The research firm evaluated 26 Intelligent Document Processing (IDP) vendors and positioned them on its IDP PEAK Matrix® as Leaders, Major Contenders, Aspirants, and Star Performers based on their respective capabilities and offerings. This year, for the first time, Everest Group also included a banking-specific IDP assessment and an insurance-specific IDP assessment and positioned 10 leading IDP providers in the corresponding Matrix.
Everest Group, a global research firm, has released its latest Intelligent Document Processing (IDP) Products PEAK Matrix® 2024 Assessment. In addition to its usual overall IDP market report, this year Everest Group has also evaluated 10 leading banking-specific IDP providers and 10 leading insurance-specific IDP providers and positioned them in the respective Matrix.
To assess the market impact, vision & capability of each IDP provider, Everest Group uses its proprietary framework, which is divided into two parts: market impact and vision & capability:
Market Impact: Everest Group measures several subdimensions, including market adoption, portfolio mix, and value delivered, which then leads to an overall score on the market impact.
Vision & Capability: To ensure IDP providers are able to successfully deliver IDP products, Everest Group identifies the vision and capability through several subdimensions. These include vision and strategy, document processing capability, monitoring and improvement, implementation and support, and commercial model. This then leads to an overall score on vision & capability.
Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024 (in alphabetical order):
Leaders: ABBYY, AYR, Indico Data, Microsoft, Tungsten Automation, UiPath, WorkFusion.
Major Contenders: Appian, Automation Anywhere, Datamatics, EdgeVerve, EXL, Google, HCLTech, Hypatos, Hyperscience, IBM, Infrrd, JIFFY.ai, KnowledgeLake, Laiye, Nividous, Rossum.
Aspirants: Alkymi, Hypatos, SS&C Blue Prism.
Star Performers: AYR, Microsoft, Rossum.
Everest Group Banking-specific IDP Products PEAK Matrix® Assessment 2024 (in alphabetical order):
Leaders: UiPath, WorkFusion.
Major Contenders: ABBYY, Appian, AYR, EXL, Indico Data, Tungsten Automation.
Aspirants: AntWorks, Datamatics.
Everest Group Insurance-specific IDP Products PEAK Matrix® Assessment 2024 (in alphabetical order):
Leaders: Indico Data, UiPath.
Major Contenders: ABBYY, Appian, AYR, EXL, Infrrd, Tungsten Automation.
Aspirants: AntWorks, Datamatics.
Unlike last year, Everest Group has not published a ‘Unstructured Document Processing Products PEAK Matrix® Assessment’ this year.
Headquartered in Dallas, research firm Everest Group focuses on strategic IT, business services, engineering services, and sourcing. Its research also covers the technologies that power those processes and functions and the related talent trends and strategies. The PEAK Matrix® Reports are annual assessments of the respective technologies and services.
You can find the 2024 PEAK Matrix assessments on IDP, banking-specific IDP and insurance-specific IDP here.
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