• April 20, 2024

Advances in intelligent document processing will drive the market for the technology to $18 billion in 2028 from around $6 billion in 2023, according to a new report. In the report, Bay Area technology consultant Zinnov also found that 63 percent of Fortune 250 companies have implemented IDP solutions, with the financial sector leading the way at 71 percent.

The report notes several trends shaping the future of IDP, including hardware-software integration, increasing competition from specialists and non-IDP players; new features such as search and  data enrichment; and the emergence of comprehensive platforms that integrate IDP with various AI systems. It also examines the competitive landscape in the space.

“Over the past decade, IDP adoption has steadily risen, with the technology now being embraced by major companies across Banking, Insurance, Retail and other verticals to optimize critical processes,” the report’s authors wrote. “ IDP proves to be a game changer through its ability to instantly classify document types, extract relevant information, validate data, and export insights to downstream apps for consumption.”