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Authors: Dan Lucarini & Alan Pelz-Sharpe
Intelligent document processing (IDP) software is powered by AI and automates document processing by assisting – or even replacing – human work. IDP is an essential component of digital transformation projects. During the past five years, advancements in AI computing have led to an explosion of new companies offering solutions.
With hundreds of vendors now to choose from, buyers face a difficult and confusing choice. Marketing hyperbole about accuracy rates, ease of use, and cloud vs. on-prem only add to the confusion. To stand out from the crowded field, IDP vendors must differentiate their products or miss out on the strong growth to come.
In this report, we bring order to the market chaos. We examine the composition of the IDP market, forecast its size and growth, and list factors contributing to its historical and future growth. We offer advice for companies looking to buy IDP software, including summaries of vendor companies we find particularly innovative. We also provide valuable insight for vendors on the current competitive landscape and the changes to come.
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