In this section we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, upcoming webinars, events and more.
What we cover in this week’s recap:
🗞️News:
Infosource releases 2024 Update of its “Vertical Market Analysis for the Global Intelligent Document Processing (IDP) Industry” report
Analyst firm Infosource has released the 2024 Update of the Vertical Market Analysis for the Global Intelligent Document Processing (IDP) Industry. It examines the vertical opportunities for IDP solutions and highlights the key trends, customer needs, technological advancements and industry-specific growth potential. The key points of the report are: Digital maturity strongly correlates with IDP demand, influenced by infrastructure sophistication, tech proficiency, and investment capabilities. AI and Generative AI (GenAI) technologies are revolutionizing data classification, extraction, and process automation. Anticipated strong growth in Banking, Financial Services, and Insurance sectors. Rising opportunities in Retail, Telecommunication, Utilities, and Education sectors, prioritizing GenAI for customer interactions and personalized communications. Regional demand fluctuations tied to infrastructure access, local tech landscapes, investments, and compliance needs. Petra Beck, Senior Analyst at Infosource, commented: “Our latest vertical market analysis underscores the transformative impact of Intelligent Document Processing across almost all industry sectors. Generative AI offers significant opportunities to enhance IDP solutions, not only in input management but also in end-to-end process automation and advancing customer interactions.”
Avasant releases “Intelligent Document Processing Platforms 2024–2025 RadarView” and “Intelligent Document Processing Platforms 2024–2025 Market Insights”
Management consulting firm Avasant has released its latest report “Intelligent Document Processing Platforms 2024–2025 RadarView”, which addresses “the need for enterprises to adopt IDP platforms to enable data-driven digital transformation in business operations”. The report provides a detailed analysis of 17 IDP vendors, categorized as Leaders, Innovators, Disruptors and Challengers. Leaders: ABBYY, HCLTech, Tungsten Automation, and UiPath. Innovators: AntWorks, EXL, and Rossum. Disruptors: Datamatics, EdgeVerve, Hyperscience, OpenText, Parascript, and Sutherland. Challengers: BIS, Indico Data, Infrrd, and Parashift. In parallel, Avasant has released its “Intelligent Document Processing Platforms 2024–2025 Market Insights”, which highlights key trends on the demand side in the document processing space. According to Avasant, the most important findings include: IDP adoption by enterprises has risen by 22%, driven by e-invoicing mandates, integration across enterprise systems, and evolving Gen AI-backed use cases. Banking and insurance sectors are leading the adoption of IDP platforms. Enterprise system providers are incorporating document processing capabilities into their BPM, CRM, ERP, ECM, and HIS solutions by acquiring IDP vendors. Anupam Govil, Avasant partner and digital practice lead, explained: “Intelligent document processing has become a cornerstone of modern enterprise technology, fueled by global e-invoicing mandates and deeper integration with ERP and CRM systems. IDP has shifted from a ‘good-to-have’ to a critical tool for operational efficiency.” Chandrika Dutt, associate research director with Avasant, added: “Enterprise application providers are enhancing their capabilities by acquiring document processing platforms to automate data extraction and streamline information flow within systems. This underscores the pivotal role of document processing in enterprise digital transformation.”
HuLoop Automation closes Series A funding round led by Mighty Capital
AI-powered intelligent automation provider HuLoop Automation has announced that it has successfully closed its Series A funding round led by Mighty Capital with participation from Moneta Ventures. According to HuLoop Automation, the capital infusion will primarily focus on helping the company accelerate product innovation, invest in customer success, and expand its market reach to help businesses unlock their productivity potential. Todd P. Michaud, CEO of HuLoop Automation, commented: “At HuLoop, we are committed to transforming key industries by making intelligent automation radically simple, fast, and affordable for businesses of all sizes. This latest round positions HuLoop to achieve even faster growth, faster innovation, and greater benefits for our customers.”
Parashift and GeONE join forces to combine modern IDP technology with document management expertise
Intelligent Document Processing vendor Parashift has announced a partnership with GeONE, a company specializing in delivering innovative solutions in document management. Together, the two companies aim to combine Parashift’s IDP platform with GeONE’s document management expertise to enhance operational efficiency, foster compliance, and drive sustainable growth through intelligent automation. Stefan Wagner, Head of Partner Management at Parashift, commented: “We are excited to welcome GeONE as a Diamond Partner. Their expertise in document management, combined with our IDP technology, creates a powerful combination to help businesses transform their document workflows. Together, we are committed to delivering innovative, efficient, and compliant solutions that drive growth and digital transformation across industries.”
Konfuzio joins forces with Lobster DATA to to modernize business processes
Intelligent Document Processing vendor Konfuzio has announced a strategic partnership with no-code-based data integration specialist Lobster DATA GmbH. Instead of offering companies individual solutions for specific challenges, Konfuzio and Lobster aim to combine their expertise to offer overall concepts that modernize the whole business process. While Konfuzio’s Intelligent Document Processing software handles the preparation (analyzing, classifying, extracting) of structuring complex, unstructured and structured data, Lobster takes care of the integration of the data across systems. Thanks to this strategic approach, it is not only easier for companies to understand their data, but also to integrate it easily into their existing IT landscapes. In addition to this new partnership, Konfuzio has expanded its product range with Konfuzio Chat, Konfuzio GPT and Konfuzio Container.
📰Articles:
Infosource: IDP Trends and Opportunities for 2025
Read this article by Ralph Gammon, Senior Analyst at Infosource, to learn about his three IDP trend predictions for 2025: Agentic AI as a complement to IDP; growing market opportunities around RAG creation; and the emergence of multimodal IDP applications.
Transforming Unstructured Data into Structured Information – With Intelligent Document Processing
How do AI-powered IDP solutions turn unstructured data into structured information? Read this article by Planet AI to find out.
Intelligent Document Processing review – Captova
Brent Wesler is back with his latest ‘Automation in Action’ report, this time featuring IDP vendor Captova – including a short video of the demo.
💡Opinion:
Beyond Extraction: The Next Frontier in Intelligent Document Processing
Read the latest opinion piece by Avi Rafalson, Co-Founder and CEO of DOConvert, in which he explains why IDP solutions are no longer just about extracting information, why the lines between document processing and business operations are blurring and what the key driver for this change is.
Stay tuned: ‘How Multimodal AI Is Redefining the Concept of Documents’
“A document is no longer an object; it is a function. Its form is determined only by its user’s need,” says Christopher Helm, CEO of Helm & Nagel GmbH with its Intelligent Document Processing (IDP) solution Konfuzio. Stay tuned for his opinion piece ‘How Multimodal AI Is Redefining the Concept of Documents’ next week to find out what the long-term significance of this shift – from static data silos to adaptive systems – is.
🎥Upcoming Webinar:
January 15, 2025, 11 am EST: 2025 AI and Automation Trends
Register for this webinar and join the experts from UiPath to explore the seven trends that are revolutionizing AI and automation – and the ways you can use these trends to your advantage.
January 30, 2025, 10 am EST: Reimagining Financial Services with Neuro-Symbolic, Agentic Systems
Register for this webinar and join Cognaize CEO and founder, Vahe Andonians, and learn how neuro-symbolic, agentic technology enables advanced decision-making for financial services.
📆Upcoming Event (in-person):
March 31 – April 2, 2025: AI+IM Global Summit 2025 in Atlanta, US
Register now for the AI+IM Global Summit 2025 presented by AIIM (The Association for Intelligent Information Management) for 2.5 days of hands-on workshops, insightful keynotes, and real-world use cases presented by leading experts. Featured sessions include: “Is Your Unstructured Data AI-Ready?”; “Digitization: The On-Ramp to AI-Driven Intelligence” and many more.
📌Find more upcoming events and webinars in the Intelligent Document Processing space here.
Thank you for reading and see you on the weekend!
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