In its latest MarketScape: Worldwide Unstructured Intelligent Document Processing (IDP) Software 2024 Vendor Assessment, the analyst firm assessed the IDP market for unstructured documents/content using its MarketScape model.
IDC, a global analyst firm, announced on May 28, 2024, the publication of its MarketScape: Worldwide Unstructured Intelligent Document Processing (IDP) Software 2024 Vendor Assessment. In it, IDC divided potential key measures of success into two main categories (capabilities and strategies) and evaluated 16 vendors based on their ability to process unstructured documents.
According to IDC, in this latest MarketScape, the analyst firm only assessed an Intelligent Document Processing vendor’s ability to process unstructured documents, in contrast to the MarketScape: Worldwide Intelligent Document Processing Software 2023-2024 Vendor Assessment published last November, which focused on document types in general (i.e. structured, semi-structured and unstructured).
Matt Arcaro, Research Director Computer Vision and AI at IDC, explained: “Now that we are squarely in the GenAI era, IDC has seen a significant evolution in the capabilities that IDP software vendors are building and implementing to address the challenge of processing unstructured document use cases. Although the underlying LLM technology underpinning these IDP offerings remains rather nascent, the evaluated vendors have been aggressively extending their existing offerings or launching entirely new IDP software products to take advantage of the capabilities of frontier GenAI models and labs. It is truly an exciting time to cover IDP.”
The vendors that IDC included in its MarketScape: Worldwide Unstructured Intelligent Document Processing Software 2024 Vendor Assessment are as follows (in alphabetical order):
Leaders: ABBYY, EdgeVerve, Google Cloud, Hyperscience, SER Group, Tungsten Automation, UiPath.
Major Players: Adobe, Alkymi, Altilia, AntWorks, Datamatics, Infrrd, inovoo, Kodak Alaris.
Contenders: –
Participants: –
Amy Machado, Senior Research Manager, Enterprise Content and Knowledge Management Strategies at IDC, commented: “Unstructured IDP solutions open up a whole new set of use cases. The new addressable market is served by foundational models for solving real-world business problems. Many unstructured IDP use cases will replace manual work and extend automation capabilities into the hands of knowledge workers.”
Headquartered in Needham, Massachusetts, IDC provides market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With its MarketScape vendor assessment model, IDC provides an overview of the competitive fitness of ICT suppliers in a given market.
You can find the abstract of the MarketScape here.
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