target audience: TECH BUYER Publication date: May 2024 - Document type: IDC MarketScape - Doc Document number: # US52121324
IDC MarketScape: Worldwide Unstructured Intelligent Document Processing Software 2024 Vendor Assessment
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Abstract
This IDC study represents a vendor assessment of the intelligent document processing (IDP) market for unstructured documents/content through the IDC MarketScape model. This assessment discusses both quantitative and qualitative characteristics that explain key methods for success and differentiation within the IDP market. This IDC MarketScape covers a variety of vendors participating in the unstructured IDP space. The evaluation is based on a comprehensive and rigorous framework that assesses vendors relative to the criteria and to one another and highlights the factors expected to be the most influential for success in the market in both the short term and the long term.
This IDC MarketScape represents a follow up for IDC MarketScape: Worldwide Intelligent Document Processing Software 2023–2024 (IDC #US49988723, November 2023), which was generally focused on all possible document types (i.e., structured, semi-structured, and unstructured documents).
"Now that we are squarely in the GenAI era, IDC has seen a significant evolution in the capabilities that IDP software vendors are building and implementing to address the challenge of processing unstructured document use cases," said Matt Arcaro, research director, Computer Vision AI Tools and Technology at IDC. "Although the underlying LLM technology underpinning these IDP offerings remains rather nascent, the evaluated vendors have been aggressively extending their existing offerings or launching entirely new IDP software products to take advantage of the capabilities of frontier GenAI models and labs. It is truly an exciting time to cover IDP."
"Unstructured IDP solutions open up a whole new set of use cases," said Amy Machado, senior research manager, Enterprise Content and Knowledge Strategies research program at IDC. "The new addressable market is served by foundational models for solving real-world business problems. Many unstructured IDP use cases will replace manual work and extend automation capabilities into the hands of knowledge workers."