The Asia Pacific Intelligent Document Processing Market would witness market growth of 31.2% CAGR during the forecast period (2021-2027).
Intelligent document processing (IDP) refers to the AI-powered solution utilized to convert unstructured & semi-structured data into a structured form for quick & precise data retrieval. IDP is customized as per the distinct environment and document handling requirements of a specific organization. In addition, when the model is developed and deployed, there would be no constant software subscription costs involved.
Additionally, intelligent document processing (IDP) does not completely replace humans; it just substitutes the difficult procedure of tagging, searching, linking, and obtaining data from a wide range of documents & document sources. This helps the highly specialized professionals to draw their focus & efforts on important activities. There are certain industries, which especially get benefits from IDP that include legal services, healthcare, travel & logistics, retail, manufacturing, and telecom. Though, any company with recurring data input & management procedures can utilize these solutions. IDP simplifies the workflows, boosts the organizations’ revenues, and enhances the data output.
The BFSI sector in the emerging nations of the Asia Pacific region like India and China is witnessing a spur owing to the growing online transaction across these regions, which would propel the market growth. Additionally, the rising awareness among the companies regarding the adoption of the latest technologies like automation, machine learning, and AI is further bolstering the demand for intelligent document processing solutions.
Moreover, companies in this region are increasingly investing in advanced technology, which helps them in gaining a competitive edge in the market, which is further contributing to the growth of the intelligent document processing market in this region. The growing digitalization in the emerging nations of this region would also augment the regional market.
The China market dominated the Asia Pacific Small & Medium Enterprises Intelligent Document Processing Market by Country 2020, thereby, achieving a market value of $120.2 million by 2027. The Japan market is showcasing a CAGR of 32.6% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 34% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Government & Defense, IT & Telecom, Healthcare, Manufacturing, Transportation & Logistics and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Intelligent Document Processing Market is Projected to reach USD 4.1 Billion by 2027, at a CAGR of 29.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include OpenText Corporation, IBM Corporation, ABBYY Solutions Limited, Appian Corporation, Automation Anywhere, Inc., UiPath, Inc., WorkFusion, Inc., Datamatics Global Services Limited (Delta Infosolutions Private Limited), Deloitte Touche Tohmatsu Limited, and Kofax, Inc. (Thoma Bravo LLC).
By Component
By Deployment Type
By Enterprise Size
By End User
By Country
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