What is intelligent document processing?

The sixth decade of the information age has brought about a significant shift in how businesses approach data management. With most companies' data remaining unstructured, manual processes are becoming increasingly burdensome and underutilizing human talent. Intelligent Document Processing (IDP) is being widely adopted across various industries to automate document-intensive tasks such as invoice processing, contract management, and compliance reporting. IDP solutions use Artificial Intelligence (AI) tools for data extraction, reducing errors and increasing efficiency in document management. The worldwide market for intelligent document processing was valued at over $1 billion in 2021 and is expected to reach over $6 billion by 2027.

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