According to a market report by Lucintel, the future of the intelligent document processing market looks promising with opportunities in the banking, financial services and insurance (BFSI), government, healthcare & life sciences, retail and e-commerce, manufacturing, and transportation & logistics industries. The global intelligent document processing market is expected to grow with a CAGR of 35% to 37% from 2023 to 2028. The major drivers for this market are increasing need for enterprises to process large volumes of semi-structured and unstructured documents with more accuracy and speed, increasing investments in digitalization, and the adoption of cloud-based document processing solutions.
In this market, solution and services are the two types of intelligent document processing used by various end use industries. Lucintel forecasts that services will remain the larger segment over the forecast period due to increasing demand for intelligent document processing solutions as a result of the expanding technical advancements.
Within this market, BFSI is expected to remain the largest segment due as most of the banks are increasingly deploying intelligent document processing solutions to enhance productivity, improve cost savings, and enhance customer experiences.
North America will remain the largest region due to favourable factors such as increased productivity, presence of new technologies, and better protection available to companies regarding their intellectual property.
Emerging trends, which have a direct impact on the dynamics of the industry, include growing demand for automated advanced document processing software, and adoption of new technology. OpenText, IBM, ABBYY Solutions, Appian, Automation Anywhere, UiPath, WorkFusion, Deloitte Touche Tohmatsu, and Kofax are the major suppliers in the global intelligent document processing market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global intelligent document processing market by component, deployment model, technology, end use industry, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Intelligent Document Processing Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global intelligent document processing market by component, deployment model, technology, end use industry, and region, as follows:
Intelligent Document Processing Market by Component [Value ($B) Shipment Analysis from 2017 to 2028]:
· Solutions
· Services
Intelligent Document Processing Market by Deployment Model [Value ($B) Shipment Analysis from 2017 to 2028]:
· Cloud
· On-Premises
Intelligent Document Processing Market by Technology [Value ($B) Shipment Analysis from 2017 to 2028]:
· Natural Language Processing (NLP)
· Optical Character Recognition (OCR)
· Machine Learning (ML)
· Artificial Intelligence (AI)
· Robotic Process Automation (RPA)
· Google Vision
· Deep Learning (DL)
· Vision API
Intelligent Document Processing Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:
· BFSI
· Government
· Healthcare and Life Sciences
· Retail and eCommerce
· Manufacturing
· Transportation & Logistics
· Others
Intelligent Document Processing Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Intelligent Document Processing Market". To download report brochure, please go to
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About Lucintel
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the intelligent document processing market by component (solutions and services), deployment model (cloud and on-premises), technology (natural language processing (NLP), optical character recognition (OCR), machine learning (ML), artificial intelligence (AI), robotic process automation (RPA), google vision, deep learning (DL), and vision API), end use industry (BFSI, government, healthcare & life sciences, retail and ecommerce, manufacturing, transportation and logistics, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?