TECH SUPPLIER Jun 2022 - Market Share - Doc # US47774022
Worldwide Intelligent Document Processing Market Shares, 2021: Modernizing Process Workflows
This IDC study features data on revenue attributable to the worldwide intelligent document processing (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% over the forecast period. The momentum for market growth aligns with organizations increasing appetite to boost efficiency, heighten productivity, and shift processes to the cloud," said Anne Valaitis, research manager, IDC's Hardcopy Industry Transformation research program/contributor to the Enterprise Content Strategies program.
"IDC's new expanded aperture around IDP reflects the future modular, disaggregated approach to automatically derive document context and insights to solve more and more business problems," said Matt Arcaro, research director, IDC's Computer Vision AI Tools and Technology research program. "As document AI becomes a greater portion of the IDP market, vendors and customers can expect new competitors and evolving vendor strategies."
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