Intelligent Document Processing (IDP) is a financial technology that automates the processing and extraction of information from unstructured or semi-structured documents like invoices, contracts, and bank statements.

 

The primary goal of IDP is to automate manual data entry tasks, reducing errors and increasing financial operations efficiency.

 

IDP recognizes and extracts relevant information from documents using advanced machine learning algorithms and natural language processing (NLP) techniques. The software can recognize document types, recognize text, extract data fields, and categorize and validate the extracted information. The extracted data is then used to populate the appropriate systems, databases, and reports.

 

Ten firms from Europe and America that specialize in intelligent document processing are listed below, along with a brief summary of each, the name of their product, and the nation in which their headquarters are located:

 

 

Best Intelligent Document Processing companies:

OCR and natural language processing (NLP) technologies are two of the advanced document capture and data extraction tools offered by OpenText Intelligent Capture, a Canadian company established in 1991. includes functions including multichannel capture, intelligent document classification, and machine learning-based data extraction.

 

Kofax TotalAgility was established in the US in 1985 and provides end-to-end automation capabilities, such as document capture, data extraction, and business process management. offers interface with applications and systems from third parties, as well as powerful OCR, intelligent character recognition (ICR), and natural language processing (NLP).

 

UiPath Document Understanding – This Romanian company, founded in 2005, offers a scalable and adaptable platform for document automation and processing, as well as sophisticated OCR and data extraction capabilities. provides features including adaptable document processing templates, clever data validation, and classification based on machine learning.

 

ABBYY FlexiCapture -ABBYY FlexiCapture, founded in 1989 in Russia, provides extensive document capture and data extraction capabilities, including OCR, ICR, and NLP technologies. offers features including adaptable data validation criteria, configurable data capturing methods, and connection with external programs and systems.

 

Automation Anywhere IQ Bot –  This American company, established in 2003, provides sophisticated cognitive document processing abilities, such as intelligent OCR, Natural Language Processing, and machine learning. offers features like adaptable data extraction templates and smart data validation.

 

Datamatics TruCap+ – This Indian company, founded in 1975, offers sophisticated document processing and data extraction tools, such as OCR, ICR, and NLP technologies. provides features including flexible data gathering workflows, clever data verification, and connection with external programs and systems.

 

IBM Datacap – The American company IBM Datacap, which was established in 1911, offers sophisticated document capture and data extraction capabilities, including OCR, ICR, and NLP technologies. provides features like connectivity with external programs and systems, automated data validation, and configurable data gathering procedures.

 

Automatic document classification, data extraction and validation, document indexing, and integration with other systems and applications are some of the key features of IDP. Furthermore, IDP solutions frequently include reporting and analytics capabilities that provide insights into information processing and extraction, allowing organizations to identify areas for improvement and optimize their processes.

 

Adobe, OpenText, ABBYY, and Automation Anywhere are just a few of the companies that provide IDP solutions. These businesses provide a variety of products and services to meet the needs of various organizations, ranging from small businesses to large corporations.

 

Looking ahead, the IDP industry’s future looks bright. As the volume of unstructured data grows, so will the demand for advanced technologies to process and extract information from these documents. Furthermore, the continued development of machine learning and natural language processing (NLP) technologies is expected to improve the capabilities of IDP solutions and expand their use across a variety of industries.

 

Overall, the Intelligent Document Processing industry has the potential to significantly improve financial operations and provide financial institutions with increased efficiency, accuracy, and cost savings.

 

What is the Intelligent Document Processing (IDP) market size?

As technology and the industry advance, the Intelligent Document Processing (IDP) market size is always shifting and developing. But according to a MarketsandMarkets study released in February 2021, the IDP market was valued at USD 1.1 billion in 2020 and is anticipated to reach USD 3.3 billion by 2025, expanding at a Compound Annual Growth Rate (CAGR) of 24.3% over the course of the forecast year.

 

It is difficult to provide an exact statistic for the number of businesses operating in the IDP market because new businesses are continually starting up while others may merge, acquire, or go out of business. However, research by Research and Markets released in November 2020 predicted that there will be about 50 major participants in the IDP industry.

 

It’s challenging to pinpoint the precise number of IDP transactions because this metric fluctuates greatly based on the sector and IDP’s particular application. However, a Grand View Research research released in September 2020 projected that the world market for IDP handled over 220 billion documents in 2019. As more firms and sectors use IDP technology, it is anticipated that this number will increase dramatically in the upcoming years.

 

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