Intelligent Document Processing (IDP) State of the Market 2024

Intelligent Document Processing (IDP) is any software product or solution that uses AI technologies to capture, categorize, and extract data from various document types for further processing. This typically non-invasive solution can be integrated with internal applications, systems, and other automation platforms.

IDP technology providers are increasingly offering low-code/no-code capabilities to enable citizen developers to build document intake and processing workflows. Providers are also integrating IDP with Large Language Models (LLMs) to improve extraction accuracy and enable users to interact with documents via natural language prompts. IDP adoption helps enterprises save costs and improve workforce productivity and employee and customer experiences.

In this report, we examine the IDP market, including buyers, software providers, and third-party enablers (providers and system integrators). The report also analyzes market size and adoption trends, buyer satisfaction, product capabilities and trends, solution characteristics, provider landscape, IDP adoption challenges, and outlook for 2024-25. It also offers insights into the banking- and insurance-specific IDP market, covering key use cases, capabilities, and trends.