IDC MarketScape Worldwide Intelligent Document Processing Software

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Here’s where Intelligent Document Processing (IDP) technology comes into play. In essence, IDP software enables you to convert unstructured documents (think invoices, delivery orders, airway bill and more) into structured data which can then be utilized effectively downstream.

Modern day IDP solutions typically encompass multiple tools including Optical Character Recognition (OCR), Computer Vision (CV), Natural Language Processing (NLP), Generative AI (GenAI), etc. These solutions typically cover the entire document value chain, from capture and classification to extraction, validation and integration.

Some of the key trends to watch out include:

• Possible consolidation in the IDP market given the large number of vendors currently.

• IDP vendors increasingly incorporating GenAI technology to augment their existing products.

• Traditional barriers to the adoption of IDP technology will be gradually removed. Think pay-per-consumption with no minimum volume requirements, and IDP as a Service via REST APIs.

• Integration of IDP into RPA platforms and/or enterprise systems.

And do check out the latest IDC MarketScape: Worldwide Intelligent Document Processing Software 2023–2024 Vendor Assessment for the leading vendors in this market.

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