target audience: TECH SUPPLIER Publication date: Jun 2022 - Document type: Market Forecast - Doc Document number: # US47773922
Worldwide Intelligent Document Processing Forecast, 2022–2026
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Abstract
This IDC study features data on revenue attributable to the worldwide IDP market. Capture applications convert unstructured data to structured information that can be stored, accessed, and/or distributed to enterprise applications and/or consumed by a downstream task or process. These applications may increasingly use embedded AI software services, such as entity recognition/extraction, image recognition, and NLP, to perform these functions.
Document AI software uses embedded technologies from the conversational AI and computer vision AI tools submarkets, such as computer vision, NLP, ontologies, and language analysis, as well as deep learning models for harvesting intelligence from scanned documents and/or images of documents. Documents are often unstructured, which means the content's location or format may vary between two otherwise similar forms.
"The worldwide intelligent document processing market will grow at a CAGR of 23.1% over the next five years. Growth in 2021, and throughout the forecast period, highlights the demand to address mounting volumes of structured and unstructured data, and make it more accessible." said Anne Valaitis, research manager of IDC's Hardcopy Industry Transformation research program and contributor of IDC’s Enterprise Content Strategies program. "Accelerated digitization and digital transformation efforts will result in revenue growth."
"IDC's methodology shift to focus on forecasting IDP's revenue growth more fully represents the range of options technology buyers and suppliers can now consider," said Matt Arcaro, research director of IDC's Computer Vision and AI research program. "As this market continues to evolve, IDC expects that IDP capabilities will become pervasive, driven by strong ecosystem participation and facilitation."