Intelligent Document Processing (IDP) uses AI to capture, categorize, and extract data from various document types for further processing. This typically non-invasive solution can integrate with internal applications, systems, and other automation platforms. IDP technology providers are increasingly offering low-/no-code capabilities to enable citizen developers to build document intake and processing workflows. Providers are also integrating IDP with large language models and agentic AI capabilities to improve extraction accuracy, enhance context understanding, and enable end-to-end document processing. IDP adoption helps enterprises save costs, improve workforce productivity, and improve employee and customer experiences. In this report, we examine the IDP market, including buyers, software providers, and third-party enablers (providers and system integrators). The report also analyzes market size and adoption trends, buyer satisfaction, product capabilities and trends, solution characteristics, provider landscape, IDP adoption challenges, and outlook for 2025-26. It also offers insights into the Banking and Financial Services (BFS)-specific IDP market, covering key use cases, capabilities, and trends.

Intelligent Document Processing (IDP) products remain vital in enterprises’ automation technology portfolios. It uses AI technologies, such as Optical Character Recognition (OCR), computer vision, Natural Language Processing (NLP), and machine/deep learning, to classify and extract information from structured, semi-structured, and unstructured documents. Generative AI and agentic AI advances are driving providers to enhance their IDP capabilities. IDP integrates with internal applications, systems, and other automation platforms, offering a non-invasive approach. Continuous advances in IDP products result in ongoing improvements in capabilities, features, and functionalities. In the Banking and Financial Services (BFS) industry, the demand for specialized processing solutions is growing due to the document-intensive processes and their substantial presence in the broader IDP market. Since the BFS industry’s highly regulated nature of BFS industry, enterprises must carefully select a reliable and compliant IDP technology provider to successfully implement IDP. This compendium provides accurate, comprehensive, and fact-based snapshots of 29 leading IDP technology providers, including 10 leading BFS-specific IDP technology providers. Each profile includes the provider’s company overview, recent deals and announcements, market adoption and client portfolio mix, product features, and functionalities. Scope All industries and geographies The report examines IDP solutions that are sold on license, regardless of any ongoing business or IT process outsourcing or managed services This assessment is based on Everest Group’s annual RFI process for the year 2024-25, interactions with leading IDP technology providers, client reference checks, and an ongoing analysis of the IDP market Contents In this report, we: Assess providers’ recent deals and announcements Evaluate IDP products’ market adoption Analyze providers’ client portfolio mix and partnerships Examine providers’ product features

Intelligent Document Processing (IDP) products remain vital in enterprises’ automation technology portfolios. IDP uses AI technologies, such as Optical Character Recognition (OCR), computer vision, Natural Language Processing (NLP), and machine/deep learning, to classify and extract information from structured, semi-structured, and unstructured documents. Generative AI and agentic AI advances are also driving providers to enhance their IDP capabilities. The Banking and Financial Services (BFS) industry has shown strong demand for specialized processing capabilities due to numerous document-intensive processes and its significant market presence in the IDP market. IDP products’ advanced capabilities, features, and functionalities further drive this demand. Given the industry’s highly regulated nature, enterprises must collaborate with the right IDP technology providers to successfully implement IDP. In this report, we analyze 29 leading IDP technology providers’ and 10 BFS industry-specific IDP providers’ capabilities on Everest Group’s PEAK Matrix®. This research helps buyers select the right-fit technology providers for their needs and empowers technology providers to benchmark themselves against their competition. Scope All industries and geographies The report focuses on IDP solutions sold on license, regardless of any ongoing business or IT process outsourcing or managed services The report includes leading technology providers in the IDP market and providers that focus on the BFS-specific IDP market Contents In this report, we: Assess leading IDP technology providers and those specializing in BFS-specific IDP processes Position providers as Leaders, Major Contenders, Aspirants, and Star Performers Analyze the technology providers market’s competitive landscape Compare providers’ key strengths and limitations

Intelligent Document Processing (IDP) is an effective tool for enterprises seeking to reduce costs, improve employee and customer experiences, enhance overall efficiency, and tackle diverse document types. However, enterprises are often conservative when embarking on their IDP journeys due to ambiguity regarding the expected RoI and the impact IDP adoption can drive. In this report, we examine key IDP market trends and use cases across industries and functions. The report presents a detailed ROI assessment framework and evaluates IDP’s RoI across three use cases: invoice processing, insurance claims processing, and customer onboarding. By offering insights into various costs, hard and soft benefits, and RoI expectations, it equips business leaders to build a compelling business case for IDP adoption. The report also includes key success factors for organizations to gain maximum value from IDP deployment and unlock its full potential. Scope All industries and geographies Contents In this report, we: Examine IDP overview Assess key IDP use cases across industries and functions Analyze a framework to assess IDP’s RoI through three high-potential use cases Evaluate key success factors to maximize RoI from IDP Membership(s) Service Optimization Technologies (SOT) Sourcing and Vendor Management

Intelligent Document Processing (IDP) is any software product or solution that uses AI technologies to capture, categorize, and extract data from various document types for further processing. This typically non-invasive solution can be integrated with internal applications, systems, and other automation platforms. IDP technology providers are increasingly offering low-code/no-code capabilities to enable citizen developers to build document intake and processing workflows. Providers are also integrating IDP with Large Language Models (LLMs) to improve extraction accuracy and enable users to interact with documents via natural language prompts. IDP adoption helps enterprises save costs and improve workforce productivity and employee and customer experiences. In this report, we examine the IDP market, including buyers, software providers, and third-party enablers (providers and system integrators). The report also analyzes market size and adoption trends, buyer satisfaction, product capabilities and trends, solution characteristics, provider landscape, IDP adoption challenges, and outlook for 2024-25. It also offers insights into the banking- and insurance-specific IDP market, covering key use cases, capabilities, and trends. Scope All industries and geographies The report prioritizes IDP and banking- and insurance-specific IDP solutions sold on license, regardless of any ongoing business or IT process outsourcing or managed services This assessment is based on Everest Group’s annual RFI process for the calendar year 2023-24, interactions with leading IDP buyers and providers, client reference checks, and an ongoing analysis of the IDP market Contents In this report, we: Examine the IDP market outlook for 2024-25, market size, and adoption trends Analyze the IDP provider landscape and buyer expectations Assess IDP product capabilities, trends, and solution characteristics Study banking- and insurance-specific document processing Identify challenges and best practices for IDP adoption Membership(s) Service Optimization Technologies (SOT) Sourcing and Vendor Management

Intelligent Document Processing (IDP) products play a vital role in enterprises’ automation technologies portfolios. IDP leverages AI technologies such as Optical Character Recognition (OCR), computer vision, Natural Language Processing (NLP), machine/deep learning, and generative AI and LLMs to classify and extract information from structured, semi-structured, and unstructured documents. This solution typically integrates with internal applications, systems, and other automation platforms, offering a non-invasive approach. Continuous advances in IDP products result in ongoing improvements in capabilities, features, and functionalities. The demand for specialized processing solutions within banking and insurance is escalating due to the document-heavy processes inherent in these sectors and their substantial presence in the broader IDP market. Due to the highly regulated nature of banking and insurance, it is imperative for enterprises in these industries to carefully select a reliable and compliant IDP technology provider to successfully implement IDP. This compendium provides accurate, comprehensive, and fact-based snapshots of 26 leading IDP technology providers’ (including 10 leading banking-specific IDP technology providers and 10 leading insurance-specific IDP technology providers) offerings and capabilities. Each profile includes the provider’s company overview, recent deals and announcements, market adoption and client portfolio mix, product overview and partnerships, product features, and functionalities. Scope All industries and geographies The report examines IDP solutions that are sold on license, regardless of any ongoing business or IT process outsourcing or managed services The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading IDP technology providers, client reference checks, and an ongoing analysis of the IDP market Contents This report features 26 leading IDP technology provider (including 10 leading banking-specific IDP technology providers and 10 leading insurance-specific IDP technology providers), each of which includes: Company overview Recent deals and announcements Market adoption Client portfolio mix Partnerships Product overview Product features and functionalities Membership(s) Service Optimization Technologies (SOT) Outsourcing Excellence

Intelligent Document Processing (IDP) products continue to play a vital role in enterprises’ automation technology portfolios. IDP uses AI technologies such as Optical Character Recognition (OCR), computer vision, Natural Language Processing (NLP), and machine/deep learning to classify and extract information from structured, semi-structured, and unstructured documents. Advances in generative AI are driving providers to ramp up their IDP capabilities. The banking and insurance industries have exhibited strong demand for specialized processing capabilities, driven by numerous document-intensive processes and their significant market presence within the overall IDP market. This demand is further propelled by the advanced capabilities, features, and functionalities offered by IDP products. Given the highly regulated nature of these industries, enterprises must collaborate with suitable IDP technology providers to successfully implement IDP. In this report, we assess 26 leading technology providers and position them on Everest Group’s IDP PEAK Matrix® as Leaders, Major Contenders, Aspirants, and Star Performers based on their capabilities and offerings. Additionally, the report assesses 10 leading IDP providers (positioning them on Everest Group’s Banking-specific IDP Products PEAK Matrix®) and 10 leading IDP providers (positioning them on Everest Group’s Insurance-specific IDP Products PEAK Matrix®). The research will help buyers select the right-fit technology providers for their needs, while technology providers will be able to benchmark themselves against each other. Scope All industries and geographies The report focuses on IDP solutions sold on license, regardless of any ongoing business or IT process outsourcing or managed services The report includes leading technology providers in the overall IDP market and providers that focus on banking and insurance-specific IDP market Contents In this report, we: Position top IDP technology providers and those specializing in banking and insurance-specific processes on Everest Group’s PEAK Matrix®, categorizing them as Leaders, Major Contenders, Aspirants, and Star Performers Analyze the technology provider market’s competitive landscape Discuss providers’ key strengths and limitations Membership(s) Service Optimization Technologies (SOT) Outsourcing Excellence

In the realm of Intelligent Automation (IA), enterprises are increasingly turning to Intelligent Document Processing (IDP) to automate document processing and realize various business benefits. Generative AI, with its advanced Natural Language Understanding (NLU) and content generation capabilities, is poised to disrupt the IDP landscape, bringing transformative enhancements to product capabilities. While language models such as BERT have traditionally been part of IDP solutions, the integration of advanced Large Language Models (LLMs) such as GPT-3.5 (and above) is expected to revolutionize how enterprises handle and process documents. This integration offers effective tools to transform their operations, drive innovation, and unlock new opportunities. In this viewpoint, we help enterprises and providers understand how advanced IDP solutions integrated with generative AI can help achieve key business objectives. The report provides insights into potential industry-specific and horizontal use cases and discusses key considerations such as cost and privacy concerns. We also explore some of the best practices to maximize RoI from generative AI and IDP integration. Scope All industries and geographies Contents In this report, we examine: Generative AI’s evolution in IDP and its applications Generative AI’s role in enhancing IDP solutions Potential use cases and benefits of generative AI and IDP integration Key considerations and best practices for businesses Membership(s) Service Optimization Technologies (SOT) Sourcing and Vendor Management

Everest Group defines Intelligent Document Processing (IDP) as any software product or solution that uses AI technologies such as computer vision, OCR, Natural Language Processing (NLP), and machine/deep learning to capture, categorize, and extract data from documents (e.g., email, text, PDF, and scanned documents) for further processing. These solutions are typically non-invasive and can be integrated with internal applications, systems, and other automation platforms. They offer platforms that enable enterprises to deploy out-of-the-box solutions using pre-built modules or custom solutions that assist buyers in classifying and extracting data from documents. IDP solutions not only help enterprises achieve cost savings but also enhance workforce productivity and improve employee and customer experience. The demand for unstructured document processing solutions has been increasing due to the growing sophistication of IDP products in terms of capabilities, features, and functionalities. This report provides IDP buyers, software providers, and third-party enablers (providers and system integrators) a detailed view of the IDP market by analyzing it across various dimensions such as market size and adoption trends, buyer satisfaction, product capabilities and trends, solution characteristics, provider landscape, unstructured document processing, challenges to IDP adoption, and outlook for 2023-24. Scope All industries and geographies The report focuses on IDP and unstructured document processing solutions sold on license, regardless of any ongoing business or IT process outsourcing or managed services This assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the market Contents In this report, we examine: Introduction to IDP Outlook for 2023-24 IDP market characteristics Buyer expectations IDP product capabilities and trends IDP solution characteristics IDP provider landscape Unstructured document processing Challenges to IDP adoption Best practices Membership(s) Service Optimization Technologies (SOT) Sourcing and Vendor Management

Intelligent Document Processing (IDP) products play a vital role in enterprises’ automation technologies portfolios. IDP leverages AI technologies such as Optical Character Recognition (OCR), computer vision, Natural Language Processing (NLP), and machine/deep learning to classify and extract information from structured, semi-structured, and unstructured documents. The solution is typically non-invasive and can be integrated with internal applications, systems, and other automation platforms. Enterprises have the option to choose from two types of offerings: platform-based solutions that deploy out-of-the-box solutions using pre-built modules, or custom solutions that assist buyers in classifying and extracting data from documents. IDP solutions not only deliver cost savings but also enhance workforce productivity, as well as employee and customer experience. The demand for unstructured document processing solutions has been rising due to the increasing sophistication of IDP products in terms of capabilities, features, and functionalities. To implement IDP successfully, enterprises must partner with the appropriate IDP technology provider. This compendium provides comprehensive and fact-based snapshots of 36 leading IDP technology providers and 32 leading unstructured document processing technology providers. It evaluates their offerings and capabilities across the overall IDP landscape and unstructured document processing landscape to assist existing and potential IDP buyers in assessing providers based on their desired capabilities. Scope All industries and geographies The report examines IDP solutions that are sold on license, regardless of any ongoing business or IT process outsourcing or managed services The report includes IDP providers that offer unstructured document processing solutions This assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the market Contents This report provides key stakeholders a comprehensive overview of 36 leading IDP technology providers’ and 32 leading unstructured document processing technology providers’ offerings and capabilities. It also allows technology providers to compare their offerings, capabilities, strengths, and limitations with other providers in the marketplace. Each technology provider profile includes: Company overview Recent deals and announcements Market adoption and capability overview Client portfolio mix Partnerships Product overview Product features, functionalities, and key enhancements Capabilities across PEAK Matrix dimensions Key strengths and limitations Membership(s) Service Optimization Technologies (SOT) Sourcing and Vendor Management