Intelligent Document Processing (IDP) Annual Report 2019 – Let AI Do the Reading

31 May 2019
by Sarah Burnett, Anil Vijayan, Amardeep Modi, Akash Munjal

Everest Group defines Intelligent Document Processing (IDP) as any software product or solution that captures data from documents (e.g., email, text, pdf, and scanned documents), categorizes, and extracts relevant data for further processing using AI technologies such as computer vision, OCR, Natural Language Processing (NLP), and machine / deep learning. These solutions are typically non-invasive and can be integrated with internal applications, systems, and other automation platforms. They find a wide variety of use cases across different business functions and verticals.

Adoption of IDP solutions can not only help enterprises achieve cost savings, but also improve their workforce productivity as well as employee and customer experience. These products are also rapidly evolving with regards to the sophistication of their capabilities, features, and functionalities.

Scope and methodology

The report covers following sections in detail:

  • Introduction to IDP and its evolution over time
  • IDP market size and adoption trends
  • IDP product capability trends
  • IDP solution characteristics
  • IDP vendor landscape
  • Challenges to IDP adoption and outlook for 2019-2020

IDP software products that leverage AI / cognitive capabilities and are available for independent licensing were considered for this report. These products are offered as either platforms that allow enterprises to deploy them as out-of-the box solutions using pre-built modules, or custom solutions with the intent of classifying and extracting data from documents.

Content

This report is meant to provide IDP buyers, software vendors, and third-party enablers (service providers, system integrators, etc.) a detailed view of the current state of the market.

Some of the findings in the report are:

  • Achieving operational impact and improving governance & compliance are the key priorities for IDP buyers
  • The IDP market stood at ~US$250-350 million in 2018 and is expected to grow at a CAGR of 70-80% over the next two years
  • BFSI and healthcare enterprises are early adopters of IDP solutions with over 50% share
  • Sophisticated features such as configuration & set-up GUI, review or correction GUI, workbench for IT users, and analytics dashboard are of great use to enterprises
  • IDP vendors leverage technology partners and services partners, primarily for complementary capabilities, reselling, and implementation of their products
  • ABBYY, Kofax, Parascript, and WorkFusion are the leading IDP vendors processing over one billion pages annually
  • Internal resistance, talent availability, scalability, availability of sample documents, enterprises’ lack of knowledge, sophistication of IDP products, enterprises’ difficulty in estimating the total benefits, and the relatively long time period to cut to production are the main barriers to IDP adoption

Membership(s)

Service Optimization Technologies (SOT)

 

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