HFS Research publishes its HFS Horizons IDP Products report

In its latest HFS Horizons report, the analyst firm assessed and rated 26 Intelligent Document Processing (IDP) vendors and mapped each vendor in its HFS Horizons placement.

HFS Research, a global research and tech analyst firm, released November 7 its HFS Horizons: Intelligent Document Processing Products, 2023 report. In it, HFS Research examined how well Intelligent Document Processing (IDP) vendors are helping clients embrace IDP products to drive process transformation and rated them accordingly.

In addition to detailed profiles of each IDP vendor, HFS Research outlined their placement in the three HFS Horizons (each Horizon is in alphabetical order):

Horizon 1 – Disruptors (Vendors driving functional digital transformation by using IDP solutions): Datamatics, Infinia ML, KnowledgeLake, Parascript, qBotica.

Horizon 2 – Enterprise Innovators (Vendors exhibiting the HFS OneOffice™ mindset and demonstrating enterprise-level outcomes): Appian, Botminds.ai, Kofax, Laiye, Newgen, Nividous, ObenBots, Parashift, SS&C Blue Prism, WorkFusion.

Horizon 3 – Market Leaders (Vendors exhibiting HFS’ OneEcosystem™ approach, driving new business models, and generating new sources of value for enterprises): ABBYY, AntWorks, Automation Anywhere, Automation Hero, AYR.ai, Google Document AI, Hyperscience, Pega Systems, Power Automate (Microsoft), Rossum, UiPath.

Hridika Biswas, Senior Analyst at HFS Research and co-author of the HFS Horizons: Intelligent Document Processing Products, 2023 report, explained: “Intelligent Document Processing is no longer a means to classify and extract data; it is much more. Enterprises looking to leap ahead in their transformation journeys are using IDP as an accelerator and, in turn, using the large volumes of data to make strategic decisions. This is where the future of IDP lies. Tech vendors unable to make that switch will be left far behind.”

Headquartered in Cambridge, Massachusetts, HFS Research is an analyst and research organization that combines deep visionary expertise with rapid demand-side analysis of the Global 2000.

You can find the full press release here where you can also access the full report.

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