The global intelligent document processing market size is expected to grow to USD 5.2 billion in 2027 from USD 1.1 billion in 2022, at a compound annual growth rate (CAGR) of 37.5%
during the forecast period. Key factors such as increasing adoption of cloud-based document processing solutions and shift towards digital transformation are driving the growth of the smart document processing market.
NEW YORK, Sep 06, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Smart Document Processing Market by Component, Deployment Mode, Enterprise Size, Technology, Vertical, Region – Global Outlook to 2027” – https://www.reportlinker.com/p06093882 /? utm_source = GNW
Based on services, the professional services segment is expected to represent the largest market size during the forecast period
Professional services are intangible offerings provided by solution providers that assist clients in deploying and managing their solutions, categorized into deployment, integration, support, training, and consulting services.
Professional services are offered 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 publication, the domestic segment is expected to account for the largest market volume during the forecast period.
On-premises deployment refers to installing applications on an organization’s premises rather than at a remote facility. Local solutions are delivered for a one-time license fee, along with a service agreement.
Since this deployment mode requires a robust infrastructure and personal data center, only large organizations can afford to deploy these solutions. The focus of the Regulated Government, BFSI, Healthcare and Life Sciences sectors on data protection is expected to lead to the adoption of intelligent document processing solutions in the workplace.
That SMEs, by sector of enterprise size, grow at a higher CAGR during the forecast period
Organizations with between 1 and 999 employees are categorized as SMEs, and smart document processing is equally required in all organizations to compete in the market, regardless of size.
Intelligent document processing solutions and services are expected to witness robust growth among SMBs during the forecast period due to the availability of cost-effective cloud solutions.
Government, by vertical sector, to grow at a higher CAGR during the forecast period
Government agencies are increasingly looking to improve customer service levels and are making active efforts to enhance citizen experiences, as government agencies handle the secure and private data of individuals, departments, processes and agencies.
The volume of data generated in government bodies is huge and unstructured, which needs to accurately capture, classify and extract meaning to simplify the government process. The growing demand for greater flexibility, enhanced data security and advanced intelligence is expected to drive the smart document processing market in the government sector.
The Asia Pacific region is expected to grow at a higher CAGR during the forecast period
APAC is expected to record the highest compound annual growth rate (CAGR) in the smart document processing market during the forecast period, and the adoption of smart document processing solutions across sectors, such as BFSI, retail and e-commerce, healthcare and life sciences, in the region, is on the rise.
Intelligent document processing solutions are being rapidly adopted as these solutions and services offer benefits, such as lower cost, improved customer experience, and improved operational efficiency.
Among these markets, Japan and India are estimated to be the most lucrative markets for smart document processing initiatives, and the savings of CAPEX and OPEX have led to the rapid adoption of smart document processing solutions and services in this region.
The increase in growth can be attributed to technological developments, along with mandatory regulations and industry standards. Companies such as Datamatics and Infrrd are major players providing intelligent document processing solutions and services in the Asia Pacific region.
In-depth interviews were conducted with CEOs (CEOs), innovation and technology managers, systems integrators and executives from various key organizations operating in the smart document processing market.
• By company type: Level 1 – 34%, Level 2 – 43%, Level 3 – 23%
• By designation: C-level – 50%, managers – 30%, others – 20%
• By region: North America – 25%, Europe – 30%, Asia and the Pacific – 30%, Middle East and Africa – 10%, Latin America – 5%.
Some of the notable players identified in the study are ABBY (US), IBM (US), Kofax (US), WorkFusion (US), Automation Anywhere (US), Appian (US), UiPath (US) ), Datamatics (India), Deloitte (England), AntWorks (Singapore), Parascript (US), HyperScience (US), OpenText (Canada), Hyland (US), Extraction Systems (US), Infrrd (US US), Celaton (UK), HCL Technologies (India), Kodak Alaris (UK), Rossum (UK), InData Labs (Belarus), Ephesoft (US), IRIS (Europe), Evolution AI (England) and BIS (US), AmyGB (India), Acodis (Switzerland), Ocrolus (US), Hive (California), Hypatos (Germany), and IN-D (Singapore).
The market study covers the smart document processing market across various segments, aiming to estimate the market size and growth potential of this market across different segments, such as components (solutions and services), deployment mode (cloud, on-premises), enterprise size, technology, and vertical (bfsi, government, health care and life sciences), regions.
The service sector is more professional and managed services. The Smart Document Processing Market Regional Analysis includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
The study also includes an in-depth competitive analysis of the major market players, along with company profiles, key notes regarding product and business offerings, recent developments, and key market strategies.
The main benefits of purchasing the report
The report is expected to help market leaders/new entrants in this market by providing them with information on the earliest estimates of revenue figures for the Smart Document Processing market and its segments, this report is also expected to help stakeholders understand the competitive landscape and gain insights to improve their business position and plan entry strategies to the appropriate market.
The report also aims to help stakeholders understand the pulse of the market and provide them with information on key market drivers, constraints, challenges and opportunities.
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