The global intelligent document processing market size is
New York, Sept. 06, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Intelligent Document Processing Market by Component, Deployment Mode, Organization Size, Technology, Vertical, and Region – Global Forecast up to ‘in 2027’ – https://www.reportlinker.com/p06093882/?utm_source=GNW
On the basis of services, the professional services segment is expected to account for the largest market size during the forecast period
Professional services are intangible offerings provided by solution providers that help customers deploy and manage their solutions. They are categorized into deployment and integration, support and training, and consulting services.
Professional services are provided to customers after purchasing the intelligent document processing solution. The increasing focus of organizations on the efficient deployment of intelligent document processing solutions is expected to drive the adoption of professional services.
Based on the deployment, the on-premises segment is expected to account for the largest market size during the forecast period.
On-premises deployment refers to installing applications on an organization’s premises rather than installing them in a remote installation. On-premises solutions are provided for a one-time license fee, plus a service contract.
As this mode of deployment requires a solid infrastructure and a personal data center, only large organizations can afford the cost of deploying these solutions. The focus of regulated government, BFSI, healthcare and life sciences sectors on data protection is expected to drive the adoption of on-premises intelligent document processing solutions.
SMBs, by organization size segment, are expected to grow at a higher CAGR during the forecast period
Organizations with between 1 and 999 employees are categorized as SMEs. The need for intelligent document processing is also required in all organizations to be competitive in the market, regardless of their size.
Intelligent document processing solutions and services are expected to witness robust growth among SMBs over the forecast period owing to the availability of cost-effective cloud solutions.
Government, by vertical segment, is expected to grow at a higher CAGR during the forecast period
Government agencies are increasingly looking to improve customer service levels and are also making active efforts to improve the citizen experience. Government agencies manage the secure and private data of individuals, departments, processes, and agencies.
The volume of data generated in government agencies is huge and in unstructured formats, which must accurately capture, classify and extract meaning to streamline the government process. Growing demand for greater flexibility, improved data security and advanced intelligence is expected to drive the market for intelligent document processing in the government sector.
APAC is expected to grow at a higher CAGR during the forecast period
APAC is expected to register the highest CAGR in the intelligent document processing market over the forecast period. the rise.
Intelligent document processing solutions are being adopted quickly because these solutions and services provide benefits, such as reduced costs, improved customer experience, and improved operational efficiency. In Asia-Pacific, China, Japan, and India are expected to drive the overall market.
Of these, Japan and India are estimated to be the most lucrative markets for smart document initiatives. CAPEX and OPEX savings have led to the rapid adoption of intelligent document processing solutions and services in this region.
The growth spurt can be attributed to technological advancements, as well as mandatory regulations and industry standards. Companies such as Datamatics and Infrrd are major players providing intelligent document processing solutions and services in APAC.
Distribution of primaries
In-depth interviews were conducted with CEOs, chief innovation and technology officers, system integrators, and executives from various key organizations operating in the intelligent document processing market.
• By type of business: level 1: 34%, level 2: 43% and level 3: 23%
• By designation: C level – 50%, administrators – 30% and others – 20%
• By region: North America – 25%, Europe – 30%, APAC – 30%, MEA – 10%, Latin America – 5%.
Some prominent players profiled in the study include ABBY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian (US United States), UiPath (United States), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (United States), HyperScience (United States), OpenText (Canada), Hyland (United States ), Extract Systems (US), Infrrd (US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (UK), InData Labs (Belarus) , Ephesoft (US), IRIS (Europe), Evolution AI (England), BIS (US) and AmyGB (India), Acodis (Switzerland), Ocrolus (US), Hive (California), Hypatos ( Germany) and IN-D (Singapore).
The market study covers the intelligent document processing market across different segments. It aims to estimate the market size and the growth potential of this market on different segments, such as components (solutions and services), mode of deployment (cloud, on-premise), organization size, technology, vertical (bfsi, government, healthcare and life sciences) and regions.
The services segment further includes professional services and managed services. The regional analysis of the Intelligent Document Processing Market includes North America, Europe, APAC, MEA, and Latin America.
The study also includes an in-depth competitive analysis of key market players along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Purchasing the Report
The report is expected to help market leaders/new entrants in this market by providing information on the closest approximations of revenue figures for the Intelligent Document Processing market and its segments. This report should also help stakeholders understand the competitive landscape and gain insights to improve their businesses’ position and plan appropriate go-to-market strategies.
The report also aims to help stakeholders understand the pulse of the market and provide them with insights on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p06093882/?utm_source=GNW
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