Intelligent Document Processing Market to Reach $7.4 Bn, Globally, by 2031 at 21.7% CAGR: Allied Market Research

Increasing requirements for improved customer satisfaction and rising adoption of digitalization & artificial intelligence drive the growth of the global intelligent document processing market.

PORTLAND, Ore., Nov. 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Intelligent Document Processing Market by Component (Solution, Services), by Organization Size (SMEs, Large Enterprises), by Deployment Model (Cloud, On Premise), by Technology (Natural Language Processing, Optical Character Recognition, Machine Learning, Artificial Intelligence, Others), by End Use Vertical (BFSI, Government, Healthcare, Retail, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report published by Allied Market Research, the global intelligent document processing market was estimated at $1.1 billion in 2021 and is expected to hit $7.4 billion by 2031, registering a CAGR of 21.7% from 2022 to 2031.

Allied Market Research Logo
Allied Market Research Logo


Download Free Sample Report at:

https://www.alliedmarketresearch.com/request-sample/32182

Drivers, restraints, and opportunities

Increasing requirements for improved customer satisfaction and rising adoption of digitalization & artificial intelligence drive the growth of the global intelligent document processing market. On the other hand, several government initiatives associated with compliance requirements impede the growth to some extent. However, rising demand from several end use verticals is expected to create lucrative opportunities in the industry.

Covid-19 scenario

  • Increase in usage of online network connectivity and rise in online purchases of essential goods gave way to a significant surge in demand for connectivity intelligence and intelligent document processing solutions, thus impacting the global intelligent document processing market positively.

  • This drift is likely to sustain even after the pandemic is gone.

The solution segment to dominate by 2031

By component, the solution segment held the major share in 2021, accounting for more than two-thirds of the global intelligent document processing market revenue. The same segment would also cite the fastest CAGR of 22.2% during the forecast period. This is because the solution segment allows organizations to control, manage, and execute their business operations efficiently and support commercial and customer-oriented activities in various sectors.

The large enterprises segment to retain the lion's share

By organization size, the large enterprises segment contributed to more than three-fourths of the global intelligent document processing market revenue in 2021, holding the major share. The same segment is also anticipated to grow at the fastest CAGR of 22.3% during the forecast period. Large enterprises can be stated as organizations that have an employee strength of more than 1,000. Such enterprises include an increased number of skilled people with high privacy and data security issues. These enterprises can often manage huge transmission data on platforms with well-equipped and maintained connected infrastructure.

The cloud segment to rule the roost

By deployment model, the cloud segment accounted for more than three-fifths of the global intelligent document processing market revenue in 2021, garnering the lion's share. The same segment would also display the fastest CAGR of 22.4% from 2022 to 2031. This is attributed to the fact that cloud intelligent document processing is a virtual portal that runs in a cloud computing environment rather than on-spot systems. It is created and hosted, online using a cloud computing infrastructure that can be accessed remotely.

Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/32182

North America held the major share in 2021

By region, North America generated the major share in 2021, holding nearly two-fifths of the global intelligent document processing market revenue. Being one of the early adopters and inventors of advanced technologies and solutions North America has emerged as one of the highest technology adopters. The Asia-Pacific region, simultaneously, is projected to portray the fastest CAGR of 23.0% during the forecast period. This is due to the fact that intelligent service providers are actively participating in the promotion of electronic records and advanced document processing solutions.

Key players in the industry

  • Datamatics Technologies Ltd.

  • WorkFusion, Inc.

  • Deloitte Touche Tohmatsu Limited

  • HCL Technologies Limited

  • Kodak Alaris (Eastman Kodak Company)

  • Kofax Inc.

  • Hyland Software, Inc.

  • Infrrd Inc.

  • ABBYY Solutions Ltd.

  • International Business Machines Corporation

The report analyzes these key players in the global intelligent document processing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

Buy this Report at:

https://www.alliedmarketresearch.com/checkout-final/f86d3e63429663034d1433b86a82547c

Trending Reports in ICT & Media Industry (Book Now with 10% Discount):

Marketing Analytics Software Market Expected to Reach $14.3 Billion by 2031

Digital Media Production Software Market Expected to Reach $36.3 Billion by 2031

Strategy Consulting Market Expected to Reach $111.4 Billion by 2031

Marketing Attribution Software Market is Expected to Reach $12.9 Billion by 2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/information-and-communication-technology-and-media
Follow Us on Blog: https://www.technologyplz.com/

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/intelligent-document-processing-market-to-reach-7-4-bn-globally-by-2031-at-21-7-cagr-allied-market-research-301687151.html

SOURCE Allied Market Research