Intelligent Document Processing Market Insights: Trends, Innovations, and Forecasts to 2033

The Global Intelligent Document Processing Market Size is Anticipated to Exceed USD 28.64 Billion by 2033, Growing at a CAGR of 32.33% from 2023 to 2033. Intelligent document processing (IDP) is an advanced system that collects and analyzes documents utilizing a variety of technologies, including natural language processing (NLP), optical character recognition (OCR), computer vision, and machine learning (ML). Businesses can leverage IDP-extracted data to decrease manual work and identify insights in both structured and unstructured documents. The increasing focus that enterprises are placing on digital transformation, the necessity of effective document management, and the increasing integration of artificial intelligence (AI) and machine learning (ML) technology into business processes are all major contributors to the substantial demand for intelligent document processing. According to the IBM Global AI Adoption Index Report 2022, 35% of businesses reported utilizing AI to improve task automation and cut expenses. AI-powered document processing also speeds up corporate decision-making by properly extracting important insights from papers and integrating them into systems or processes. IDP developed into one of the most important tools for companies undergoing digital transformation as more and more embraced digital technologies. The abrupt move to remote work necessitated the creation of centralized data repositories that provided access to material from any device, regardless of location or time.