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(Wireless-NewsWire.Com, June 11, 2021 )
Intelligent document processing (IDP) amplifies human indulgence of unorganized data through data science tools such as computer vision, optical character recognition, machine learning, and natural language processing in each stage of document data integration.
The IDP is gaining momentum owing to the automated solutions provided by its tools for data extraction process, which were next to impossible before the inception of IDP. The market is estimated to grow at a CAGR of 35.5% during the analysis timeframe.
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The increase in need for refining the productivity of business processes along with the attentiveness of technological penetration across numerous end use industries is expected to boost the global intelligent document processing market growth. These solutions permit users with smart technologies & agile processes for making faster and monitor interfaces to fix restricted access in workflow system which is estimated to accelerate the market growth in upcoming years.
Market key Players
The prominent players profiled in this report includes InData Labs Group Limited, Parascript, LLC, Hyper Labs, Inc, Automation Anywhere¸ AntWorks, Kofax Inc, WorkFusion, Inc, and ABBYY. These players are adopting various organic and inorganic growth strategies in order to withstand a competitive edge over each other and serve the best solutions and services to their customers globally.
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Impact of COVID-19 on IDP Market
COVID-19 has impacted all the major and small industries due to the presence of lockdown globally. However, the demand for IDP is expected to boost in the healthcare segment in order to maintain the record of the patients. After the outbreak of COVID-19, governments and concerned authorities are running the health checkup campaign for classifying the COVID-19 patients to control the pandemic condition. The large amount of patients’ data id requires to store into organized and structured data format. The IDP market as a result have been positively impacted by the spread of pandemic.
Market Segmentation
The Global Intelligent Document Processing Market is segmented into component such as Software, and Services. The Software segment is projected to hold the largest market size during the analysis period. It uses several AI (Artificial Intelligence) technologies to serve its client enabling it to segregate, group, and retrieve relevant information as well as authenticate the extracted data.
The report is also studied from the point of view of enterprises size. By enterprise size the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Small and medium enterprises are expected to grow at the highest growth rate due to the awareness of the technologies and the need of easy and quick data access of its employees as well as customers.
Intelligent Document Processing Market is segmented into end-user industry into various categories such as IT & Telecom, BFSI, Legal, Manufacturing, Pharmaceutical, Transportation & Logistics, Retail & E-Commerce, and Others. Pharmaceutical segment is expected to hold a significant market share owing to the use of various technologies along with the data processing in the industry which has enabled the use of intelligent document processing (IDP).
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Qualiket Research
Hemant Singh
8208257128
hemant.singh@qualiketresearch.com
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