document Processing market in 2021, holding the largest share. The same segment is also expected to grow at the fastest CAGR of 22.3% during the forecast period. Large enterprises can be defined as organizations that have a workforce greater than 1,000. Such enterprises include a growing number of skilled individuals with high privacy and data security concerns. These businesses can often handle massive broadcast data on platforms with a well-equipped and maintained connected infrastructure.
The cloud segment to govern the roost
Based on the deployment model, the cloud segment accounted for more than three-fifths of the global Intelligent Document Processing market revenue in 2021, making up the lion’s share. The same segment would also show the fastest CAGR of 22.4% from 2022 to 2031. This is attributed to the fact that intelligent cloud document processing is a virtual portal that runs in a cloud computing environment rather than systems on site. It is created and hosted online using a cloud computing infrastructure that can be accessed remotely.
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North America held the largest stake in 2021
By region, North America generated the largest share in 2021, holding nearly two-fifths of the revenue of the global intelligent document processing market. To be an early adopter and inventor of advanced technologies and solutions North America has emerged as a major user of technology. The Asia-Pacific the region, concurrently, is expected to represent the fastest CAGR of 23.0% during the forecast period. This is due to the fact that intelligent service providers are actively participating in the promotion of electronic records and advanced document processing solutions.
Datamatics Technologies Ltd.
Deloitte Touche Tohmatsu Limited
HCL Technologies Limited
Kodak Alaris (Eastman Kodak Company)
Hyland Software, Inc.
Solutions ABBYY Ltd.
International Business Machines Corporation
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 more to increase their market penetration and strengthen their position in the industry. The report is useful for evaluating the operating segments, their business performance and product portfolio, and so on.
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SOURCE Allied Market Research