Infosource Software has released its annual State of the Intelligent Document Processing (IDP) Industry report.

Infosource defines IDP as software and services that are used to ingest and process business inputs which involve unstructured documents and other input types. It includes solutions designed to acquire, classify, validate and convert business inputs into valuable data for use in business transactions, analytics, records management, discovery and compliance applications.

The market assessment is based on comprehensive research of vendors who provide tools, IDP platforms and broader enterprise automation solutions with IDP elements. These offers range from imaging-based basic capture tools and platforms to intelligent capture and IDP solutions. Over the past decade, artificial intelligence (AI) technologies have enhanced capture solutions to increase the accuracy of classification and data extraction while reducing manual process steps related to the ingestion of business inputs.

The global IDP market accelerated its growth in 2023 and increased 15% YOY to $7 billion. Through 2028, Infosource predicts a double-digit CAGR, a slightly accelerated growth rate compared to the past four years, which were impacted by the pandemic. In the next two years, Infosource expects investments to be slightly delayed while end customers close their AI skill gaps and refine their investment plans, while generative AI (GenAI)-infused IDP and automation solutions solidify and AI-related regulations advance. In the second part of the forecast horizon and beyond, we predict a boost in demand as organizations step up their investments to take advantage of IDP solutions that will increasingly leverage customized language models and RAG capabilities and once ethical concerns related to GenAI have been addressed.

In this state of the industry assessment Infosource includes the following metrics:

• Regional assessment including subregions and key countries
• Use case (business applications)
• Vertical markets
• Business input channels and types
• Solution elements and software delivery models

The 2024 State of the IDP Industry report covers historic assessments and forecasts of these metrics, as well as in-depth explorations of drivers and inhibitors of market growth. If you are interested in more information or purchasing a copy of the report or a subscription to our analyst services, please contact Petra Beck, senior analyst, Infosource Software at pb@info-source.com.