India Intelligent Document Processing Market to be Dominated by BFSI Segment Through 2029
The increasing demand for AI solutions drives
the Intelligent Document Processing market across India.
According to TechSci
Research report, “India Intelligent Document Processing Market – By Region,
Competition Forecast & Opportunities, 2019–2029,” the India Intelligent
Document Processing market is expected to register a robust growth during the
forecast period, 2025-2029. The banking, financial services, and insurance
(BFSI) sector may continue to dominate the India Intelligent Document
Processing Market in the coming years. The BFSI industry typically deals with
large volumes of documents, including loan applications, insurance claims,
financial statements, and legal agreements. Implementing Intelligent Document
Processing solutions in this sector can bring significant benefits in terms of
operational efficiency, cost savings, and regulatory compliance. The BFSI
industry relies heavily on documents for various processes, such as customer
onboarding, underwriting, claims processing, and compliance. Intelligent
Document Processing solutions can automate these document-centric workflows,
reducing manual effort, improving turnaround times, and enhancing accuracy. The
BFSI sector is subject to strict regulatory requirements, such as KYC (Know
Your Customer) and AML (Anti-Money Laundering) regulations. Intelligent
Document Processing solutions can help ensure compliance by automating data
extraction, validating information, and maintaining audit trails for regulatory
reporting. Implementing Intelligent Document Processing solutions in the BFSI
sector can result in significant cost and time savings. Automation of document
processing tasks reduces manual errors, eliminates repetitive work, and allows
employees to focus on higher-value activities, such as customer service and
analysis. Intelligent Document Processing solutions equipped with AI
capabilities can aid in fraud detection and risk management within the BFSI
sector. Advanced algorithms can analyze patterns, detect anomalies, and
identify potentially fraudulent activities in documents and transactions.
The overall adoption of Intelligent
Document Processing is likely to continue expanding across various sectors as
organizations recognize the value of automating document-intensive processes to
drive productivity and improve decision-making.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "India Intelligent Document Processing Market."
Based on Component, the market is segmented into Solutions, and
Services. Based on Technology, the market is segmented into Natural Language
Processing (NLP), Optical Character Recognition (OCR), Robotic Process
Automation (RPA), Machine Learning (ML), Deep Learning (DL), Artificial
Intelligence (AI), and Others. Based on Organization Size, the market is
segmented into Small and Medium Enterprises (SMEs), Large Enterprises. Based on
Deployment, the market is segmented into Cloud and On-Premises. Based on End-Use,
the market is segmented into Banking, Financial Services, and Insurance (BFSI),
Government, Healthcare, Retail and E-Commerce, Transportation and Logistics,
and Others.
Robotic Process Automation is an innovative technology that is used to
automate manual and labor-intensive tasks. It is gaining immense popularity in
the business world, and many organizations are using this technology to
streamline processes and reduce costs. One of the major benefits of robotic
process automation is that it can automate intelligent document processing.
This is done by using sophisticated algorithms which allow the software to
identify and extract the data that is related to specific parameters. The main
purpose of intelligent document processing is to reduce the amount of manual
labor required for processing documents. This technology can extract data from
different types of documents, such as PDFs, scans, images, and more, and use
them to automate processes. A great example of intelligent document processing
in robotic process automation is invoicing. Robotic Process Automation can
extract relevant details from an invoice and feed it into an online billing
system. This allows invoices to be processed more quickly, eliminating the need
for manual data entry. Robotic Process Automation can also be used to digitize
documents. This technology can scan paper documents, such as contracts, and
convert them into easily manageable electronic formats. The intelligent
document processing algorithms can then be used to identify and extract
specific data from the digital files.
Key market players in the India Intelligent
Document Processing market include:
- Accelirate
- AntWorks
- Datamatics
- Ephesoft
- Meta Platforms, Inc
- Hyperscience
- KlearStack
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“The market for intelligent
document processing in India is expected to grow significantly over the
following few years because of the technology's expanding use cases, growing
adoption by a variety of industries, and the rising demand for advanced AI
solutions. A lack of standardized evaluation metrics for intelligent document
processing models, a large amount of high-quality training data, and ethical
concerns about the potential abuse of intelligent document processing are some
of the market's obstacles. Overall, the market for intelligent document
processing presents significant chances for increasing trend of digital transformation,
hence driving the market growth across India.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
“India Intelligent Document Processing Market
By Component (Solutions, and Services), By Technology (Natural Language
Processing (NLP), Optical Character Recognition (OCR), Robotic Process
Automation (RPA), Machine Learning (ML), Deep Learning (DL), Artificial
Intelligence (AI), and Others), By Organization Size (Small and Medium Enterprises
(SMEs), Large Enterprises), By Deployment (Cloud, and On-Premises), By End-Use
(Banking, Financial Services, and Insurance (BFSI), Government, Healthcare,
Retail and E-Commerce, Transportation and Logistics, and Others), By Region,
Competition, Forecast and Opportunities, 2019-2029,” has evaluated the future growth potential of India
intelligent document processing market and provides statistics and information
on market structure, size, share, and future growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
the India intelligent document processing market.
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