Research Nester published a report titled “Intelligent Document Processing Solution Market: Global Demand Analysis Opportunity Outlook 2031” which delivers detailed overview of the global intelligent document processing market in terms of market segmentation by deployment, component, enterprise, technology, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global intelligent document processing solutionmarket is anticipated to grow with a CAGR of ~40% during the forecast period, i.e., 2022-2031. The market is segmented bydeployment into cloud and on-premise. Out of these, the cloud segment is anticipated to garner the largest revenue by the end of 2031, owing to the increasing cloud infrastructure services worldwide.
The increasing volume of data in the form of semi-structured and unstructured documents needs to be processed with more accuracy and speed. This, along with growing cloud infrastructure services and rising global ICT spending on new technologies, are some of the major growth factors anticipated to drive the growth of the global intelligent document processing solution market during the forecast period.
Geographically, the global intelligent document processing solution market is segmented into five regions including North America, Europe, Asia Pacific, Latin America and Middle East Africa region. Out of these, the market in North America is projected to garner the largest share by the end of 2031. Rising demand for automation in the healthcare industry and others, followed by the growing spending on healthcare services in the region are some of the major factors anticipated to drive the growth of the market in North America.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Digitization Worldwide to Drive the Market Growth
According to estimates, by 2022, more than 68% of the world’s GDP to undergo digitization.
The increasing usage of intelligent document processing solutions with ongoing digital transformation in various sectors such as banking and finance, insurance, healthcare and others, is expected to drive the market growth.
On the other hand, increasing IoT connections, surge in artificial intelligence along with machine learning and robotics is expected to boost the market growth.
However, lack of industry specific processing solution as well as probability of inaccuracy in document processing are expected to operate as key restraints to the growth of the global intelligent document processing solution market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global intelligent document processing solution market which includes company profiling of ABBYY, IBM Corporation, Adobe, Kofax Inc., WorkFusion Inc., HCL Technologies Ltd., Automation Anywhere Inc., UiPath, Datamatics Global Services Limited, Parascript LLC, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global intelligent document processing solution market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.