Dublin, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The "Intelligent Document Processing Market Size, Share & Trends Analysis Report By Component, By Technology (Machine Learning, Computer Vision), By Deployment, By Organization Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Intelligent Document Processing (IDP) market is witnessing unprecedented growth, with projections indicating an ascend to USD 11.29 billion by the end of the decade. A robust Compound Annual Growth Rate (CAGR) of 30.1% from 2023 to 2030 is expected, spurred by a universal clamor to expeditiously manage voluminous data through efficient document processing solutions.
The surge in the Intelligent Document Processing market size is intrinsically tied to the burgeoning investments in digital transformation sweeping through myriad industries. Such forward momentum has been recently showcased by significant partnerships in the sector, such as the collaborative endeavor between a leading cloud-native document processing firm and a premier German data processing corporation, aimed at enhancing invoice procedures using cutting-edge AI technology.
The onslaught of COVID-19 placed intelligent document processing solutions at the forefront of technological adoption. With social distancing mandates and limited travel, businesses worldwide turned to automation technology to mitigate the need for human interaction. The post-pandemic era has seen intelligent document processing technologies flourish, particularly as entities such as healthcare organizations utilize these solutions to automate patient record keeping and administer efficient data management.
Such solutions are crucial for diverse industries, including manufacturing, financial services, and government sectors. Companies are continually innovating, as evidenced by recent product launches like an intelligent automation platform from a noted firm in February 2023, which brings enhancements to Intelligent Document Processing and fosters secure cloud-based deployment.
Intelligent Document Processing Market Report Highlights:
- Intelligent document processing solutions lead the component segment with significant revenue share, buoyed by a plethora of software tools offering versatile deployment options.
- The machine learning technology segment stands supreme in the market, backed by its critical role in data extraction and classification.
- Cloud-based deployment reigns due to its cost-efficiency and deployment simplicity, accounting for the majority market share.
- With the sheer volume of data management, large enterprises predominantly incorporate intelligent document processing technologies.
- The Banking, Financial Services, and Insurance (BFSI) sector sees extensive usage of IDP, leading in market end-use segment share.
- North America, known for its rapid digitalization and adoption of new technologies, continues to dominate the regional market share.
The Intelligent Document Processing market is a critical nexus of innovation and efficiency, revolutionizing data processing, machine learning, and cloud deployment across industries. As organizations continually adapt to the changing landscape of digital transformation, the IDP market embarks on a trajectory of dynamic growth and transformative impact.
For more information about this report visit https://www.researchandmarkets.com/r/vtn1i3
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