Intelligent Document Processing Market worth $3.7 billion by 2026
According to a research report "Intelligent Document Processing Market Size by Component (Solutions, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Vertical (BFSI, Government, Healthcare and Life Sciences), and Region - Global Forecast to 2026" published by MarketsandMarkets, the global Intelligent Document Processing market size is expected to grow from USD 0.8 billion in 2021 to USD 3.7 billion in 2026, at a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast period. The major factors driving the growth of the Intelligent Document Processing market include the rising need for enterprises to process large volumes of semi-structured and unstructured documents with greater accuracy and speed, increasing investments in digital transformation, and the rising adoption of cloud-based document processing solutions. Browse 302 market data Tables and 44 Figures spread through 271 Pages and in-depth TOC on "Intelligent Document Processing Market by Component (Solutions, Services), Deployment Mode (Cloud, On-Premises), Organization Size, Technology, Vertical (BFSI, Government, Healthcare and Life Sciences), and Region - Global Forecast to 2026" Based on component, the services segment is expected to grow at a higher CAGR during the forecast period With rising technological advancements, the demand for intelligent document processing solutions is expected to rise. This is projected to fuel the demand for intelligent document processing services. Services offered by most intelligent document processing solution vendors include professional services and managed services. Intelligent document processing services play a crucial role for every solution vendor as clients expect seamless integration of the solution as well as training and support of the provided solution with the enterprise’s system. Based on deployment, the cloud segment is expected the segment to grow at a higher CAGR during the forecast period Cloud deployment offers various benefits to organizations. These benefits include easy availability and scalability. The cloud deployment mode also provides multiple benefits, including reduced operational costs and hassle-free deployments. The cloud deployment for intelligent document processing while using different disruptive technologies is expected to grow with the increasing awareness of the benefits of cloud-based solutions. The cost-effectiveness and scalability of cloud deployment are expected to boost the growth of cloud-based intelligent document processing solutions. Based on organization size, the large enterprises segment is expected to hold the highest market size during the forecast period Based on organization size, the intelligent document processing market is segmented into SMEs and large enterprises. Large enterprises are the leading adopters of intelligent document processing solutions and services due to the increasing need to analyze the structured and unstructured data collected over the years. These enterprises focus on delivering enhanced customer experiences and gaining a leading edge in the market. North America to hold the highest market size during the forecast period