According to the Intelligent Document Processing (IDP) vendor, the high demand was driven by organizations that wanted to leverage large language models (LLMs) for business applications and needed ABBYY’s purpose-built AI to transform their enterprise data to feed models with relevant information.
ABBYY, a leading provider of intelligent process automation solutions, reported on February 13 a 60% increase in new annual recurring revenue (ARR) in 2023 for ABBYY Vantage, its AI platform for Intelligent Document Processing (IDP). In addition, ABBYY was named a Leader in IDC’s Intelligent Document Processing MarketScape 2023-2024.
By refining the scope of AI models to more specific document contexts, ABBYY’s IDP platform helps organizations benefit from LLMs without the loss of efficiency or accuracy associated with generative AI. According to ABBYY, its IDP portfolio processed 1.45 trillion document pages in 2023 alone. Apart from its 60% increase in new ARR for ABBYY Vantage, ABBYY Timeline, its Process Mining platform, had 100% increase in new ARR.
Ulf Persson, ABBYY’s CEO, explained: “The intelligent automation market is at an inflection point where IT and business leaders are eager to adopt generative AI because of the ease of use and quick responses it offers with simple tasks, such as rephrasing content. We are augmenting our products and solutions with this transformational technology, building on decades of experience developing document-focused AI. This combination of our purpose-built AI and applying the benefits from LLMs and generative AI enables us to be a trusted resource for innovation teams needing counsel on how to use both heuristic and transformer-based AI to put their information to work and generate the results they expect.”
Furthermore, ABBYY has been recognized for its AI solutions by several analyst firms, including as a Leader by IDC in its MarketScape: Worldwide Intelligent Document Processing (IDP) 2023-2024 (see infographic below).
Bruce Orcutt, previously ABBYY’s SVP Product Marketing and recently appointed as new Chief Marketing Officer, commented: “Recognition from analysts validates our commitment to helping our customers achieve the business value that matters most to them – whether it’s improving customer retention rates, increasing operational efficiency, or accelerating accounts payable processes. Analysts’ objective analysis and expertise help organizations navigate the robust intelligent automation market and guide them towards the vendors and solution that will have the impact they need. ABBYY’s customer-centric strategy lends itself to satisfying client needs and exceeding their expectations.”
Headquartered in Milpitas, California, ABBYY offers a wide range of intelligent process automation solutions, including Process Intelligence, AP automation and Intelligent Document Processing (IDP).
You can find the full press release here.
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