Quadrant Knowledge Solutions, a global technology consultant based in India, has released its annual evaluation of the intelligent document processing (IDP) software market. The company, which produces a “SPARK Matrix” report for dozens of technology sectors, named 15 IDP technology providers in its top-third category—ABBYY, Alkymi, Appian, Datamatics, Grooper, Indico Data, Infrrd, Kofax, Parascript, Parashift, qBotica, Rossum, UiPath, UST and WorkFusion.
The consultancy ranked 29 companies in the IDP space on two axes—”customer impact” and “technology excellence.” It separates them according to their position on the matrix into “aspirants,” “challengers” and “technology leaders.”
IDP technology evaluated by Quadrant Knowledge Solutions for the report in other categories include solutions from: Automation Anywhere, AntWorks, Celaton, codemantra, EdgeVerve, Eigen Technologies, HCL, IBM, JIFFY.ai, KnowledgeLake, Laiye, Microsoft, OpenBots, and Straive.
As AI becomes more embedded in intelligent automation technology, IDP is improving its ability to read, extract, analyze, and make decisions on increasingly unstructured data from documents using machine learning.
“An increase in the adoption of newer technologies is fueling the growth of document automation, which enables organizations to save time by reducing manual work, operating, and investing more efficiently, improving customer experience, and mitigating risks caused by human error,” said Madhu Kittur, analyst at Quadrant Knowledge Solutions. “Leading IDP platform vendors are focusing on ingesting multimodal fusion, provision of SaaS models, integration of machine teaching, built-in NLP, advanced image processing, bots for specific use cases, enhanced zero-shot technology, and so on.”