India Intelligent Document Processing Market to be Dominated by BFSI Segment

INDIA INTELLIGENT DOCUMENT PROCESSING MARKET
FORECAST & OPPORTUNITIES
2019 – 2029
M A R K E T I N T E L L I G E N C E . C O N S U L T I N G www.techsciresearch.com

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S. No. Contents
1. Service Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1. The Bottom-Up Approach
2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation
Table of Contents

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Table of Contents
S. No. Contents Page No.
3. Executive Summary
4. Voice of Customer
5. India Intelligent Document Processing Market Overview
6. India Intelligent Document Processing Market Outlook, 2019-2029F
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Component (Solution and Service)
6.2.2.
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)
6.2.3. By Organization Size (Small and Medium Enterprises (SMEs), Large Enterprises)
6.2.4. By Deployment (Cloud, and On-Premises)
6.2.5.
By End-Use (Banking Financial Services and Insurance (BFSI), Government, Healthcare,
Retail and E-Commerce, Transportation and Logistics, and Others)
6.2.6. By Region (South India, West India, North India, East India)
6.3. By Company (2023)
6.4. Market Map

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Table of Contents
7. South India Intelligent Document Processing Market Outlook
7.1.1. By Value
7.2.1. By Component
7.2.2. By Technology
7.2.3. By Organization Size
7.2.4. By Deployment
7.2.5. By End-Use
8. North India Intelligent Document Processing Market Outlook
8.1.1. By Value
8.2.1. By Component
8.2.5. By End-Use

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Table of Contents
9. West India Intelligent Document Processing Market Outlook
9.1.1. By Value
9.2.1. By Component
9.2.5. By End-Use
10. East India Intelligent Document Processing Market Outlook
10.1.1. By Value
10.2.1. By Component
10.2.5. By End-Use

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11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. Policy & Regulatory Landscape
14. India Economic Profile
15. Company Profiles
15.1. Accelirate
15.2. AntWorks
15.3. Datamatics
15.4. Ephesoft
15.5. Meta Platforms, Inc
15.6. Hyperscience
15.7. KlearStack
16. Strategic Recommendations
17. About Us & Disclaimer
Table of Contents

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Scope of Report
Product of Interest (POI): Intelligent Document Processing
Review Period
2019 – 2022
Base Year
2023
Estimated Year
2024
Forecast Period
2025 – 2029
Year Range
Intelligent Document Processing (IDP) refers to the use of advanced technologies, such as artificial
intelligence (AI), machine learning (ML), and natural language processing (NLP), to automate the
processing of unstructured data contained in documents. This technology is designed to streamline and
enhance document-centric business processes by extracting valuable information from various types of
documents, including invoices, contracts, forms, emails, and more.
Market Segmentation
REGION
• North
• East
• West
• South
• Small and Medium Enterprises (SMEs)
• Large Enterprises
TECHNOLOGY
• Natural Language Processing
(NLP)
• Optical Character Recognition
(OCR)
• Robotic Process Automation
(RPA)
• Machine Learning (ML)
• Deep Learning (DL)
• Artificial Intelligence (AI)
• Others
ORGANIZATION SIZE
END-USE
• Banking Financial Services and Insurance (BFSI)
• Government
• Healthcare
• Retail and E-Commerce
• Transportation and Logistics
• Others
DEPLOYMENT
• Cloud
• On-Premises
COMPONENT
• Solution
• Service

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 Identifying Key Opinion
Leaders
 Questionnaire Design
 In-depth Interviews
Data
Collection
Developing list
of Respondents
Formulating
Questionnaire
Market
Profiling
Data
Validation
Data
Analysis
In-depth secondary
research was conducted to
determine top companies
in India Intelligent
Document Processing
market, overall market size
and segmental market size.
In order to conduct
industry experts’
interviews, TechSci
formulated a detailed
Survey Questionnaires.
List of top companies
and industry
specialists was
developed.
TechSci conducted
interviews with
industry experts and
leadings companies for
data collection and
verification.
Data obtained as a
result of primary
and secondary
research was
validated through
rigorous
triangulation.
The data was scrutinized
using MS-Excel, statistical
tools and internal
proprietary database to
obtain qualitative and
quantitative insights about
India Intelligent Document
Processing market.
Data
Collection
Data Filter
& Analysis
Research &
Intelligence
Actionable
Insights
Business
Solution
Primary Research Desk Research Company Analysis
 Recent Developments
 Market Changing
Aspects/Dynamics
 Government Policies
 Final Conclusion
 Market Participants
 Key Strengths
 LinkedIn
 TechSci Internal
Database
 Factiva
 Hoovers
 EMIS
 Volza
 Bloomberg
Paid Sources
 Company Websites
 Company Annual
Reports
 White Paper Study
 Financial Reports
 Investor
Presentations
 Regulatory Body
 Associations, etc.
Secondary
Research
Primary Research
 Board members
 Financial Advisors
 Business Heads
 Investors
 Product Heads
 Paid Databases
 Research Heads
Key Industry Partners
Methodology Landscape
Research Methodology

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Baseline Methodology
Our research team has relied on primary and secondary research to gather market size and market data. The team has monitored and
analyzed various aspects of the India Intelligent Document Processing market. The team has studied the outlook of multiple segments
such as component, technology, organization size, deployment, end-use, regional analysis, and the companies of this market. The
study includes historical data for 2019, 2020, and 2021, 2022, base data for 2023, and forecast data for 2024, 2025, 2026, 2027,
2028 and 2029, which will enable our clients to make better decisions while planning their strategy to achieve sustainability in the
India Intelligent Document Processing Market.
Objective of The Study
To analyze the historical growth in the market size of the India Intelligent Document Processing market from 2019 to
2023.
To estimate and forecast the market size of the India Intelligent Document Processing market from 2024 to 2029 and
the growth rate until 2029.
To classify and forecast the India Intelligent Document Processing market based on component, technology,
organization size, deployment, end-use, regional analysis (4 regions) and company.
To analyze and forecast the market size in deployment which is further segmented into on-premises and cloud.
To analyze and forecast the market size in terms of region: North India, South India, West India and East India.
To identify drivers, challenges, and trends for the India Intelligent Document Processing market.
To examine competitive developments in the India Intelligent Document Processing market, such as expansions, new
service offering launches, mergers & acquisitions, etc.
To identify and analyze the profile of leading companies in the Intelligent Document Processing and the top 5
companies market share.

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Formulation of the Scope
The base year is a reference point used as a starting point, for comparison in various analyses and forecasts. It serves as the
foundation against which changes, growth, or trends are measured.
The review period refers to the time span during which historical data is examined, analyzed, and reviewed. It is the period of
time leading up to the base year and is used to establish the baseline for comparison and understand trends
The forecast period is a future-oriented timeframe during which predictions or projections are made based on current/
historical data and analysis. It extends beyond the base year and allows for estimations of potential future outcomes.
The market could be defined by a specific industry, service. The market then is further divided into meaningful segments based
on demographics, psychographics, behavior, geography, or service categories. This helps in analyzing the market more
effectively, along with estimating the size of each segment.
Assumptions and Limitations:
The base currency considered is USD. Based on the average exchange rate for the corresponding review period years, other
currencies have been converted to USD. The projection period's exchange rate conversion was calculated using the conversion
rates from the base year. The base year considered for this study is 2023. The historic period considered for this study is from
2019 to 2022. The forecast CAGR considered is for the period of 2024E-2029F.
Note: 2023 being the base year, 2019-2022 is the review period and 2024-2029 is the forecast period for analyzing the market in between 2019-2029

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TechSci has used a combination of secondary and primary research sources (free telephonic and face-to-face interviews and
incentivized telephonic and face-to-face interviews with the respondents) to capture the data. We have an extensive network of
respondents of participants in the value chain, industry experts, and customers to obtain relevant insights and navigate data
challenges.
Secondary Research
It comprises desk research, in which our research team conducted a preliminary assessment of the information available
through secondary sources. Below is the categorization given for each reference from which the data was sourced, and further,
that data was used for the data triangulation and estimation of the market sizes and market shares.
Sources of Research
Industry Associations News Portals/Secondary
Sources
Conferences/ Events (If Any)
• Confederation of Indian Industry (CII)
• National Association of Software and Service Companies
(NASSCOM)
• Information Technology Industry Council (ITI Council)
• Federation of Indian Chambers of Commerce and
Industry (FICCI)
• Confederation of Information Technology Professionals
(CITS)
• The Association of Indian Manufacturers (AIM)
• Federation of Computer Associations of India (FOCSI)
• The Internet and Mobile Association of India (IAMAI)
• Electronics Industries Association of India (Elcina)
• Indian Electronics and Semiconductor Association
(IESA)
• Association of Electronics and Computer Software
Companies of India (AESCI)
• Company Annual
Reports
• Press Releases
• Industry Magazines
• Industry Reports
• Company Websites
• TechSci Research
Proprietary Database
& Knowledge
Repository
• IMF & World Bank
• Economic Times
• Intelligent Document
Processing India Summit (IDP
Summit India)
• AI & Automation Summit India
• Digital Transformation Summit
India
• CII Intelligent Document
Processing Summit
• NASSCOM Intelligent Document
Processing Conference
• ITI Council Intelligent
Document Processing Conclave
• FICCI Intelligent Document
Processing Summit
• CITS Intelligent Document
Processing Workshop

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Primary Research : Our research team maintains survey questionnaires with a set of questions and topics and responses from
the primary respondents. The survey questionnaires are administered through telephonic or face-to-face interviews and surveys
online or by email with the value chain participants. Surveys (online or by email) or field surveys are done to gather customer
opinions. Interviews with industry experts are done through telephone or face-to-face interviews only. Below is a set of
exercises done with the help of primary interviews through our network of respondents, such as value chain participants,
industry experts, and customers, to obtain relevant insights and gather the required information.
Value Chain participants (Research & Development
Organizations, Government agencies, service
providers, etc.)
End Users Industry Experts
Sample Size = 25-30 Sample Size = 100 Sample Size = 5
• Survey Questionnaires
 Telephonic Interviews
 Face-to-Face Interviews
• Surveys
 Online
 email
• Partial List of Companies Interviewed
 Accelirate
 AntWorks
 Datamatics
 Ephesoft
 Meta Platforms, Inc
 Hyperscience
 KlearStack
• Surveys
 Online
 email
• Field surveys
• Voice of Customers
 Brand Awareness
 Key Factors for Selecting
Service Providers
 Key Satisfaction Level
 Current Need Gaps
• Survey Questionnaires
 Telephonic Interviews

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Approach for the Market Study
TechSci follows two types of approaches for the assessment of the market:
The Bottom-Up approach to market analysis starts with a granular analysis of specific countries, segments, companies and then
builds up to form a broader understanding of the overall market. This method focuses on gathering detailed data and insights at the
micro level and then aggregating them to draw conclusions about the larger market.
The Top-Down Approach to market analysis involves starting with a broad view of the overall market and then narrowing down to
specific segments or niches. It typically begins with analyzing macroeconomic factors and industry trends and then drilling down to
understand the specific market segments, target customers, and potential opportunities.
Methodology Followed for Calculation of Market Size & Market Shares:
Market Size By Value: Market size, in terms of value, for the year 2023 was calculated based on information collected through
exhaustive secondary research and primary surveys with various key opinion leaders i.e., value chain participants, such as Research
& Development Organizations, Government agencies, service providers, market influencers, industry experts.
The team interviewed 25-30 critical value chain participants, majorly from service providers. The respondents have been working at
responsible positions in more than 12 target service providers. The team interviewed around 100 end users/customers for the Voice
of Customer section and 5 industry experts associated with the Intelligent Document Processing industry from the last two decades
were also interviewed. This exercise obtained the overall market size during 2019-2023, validated by multiple round of interviews.
Considering standard deviation, the market size was averaged out to arrive at the market size data during 2019-2023.
Bottom-Up Approach 80%
Top-Down
Approach 20%

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Market shares by component, technology, organization size, deployment, end-use, region, and the company and current and
future market growth rates were calculated based on the responses received through primary surveys with the value chain
participants, in which the respondents were asked about the market shares or revenue generated from various types of Intelligent
Document Processing target market segments. The final percentage shares were calculated by taking the geometric mean of
growth estimates, and company wise revenue shares generated across various segments were considered to arrive at the final
market percentage shares after eliminating the outliers.
Forecasting Methodology:
TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey
results using statistical tools.
Data Triangulation & Validation:
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast
India Intelligent Document Processing market, TechSci Research used various forecast techniques such as:
Moving Average Method For Time Series Analysis: The average of the data set of the market's historical data was considered
for data forecasting. This technique is beneficial for forecasting short-term trends and is a widely used method for time series
forecasting. Yearly moving average of historical data was used for estimating the trend values for time series forecasting.
After estimating the trend values based on yearly moving average methods, seasonal variations were calculated from the actual
data. After getting these two as a basis, market sizes were predicted for the forecasting years.

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Regression Analysis: In this technique, multiple linear regression analysis was practiced, which involves using a regression
model to estimate the value of the dependent variable on the numerous independent and directly related variables. The values
of the independent variable were typically those assumed to determine the values of the dependent variable. Based on the
historical trend of market data of two or more independent variables, the data of the India Intelligent Document Processing
market was forecasted with the help of statistical tools.
Econometric and Judgmental Analysis: Relationships with the economic variables, majorly macro-economic variables, were
considered to forecast the data, combined with incorporating intuitive judgment and opinions. This technique is majorly used
when there is no historical data, and the market is totally niche, new, and unique.
Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.

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• The Intelligent Document Processing (IDP) market in India is poised for substantial growth, anticipating a rapid
Compound Annual Growth Rate (CAGR) during the forecast period. IDP involves the automated conversion of data from
challenging semi-structured or unstructured documents into structured, usable data, also known as Cognitive Data
Processing or Intelligent Data Capture. This entails employing artificial intelligence technologies, including machine
learning and natural language processing, to automate the extraction and processing of data from diverse document
types.
• IDP solutions are strategically crafted to optimize document-centric business processes by automating manual tasks
such as data entry, document classification, data extraction, and validation. Leveraging advanced algorithms, these
systems analyze documents, extract pertinent information, and transform unstructured data into a structured format
seamlessly integrated into existing workflows. Capable of handling various document formats such as invoices,
contracts, receipts, forms, and emails, IDP brings forth benefits like heightened efficiency, reduced manual errors,
enhanced data accuracy, expedited processing times, and improved compliance.
• Organizations stand to gain considerable advantages by adopting intelligent document processing, including time and
resource savings, increased productivity, and the ability to redirect human resources towards more strategic and value-
added activities. With applications spanning industries like finance, insurance, healthcare, logistics, and legal, where
document and data volumes are substantial, IDP proves instrumental in unlocking the value of unstructured data,
providing actionable insights for informed decision-making. In essence, intelligent document processing presents a
compelling opportunity for businesses to streamline operations, enhance efficiency, and harness the transformative
potential of AI in managing document-related tasks intelligently.
Market Overview

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• September 2023: The Indian government announced a new initiative to promote the adoption of IDP solutions in the
country. The initiative, called the "Digital Document Processing Mission," will provide subsidies and other support to
businesses and organizations that deploy IDP solutions.
• August 2023: The RBI released a draft report on the use of artificial intelligence (AI) in the Indian financial sector. The
report recommends that banks and other financial institutions adopt AI-powered IDP solutions to improve their operational
efficiency and reduce costs.
• July 2023: The Indian IT industry body, NASSCOM, launched a new center of excellence for IDP. The center will focus on
developing and promoting IDP solutions for the Indian market.
• June 2023: Several leading IDP vendors, including ABBYY, Kofax, and IBM, announced that they are expanding their
operations in India. This expansion is a sign of the growing demand for IDP solutions in the Indian market.
• May 2022: The Indian tax authorities announced that they will be using IDP solutions to automate the processing of tax
returns. This is expected to significantly reduce the time it takes for taxpayers to file their returns and get their refunds.
• This development shows that the Indian government is using IDP solutions to improve the efficiency of its tax
administration. It is also a sign of the growing awareness of the benefits of IDP solutions among Indian businesses and
organizations.
Recent Developments

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Sample Data- Snapshot
India Intelligent Document Processing Market Size, By Value (USD Million), 2019–2029F
India Intelligent Document Processing Market Share, By Technology, By Value, 2019–2029F
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
2019 2023 2024E 2029F
By Value (USD Million)
CAGR BY VALUE: XX% CAGR BY VALUE: XX%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
20%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
2019
2020
2021
2022
2023
2024E
2025F
2026F
2027F
2028F
2029F
Natural Language Processing (NLP) Optical Character Recognition (OCR) Robotic Process Automation (RPA)
Machine Learning (ML) Deep Learning (DL) Artificial Intelligence (AI)

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Report Name: India Intelligent Document Processing Market
FORECAST AND OPPORTUNITIES
2019 – 2029F
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