Competitive Landscape: Intelligent Document Processing Platform Providers

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What is IDP?

According to Gartner® research report, “IDP uses NLP technologies and computer vision to extract data from structured and unstructured content, especially document-based content, to support automation and augmentation. IDP solutions extract data for analysis and insight, and support automation of high-volume, repetitive document processing tasks. It forms one of the basic building blocks of the technology spectrum leveraged to enable hyperautomation.”

Benefits of a Mature IDP Platform

IDP’s value proposition promises benefits such as significantly reduced processing time for documents and reduced errors from manual processing, increasing efficiency and efficacy.

Documents could also be various types, physical or electronic, composed of data that could be structured, semi-structured or unstructured. Mature IDP platforms, ideally, should be able to process all such documents and data structures to automate business workflows and enterprise processes.

Did you know that “more than 60% of intelligent document processing (IDP) providers barely get into processing unstructured data extraction?”

About the Report

At a $1.2 billion market size in 2020, intelligent document processing is an integral technology enabling hyperautomation in the processing of structured, semi-structured and unstructured content. This research outlines the evolving competitive landscape.

“AI enables much more flexibility to tackle different document types and formats, as well as facilitates extraction with enhanced accuracy, with further scope of accuracy improvement over time with model retraining and feature enrichments of the model.”

– Competitive Landscape: Intelligent Document Processing Platform Providers Gartner®, Inc. | G00756438

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“IDP, as a market, will evolve to a broader content processing market, and different technology providers would likely merge with the workflow orchestration and automation market.”

– Competitive Landscape: Intelligent Document Processing Platform Providers Gartner®, Inc. | G00756438

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*Gartner® does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner® research publications consist of the opinions of Gartner® research organization and should not be construed as statements of fact. Gartner® disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gartner®, Competitive Landscape: Intelligent Document Processing Platform Providers, Arup Roy, Arthur Villa, Cathy Tornbohm, Soyeb Barot, 08 November 2021.

Gartner® is a registered trademark of Gartner®, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

XtractEdge — EdgeVerve’s Intelligent Document Processing Platform

XtractEdge is a comprehensive suite of Document AI platform & products that enables enterprises to extract actionable insights from a wide variety of semi-structured and unstructured enterprise documents. XtractEdge is recognized as one of the top Document AI platforms for large enterprises delivering on the promise of quicker time to market, superior customer experience, faster claims processing and underwriting, efficient contracts management for smarter business decision making.

Explore our Individual Platforms & Products

XtractEdge Platform

An end-to-end document extraction, processing, and comprehension platform that leverages advanced AI & ML techniques to structure complex enterprise data into insights for smarter business decision making.

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XtractEdge Contract Analysis

Leverages advanced ML techniques, including Computer Vision and NLP, to help identify key clauses and terms, mitigate contractual risks and reduce the negotiation cycle by extracting insights from contracts.

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XtractEdge Commercial Insurance

Improves Underwriter productivity and response time by eliminating manual rekeying of information, thus offering a complete view of the right information across the New Business and Underwriting lifecycle.

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