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Intelligent Document Processing (IDP) State of the Market Report 2021 – Key to Unlocking Value in Documents June 2021: Complimentary Abstract / Table of Contents

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Intelligent Document Processing (IDP) State of the Market Report 2021 – Key to Unlocking Value in Documents June 2021: Complimentary Abstract / Table of Contents State of the Service Optimization Market Report Technologies Intelligent Document Processing (IDP) State of the Market Report 2021 – Key to Unlocking Value in Documents June 2021: Complimentary Abstract / Table of Contents Copyright © 2021 Everest Global, Inc. We encourage you to share these materials internally within your company and its affiliates. In accordance with the license granted, however, sharing these materials outside of your organization in any form—electronic, written, or EGR-2021-38-CA-4432 verbal—is prohibited unless you obtain the express, prior, and written consent of Everest Global, Inc. It is your organization’s responsibility to maintain the confidentiality of these materials in accordance with your license of them. Our research offerings This report is included in the following research program(s): Service Optimization Technologies ► Application Services ► Finance & Accounting ► Market Vista™ If you want to learn whether your ► Banking & Financial Services BPS ► Financial Services Technology (FinTech) ► Mortgage Operations organization has a membership agreement or request information on ► Banking & Financial Services ITS ► Global Business Services ► Multi-country Payroll pricing and membership options, please ► Catalyst™ ► Healthcare BPS ► Network Services & 5G contact us at [email protected] ► Clinical Development Technology ► Healthcare ITS ► Outsourcing Excellence ► Cloud & Infrastructure ► Human Resources ► Pricing-as-a-Service Learn more about our ► Conversational AI ► Insurance BPS ► Process Mining custom research capabilities ► Contingent Workforce Management ► Insurance ITS ► Procurement Benchmarking ► Cost Excellence ► Insurance Technology (InsurTech) ► Recruitment Process Outsourcing ► Customer Experience Management Services ► Insurance Third-Party Administration (TPA) Services ► Rewards & Recognition Contract assessment ► Cybersecurity ► Intelligent Document Processing (IDP) ► Service Optimization Technologies Peer analysis ► Data & Analytics ► Interactive Experience (IX) Services ► Supply Chain Management (SCM) Services Market intelligence ► Digital Adoption Platforms (DAP) ► IT Services Executive Insights™ ► Talent Excellence GBS ► Digital Services ► Life Sciences BPS ► Talent Excellence ITS Tracking: service providers, ► Engineering Services ► Life Sciences ITS ► Workplace Services locations, risk, technologies ► Enterprise Platform Services ► Locations Insider™ ► Work at Home Agent (WAHA) Customer Locations: costs, skills, Experience Management (CXM) sustainability, portfolios Proprietary & Confidential. © 2021, Everest Global, Inc. | EGR-2021-38-CA-4432 2 1. Introduction and overview 5 Research methodology 6 Contents Key information on the report 7 Background and/or introduction 8 IDP supplier landscape 12 2. Summary of key messages 13 3. Introduction to IDP 18 4. IDP market size and adoption trends 24 IDP market size 26 IDP adoption trends by industry 28 IDP adoption trends by geography 30 IDP adoption trends by process area 31 IDP adoption trends by buyer size 32 For more information on this and other research 5. Buyer expectations 33 published by Everest Group, please contact us: Drivers for IDP adoption 34 Anil Vijayan, Vice President Overall buyer satisfaction 35 Ashwin Gopakumar, Practice Director Buyer satisfaction with vendor capabilities 36 Samikshya Meher, Senior Analyst Key strengths and areas of improvement 37 Utkarsh Shahdeo, Senior Analyst 6. IDP product capabilities and trends 38 Shiven Mittal, Senior Analyst Key IDP capabilities and features 39 Proprietary & Confidential. © 2021, Everest Global, Inc. | EGR-2021-38-CA-4432 3 Languages supported and adoption trends 47 IDP product capabilities – future trends 48 Contents Key implications for enterprises 49 7. IDP solution characteristics 50 Deployment model and hosting options 52 Client training and support 53 Talent 54 Partner ecosystem 55 Go-to-market strategy 58 Commercial model 60 8. IDP vendor landscape 61 Overall market share by revenue 63 Vendors with the largest share of IDP license revenue in the top industry verticals 64 Vendors with the largest share of IDP license revenue in the top business functions 65 Vendors’ share of IDP license revenue in major geographies 66 Key investment themes by IDP vendors 67 9. Challenges and best practices 69 10. Appendix 72 Glossary 73 Research calendar 76 Proprietary & Confidential. © 2021, Everest Global, Inc. | EGR-2021-38-CA-4432 4 Intelligent Document Processing (IDP) State of the Market Report 2021 – Key to Unlocking Value in Documents Background of the research Background of the research Everest Group defines Intelligent Document Processing (IDP) as any software product or solution that captures data from documents (e.g., email, text, PDF, and scanned documents), categorizes it, and extracts relevant data for further processing using AI technologies such as computer vision, Optical Character Recognition (OCR), Natural Language Processing (NLP), and machine/deep learning. These solutions are typically non-invasive and can be integrated with internal applications, systems, and other automation platforms. IDP products find a wide variety of use cases from different business functions and verticals. Adoption of IDP solutions can not only help enterprises achieve cost savings, but also improve their workforce productivity and employee & customer experience. These products are also rapidly evolving in the sophistication of their capabilities, features, and functionalities. In this study, we assess IDP software products in the market that leverage AI/cognitive capabilities and are available for independent licensing. They are offered as either platforms that allow enterprises to deploy as out-of-the-box solutions using pre-built modules, or custom solutions to the buyers with the intent of classifying and extracting data from documents. In this study, we analyze the IDP technology landscape across various dimensions: IDP market size and adoption trends Buyer expectations IDP product capabilities and trends IDP solution characteristics IDP vendor landscape Challenges to IDP adoption Outlook for 2020-21 Scope of this report: Geography Products Technology vendors Global Intelligent Document Processing 27 leading IDP (IDP) technology vendors Proprietary & Confidential. © 2021, Everest Global, Inc. | EGR-2021-38-CA-4432 5 Our research methodology is based on four pillars of strength to produce actionable and insightful research for the industry 01 02 03 04 Robust definitions Primary sources Diverse set of Fact-based research and frameworks of information market touchpoints Data-driven analysis Function-specific Annual contractual Ongoing interactions with expert pyramids, Total and operational RFIs, across key perspectives, Value Equation, service provider stakeholders, input from trend-analysis across PEAK Matrix®, and briefings and buyer a mix of perspectives market adoption, market maturity interviews, web-based and interests, supports contracting, and service surveys both data analysis and providers thought leadership Proprietary database on Intelligent Document Processing (IDP) capabilities of 27 technology vendors Repository of existing research in IDP Dedicated team for IDP research Executive-level relationships with buyers, service providers, technology providers, and industry associations Proprietary & Confidential. © 2021, Everest Global, Inc. | EGR-2021-38-CA-4432 6 Intelligent Document Processing (IDP) State of the Market Report 2021 – Key to Unlocking Value in Documents Everest Group’s SOT research is based on multiple sources of proprietary information Vendors assessed Proprietary database of 27 IDP technology vendors The database tracks the vendors’ offering/capabilities for: – Document processing and software learning features – Product-related training and support services – Interoperability, monitoring, and improvement features – Availability and adoption of commercial model(s) – Deployment and hosting options – IT governance and security – Partnerships with service providers and other technology vendors Proprietary operational information database of technology vendors (updated annually) The database tracks the following operational information for each vendor: – Revenue and number of FTEs – Portfolio coverage in terms of industry, – Number of clients geography, process areas, and buyer size – FTE split by different lines of business Demonstrations and interactions with technology vendors and other industry stakeholders Detailed demos for a comprehensive product view and executive-level discussions with IDP vendors that cover: – Current state of the market – Opportunities and challenges – Vision and strategy – Emerging areas of investment – Annual performance and outlook Buyer reference interviews, ongoing buyer surveys, and interactions Interviews with technology vendors’ reference clients and enterprise IDP buyers to get the buyer perspective around: – Drivers and objectives for adopting IDP – Emerging priorities / buying criteria – Apprehensions and challenges – Outcomes achieved – Assessment of vendors’ performance – Lessons learnt and best practices The source of all content is Everest Group unless otherwise specified Confidentiality: Everest Group takes its confidentiality pledge very seriously. Any information we collect that is contract specific will only be presented back to the industry in an aggregated fashion Proprietary & Confidential. © 2021, Everest Global, Inc. | EGR-2021-38-CA-4432 7 Intelligent
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