The North America Intelligent Document Processing Market would witness market growth of 27.4% CAGR during the forecast period (2021-2027).
Intelligent Document Processing is an important component of intelligent automation. Automation is possible till there is an availability of data for work. Through the standard RPA systems, establishing data extraction to perform automation is mostly categorized as an altogether a different 3rd party project that adds to the costs and also fragile integration points. It is important to effectively extract data and structure data, which helps in automating a major part of business procedures that currently depend on manual inputs & intervention. The implementation of Intelligent Document Processing in the RPA platform enables business customers to automate procedures end-to-end. At the time, when IDP & RPA combined together in one platform, the major part of the automation is seamlessly working in sync.
The growing requirement for enterprises to process huge amounts of semi-structured & unstructured documents with more precision & speed would bolster the growth of the market. In addition, the rising investments in digital transformation and the increasing adoption of cloud-based document processing solutions are estimated to fuel the Intelligent Document Processing market during the forecast period.
Various verticals like transportation & logistics, BFSI, healthcare & life sciences, and manufacturing, are the leading industries adopting intelligent document processing solutions. There are many companies, which are shifting their focus towards automating internal business functions that opened an opportunity to polish and simplify numerous business activities via the adoption of intelligent document processing. All such aspects are estimated to result in the high adoption of intelligent document processing solutions in the North America region.
The US and Canada are among the leading nations of the region in the intelligent document processing market. The high adoption rate of advanced solutions & systems, especially intelligent document processing solutions is supporting the growth of the market. In addition, the growing penetration of process management & automation solutions across the companies in this region.
Additionally, the rising investment to optimize their business operations by the companies is among the major factors surging the growth of the market. The presence of key players like ABBYY, Kofax, and IBM in North America is contributing to the growth of the regional market. Moreover, the SMEs and large enterprises of this region are increasingly adopting these solutions, which would augment the market growth.
The US market dominated the North America Intelligent Document Processing Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $349.9 million by 2027. The Canada market is experiencing a CAGR of 32.7% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 31.6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Intelligent Document Processing Market is Estimated 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
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