In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
HFS releases its Hot Vendors for Q4 2022, nominating two IDP vendors Research and tech analyst firm HFS Research has published its latest OneOffice Hot Vendors Report. HFS select its Hot Vendors based on the distinctiveness of their offerings, ecosystem robustness, client impact, financial position, and impact on the OneOffice or OneEcosystem frameworks. With Rossum and Botminds, the list also includes two Intelligent Document Processing vendors. HFS names Botminds a Hot Vendor for “reimagining the interplay of a sweep of key components in the delivery of end-to-end processes and integrating them, very much in line with the internal-silo-busting demands of the OneOffice.” Furthermore, HFS calls IDP provider Rossum a Hot Vendor because “the company enables document process automation at scale while engaging humans in the loop through an effective user interface. While many enterprises are looking at IDP as an end-to-end solution, Rossum has ambitions to create a OneEcosystem solution. It does not see itself competing with RPA, which it identifies as solving the problem of automating processes within companies.”
Infinia ML joins AWS Partner Network IDP provider Infinia ML announced that it has become a member of the Amazon Web Services (AWS) Partner Network (APN), joining a massive network. The company sees this as the next step in its continued investment and commitment toward future growth in the Intelligent Document Processing software market. Aaron Symanski, CEO of Infinia ML, commented: “AWS’s powerful infrastructure allows us to deliver high-quality machine learning applications for our customers. Infinia ML is committed to magnifying the power of our unique technology stack on AWS, and this is the next step in that evolution.”
Enterprises in Germany continue to drive business automation initiatives According to technology research and advisory firm Information Services Group (ISG) and its recently released Provider Lens Report, German companies continue to drive the integration of business automation technologies such as Intelligent Document Processing. ISG has seen an increase in the use of IDP platforms since the pandemic, due in part to the rise of cloud-based, as-a-service operational models and the growing need for one-touch or no-touch document processing. Jan Erik Aase, partner and global leader of ISG Provider Lens Research, said: “Germany’s highly document-based business environment makes it ideal for IDP solutions. However, despite the acceleration of digital transformation, Germany is still a long way from being a paperless economy.”
Mad Street Den raises $30M in Series C funding round AI company Mad Street Den (MSD) announced that it has raised $30M in a Series C funding round. MSD offers a range of AI solutions, including Blox, its AI platform with Intelligent Document Processing capabilities. The round was led by Avatar Growth Capital, with participation from existing investors Sequoia Capital and Alpha Wave Global. MSD will use the funding to expand its AI offerings across industries.
Intelligent Document Processing helps companies stay ahead of their compliance challenges The complexity of regulatory compliance is no joke for executives, and business regulation is also not expected to ease its complexity in the foreseeable future. Therefore, it is especially important for companies to focus on automating information-intensive business processes to increase efficiency while meeting compliance requirements. IDP helps companies do exactly that.
The global IDP market is expected to reach $11.6B by 2030, according to Grand View Research The San Francisco-headquartered market intelligence firm recently released its report on the forecast of the global Intelligent Document Processing market. Grand View Research reports an expected compound annual growth rate (CAGR) of 29.7% from 2022 to 2030, with projected revenue of $11.6 billion in 2030. The significant market growth is driven by factors such as increasing investments in digital transformation and growing need for cost-effective and efficient document processing solutions, as well as increasing digitization in developing countries.
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