Latest News - Intelligent Document Processing (IDP) Market: Solution is expected to lead the Component segment during 2025-2029

The Intelligent Document Processing (IDP) Market is being driven by Growing use of big data analytics

The Intelligent Document Processing (IDP) Market is expected to grow at a CAGR of 46.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 12486.4 million. In today's digital business landscape, data has emerged as a valuable asset, driving operational efficiency, informing strategic decisions, and boosting revenues and profits. However, the vast amounts of unstructured data contained within electronic content management systems, such as contracts, remain a challenge. IDP software can neatly file and tag these documents, enabling retrieval based on metadata. Yet, to fully leverage the contextual information within a 100-page PDF contract, for instance, requires manual review. IDP solutions offer a promising solution, extracting actionable insights from unstructured data, enhancing business processes and outcomes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Solution
  • Services
• End-user
  • BFSI
  • IT and telecom
  • Manufacturing
  • Healthcare
  • Others
• Deployment
  • Cloud-based
  • On-premises
• Technology
  • Optical Character Recognition
  • Natural Language Processing
  • Machine Learning and Deep Learning
  • Computer Vision
  • Robotic Process Automation (RPA) Integration
• Geography
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • APAC
    • China
    • India
    • Japan
  • South America
    • Argentina
    • Brazil
  • Middle East and Africa
    • Egypt
    • KSA
    • Oman
    • UAE

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing use of big data analytics
• Reduction of document management costs
• Introduction of cloud-based deployment solutions

However, the market also witnesses some limitations, which are as follows:

• Risks of data theft and cyberattacks
• Increasing possibilities of data loss
• Data encryption issues in intelligent document processing (IDP) software

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Market Scope in Intelligent Document Processing (IDP) Market Research Report

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Research Analysis Overview

Intelligent Document Processing (IDP) Market involves advanced technologies like machine vision, knowledge graphs, semantic analysis, and entity recognition for extracting meaningful insights from documents. Relationship extraction, text analytics, sentiment analysis, and topic modeling are employed for understanding context. Predictive analytics, business process redesign, and digital collaboration enable agile development. Low-code and no-code platforms empower citizen developers, while data labeling, model training, and model evaluation ensure model accuracy. Model deployment, monitoring, and intelligent automation enhance efficiency. Business intelligence dashboards, data visualization, data storytelling, data governance frameworks, data privacy regulations, and data security maintain data integrity.

Market Research Overview

The Intelligent Document Processing (IDP) market is a segment of the broader application software market within the IT software industry. IDP solutions enable automation, data extraction, and data capture from various documents, enhancing business efficiency. IDP solutions contribute to the application software market, which encompasses firms specializing in software development for business and consumer needs, excluding those producing database management software, systems software, or interactive home entertainment software. According to Technavio, the global application software market size is determined by the consolidated revenue of companies providing all types of software, including cloud-based solutions. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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