(Updated August 16, 2023 with more vendors)
The Key Takeaways
Global. At least 38 countries now have at least one home-grown IDP vendor. The USA leads with 50% of all vendor headquarters, followed by India at 10%, and the UK at 7%. What’s especially fascinating to us are the vendors coming out of Asia and Eastern Europe.
Funding-worthy. We tracked at least $2 billion raised to date with 90% of that in the past 5 years alone. Pretty impressive for a $2 billion market. But the recent interest is not surprising because AI is at the heart of IDP. The database includes a list of vendors with their respective funding.
Everywhere. We found 67 companies that have embedded IDP functionality inside their B2B application. Top examples are accounts payable, contract lifecycle management, supply chain management, property management, and mortgage loan origination. Now with the plethora of new LLM-powered DocAI tools available to developers, we expect IDP to show up soon in many more applications.
Diverse. We have moved far beyond the classic “capture” use cases such as forms processing, scan to archive, and invoice processing. Deep learning models dramatically increased our ability to automate the processing of vastly more semi-structured and unstructured documents. Today’s diverse use cases include know-your-customer (KYC), contracts, investment documents, logistics paperwork, receipts, invoices with variable layouts and complex tables, and many more.
Respectable. The Big Data industrial complex has long overlooked IDP. No more. There’s a scramble to create data lakehouses from document data. IDP is the technology of choice and has become a key function in several data analytics and business intelligence platforms.
In future Notes, we will discuss more on the IDP market movers, trends, and drivers.
How can this data help you?
Now you may be thinking, I’ll just use ChatGPT or another LLM, and get this myself. Don’t waste your time. We tried that already. The tools were only slightly better than an old-fashioned Google or Bing Search, and produced so many false positives we soon tired of correcting.
If you want accurate and expert analysis, Deep Analysis offers advisory services based on this research.
- For end-users: expert advice on vendor short-listing and comparisons.
- For investors or companies looking to acquire: the most comprehensive picture of the IDP landscape with unique insight into company comparables.
- For vendors and their channels: competitive intelligence consulting and workshops, go-to-market strategy workshops, keynote speakers, thought leadership content.
Engagements can range from a short consultation to in-depth projects. We’re also offering an annual subscription to our paid research. To learn how to engage Deep Analysis, please contact us.