The tech analyst firm examined 42 current Intelligent Document Processing (IDP) vendors worldwide to create datasets that show coverage of use cases, functions and industry verticals. This market scan is designed to help enterprise leaders understand the breadth of IDP capabilities offered by different vendors and determine which solutions best meet their organization’s specific needs.
HFS, a global research and tech analyst firm, on December 14 released its latest market scan on Intelligent Document Processing (IDP). In it, HFS looks at 42 IDP vendors and has created three data sets that show which vendors offer IDP for which use cases, which vendors cover the most popular functional areas, and which vendors cover which industry verticals.
HFS’s approach consisted of examining vendor websites and other marketing collateral, and referencing previous analyst interactions with the vendors in question. The analytics firm then made a series of direct requests to each IDP provider to validate their findings in order to produce the coverage reports.
The 42 IDP vendors considered in the market scan are the following (in alphabetical order):
ABBYY, akaBot, Amazon Textract, AntWorks, Appian, Automation Hero, Automation Anywhere, AYR, Botminds, Celaton, Codemantra, Conduent, Datamatics, DocVu.AI, Edgeverve, Eigen, EvolutionAI, Google AI (Document AI), HCL Tech, Hyland, Hypatos, Hyperscience, IBM Cloud Paks, Indico Data, Infinia ML, JIFFY.ai, KnowledgeLake, KoiReader, Kofax, Laiye, Microsoft, Nividous, Openbots, Parascript, Parashift, Pega, qBotica, Rossum, SS&C Blue Prism, Straive, UiPath, WorkFusion.
The following three data sets show which use cases, functions, and industries receive the most attention from the IDP community:
1. dataset – use cases: Invoice management, regulatory compliance, contract management, account management, claims processing, talent management, customer management, logistics management, sales management, and loan management.
According to HFS, the IDP vendors with the most complete use case coverage on the market, i.e., 100% use case coverage, are the following (in the order shown in the exhibit): ABBYY, Automation Anywhere, AYR, HCL Tech, Hyland, Laiye, Parashift, Pega, qBotica, UiPath, IBM Cloud Paks and SS&C Blue Prism.
HFS’ recommendation is to “make sure the IDP vendor you are considering can deliver on the use cases that are important to you.”
2. dataset – functions: Executive management, information technology, finance, procurement or sourcing, supply chain, HR or talent management, sales, customer experience, business services or shared services, legal or risk or compliance, operations or manufacturing, and other.
According to HFS, the IDP vendors with the most complete functions covered on the market, i.e., greater than 79% of functions, are the following (in the order shown in the exhibit): Automation Anywhere, Parashift, SS&C Blue Prism, AYR, Nividous, Laiye, Botminds, JIFFY.ai and qBotica.
HFS’ recommendation is “to look out for IDP vendors who are already working across your function.”
3. dataset – industry vertical: Banking, capital markets, healthcare provider, healthcare payer or insurer, life sciences, insurance, industrial manufacturing, consumer products, media and entertainment and publishing, retail, technology, telecommunication, travel and hospitality, logistics, energy and resources, utilities, and other.
According to HFS, the IDP vendors with the greatest coverage of industry verticals on the market, i.e., greater than 89% of industry verticals, are the following (in the order shown in the exhibit): Automation Anywhere, Laiye, Parashift, AYR, Nividous, qBotica, AntWorks and SS&C Blue Prism.
HFS’s recommendation is that “the IDP provider that is the best fit for you is also likely to specialize in your industry.”
In addition to coverage reports, HFS’s market scan also provides excellent guidance in identifying the right IDP provider to match your digital and automation maturity levels.
Cambridge, Massachusetts-headquartered HFS Research is an analyst and research organization that combines deep visionary expertise with rapid demand-side analysis of the Global 2000.
The full market scan can be found here.
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