Intelligent document processing (IDP) is a technique for automatically extracting useful information from documents received by the organization in a variety of formats, including structured, semi-structured, and unstructured documents. IDP uses different technologies such as Artificial Intelligence (AI), Machine Learning (ML), Optical Character Recognition (OCR), Computer Vision, Robotic Process Automation (RPA), Natural Language Technology (NLT), and Intelligent Character Recognition (ICR) to extract, interpret, and classify the relevant data from word files, emails, PDFs, scanned documents, and other formats for performing analysis and streamlining workflow automation.
Quadrant Knowledge Solutions’ IDP market research includes a detailed analysis of the global market regarding short-term and long-term growth opportunities, emerging technology trends, market trends, and future market outlook. This research provides strategic information for technology vendors to better understand the existing market and support their growth strategies, and for users to evaluate different vendors’ capabilities, competitive differentiation, and market position.
The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK Matrix analysis. The SPARK Matrix includes ranking and positioning of the leading IDP vendors with a global impact including – ABBYY, Alkymi, AntWorks, Appian, Automation Anywhere, Celaton, Code mantra, Datamatics, Edge Verve System, Eigen Technology, Grooper (BIS), HCL Technologies, IBM, Indico Data, Infrrd, JIFFY.ai, Knowledge Lake, Kofax, Laiye, Microsoft, OpenBots, Parascript, Parashift, qBotica, Rossum, Stravie, UiPath, UST, and Work fusion.
According to Madhu Kittur, Analyst at Quadrant Knowledge Solutions, “An increase in the adoption of newer technologies is fuelling 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. 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. Additionally, the vendors are also planning to further enhance their proprietary IDP platform by gathering relevant training data sets, offering automated and continuous AI learning models, identifying and labeling features, and conducting exhaustive dry runs for testing and bettering the algorithm.”
2022 Intelligent Document Procession (IDP) SPARK Matrix
Source: Quadrant Knowledge Solutions
Table of Contents
- Key Research Findings
Market Overview and Technology Trends
Factors Influencing Technology Development and Market Growth
Market Adoption Trends
Competition Landscape and Analysis
- Competitive Overview and Analysis
- Key Competitive Factors and Technology Differentiators
SPARK Matrix™: Digital Commerce Services
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