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:
IDC with its MarketScape, Infosource with its Matrix and Forrester with its Wave: analyst firms publish their latest Intelligent Document Processing reports This week, no less than three analyst and research firms have published their latest reports on Intelligent Document Processing technologies. IDC has released its MarketScape: Worldwide Unstructured Intelligent Document Processing (IDP) Software 2024 Vendor Assessment. In it, IDC evaluated 16 vendors based on their ability to process unstructured documents, in contrast to the MarketScape: Worldwide Intelligent Document Processing Software 2023-2024 Vendor Assessment, which was published last November and focused on document types in general. 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 ranked by IDC are the following (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. Analyst firm Infosource has published its 2024 Global Capture & IDP (Intelligent Document Processing) Software Vendor Matrix. In it, Infosource evaluated and ranked 23 software vendors based on eleven criteria and divided them into two categories (strategy and capabilities, and execution in the market). Ralph Gammon, Senior Analyst at Infosource, commented: “This year’s report ranks more than 20 of the leading vendors in the space, which we define as SW that acquires, classifies, and converts unstructured and semi-structured information into enhanced usable data. For 2022, Infosource had the Capture & IDP SW market valued at approximately $6B US, growing at just over 10%.” The vendors ranked by Infosource are the following (in alphabetical order); Star: ABBYY, Hyland, IBM, Microsoft, OpenText, Tungsten Automation, UiPath. Disruptor: Appian, Insiders, IRIS, Iron Mountain, ISIS Papyrus, KnowledgeLake, Parashift, Planet AI, Ripcord, TCG Process, xSuite. Competitor: Digitech Systems, Kodak Alaris, Umango. Explorer: ExB, Veryfi. Research firm Forrester has published The Forrester Wave™: Document Mining & Analytics Platforms, Q2 2024. In it, Forrester evaluated 14 vendors in this category against 25 unique criteria across their current offering, strategy, and market presence. Boris Evelson, VP and Principal Analyst at Forrester, explained: “This report shows how each provider measures up and helps technology, data, and automation professionals select the right one for their needs.” The providers ranked by Forrester are the following (in alphabetical order); Leaders: expert.ai, Google, Hyperscience, IBM, OpenText, UiPath. Strong Performers: Automation Anywhere, AWS, Microsoft, Rossum, WorkFusion. Contenders: EdgeVerve, SAS, SS&C Blue Prism. Last but not least, analyst firm Quadrant Knowledge Solutions has announced that it is expanding the scope of its research to respond to the dynamics of the IDP space.
Rob Enslin resigns as UiPath CEO and Board Member, founder and former CEO Daniel Dines steps back into the CEO role IDP provider UiPath has announced that Rob Enslin has resigned as Chief Executive Officer and member of the UiPath Board of Directors effective June 1, 2024. Daniel Dines, founder and former CEO of UiPath, has stepped back into the role of Chief Executive Officer, also effective June 1, 2024. Rob Enslin explained his decision: “After much reflection, I have made the difficult decision to resign as CEO of UiPath. It has been an honor to be a part of, to lead, and to learn from an immensely talented team. I’m incredibly proud of what we accomplished together. Daniel’s inspirational leadership and customer-obsessed mindset will be game-changing, and I am convinced that UiPath will continue to define what’s possible for our customers and partners in the AI and automation market.” According to UiPath, Rob Enslin will remain with the company as an advisor during the transition phase. Daniel Dines commented: “I thank Rob for his contributions to UiPath during the past two years, during which he played a significant role in the company’s growth. With this change, I’m excited to step back into the CEO role and I am looking forward to leading the company through our next phase of profitable growth and innovation.”
📰Article:
What is the correct approach and scope of AI regulation? Read this article by Andrew Pery, AI Ethics Evangelist at ABBYY, to learn more about the tricky situation of national and international AI regulations and how to find a balance between risk and innovation.
💡Opinion:
Unlocking the Full Potential of Document Understanding Stay tuned for the opinion piece by Bastiaan de Goei, Director of Growth Marketing at IDP vendor Instabase. In the meantime, discover more opinion pieces from thought leaders in the IDP industry.
🎥Upcoming Webinar:
June 10, 2024: 6-week Artificial Intelligence course (DE only) Sign up for this free 6-week online AI course from Helm & Nagel GmbH (with their IDP solution Konfuzio), aimed at professionals and decision makers from the DACH region to implement AI strategies in their organization, but also offering an easy entry point with minimal prior knowledge to enhance skills for professional development.
📆Upcoming Events (mostly in-person):
June 10-11, 2024: SwissText 2024 in Chur, Switzerland This event will bring together text analytics experts from industry and academia. It is organized by the Swiss Association for Natural Language Processing (SwissNLP) in collaboration with local universities and the Zurich University of Applied Sciences (ZHAW).
June 18-19, 2024: PEX Network All Access Intelligent Automation IA 2024, online This 2-day online event focuses on the practical aspects of implementing intelligent automation solutions, delves into the intricacies of IA and much more.
June 23-24, 2024: Intelligent Automation Select Executive Leadership Summit in Dallas, Texas This event is aimed at executives who want to learn methods to measure the financial impact of automation and AI initiatives, understand how to measure direct results such as process efficiency and governance improvements, and more.
📌Find more upcoming events in the Intelligent Document Processing space here.
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