On Tuesday, May 28th, Amy Machado and I published IDC's second IDP-focused MarketScape entitled, Worldwide Unstructured Intelligent Document Processing (IDP) Software 2024 Vendor Assessment (here is the link for subscribers to access the report: https://lnkd.in/gEYtmwnQ). This study, which solely evaluated an IDP vendor's ability to process unstructured documents, extended the prior analysis and research from IDC's foundational, general-purpose IDP software vendor MarketScape published in November 2023.
Congratulations and a big thank you to all the included vendors (highlighted at the bottom of this post), and a big shout out to their respective analyst relation's teams for their teamwork, cooperation, time, and patience. Amy and I appreciate you working so closely with us over the last year on these two studies!
---
If I had to capture some of the key points from the study, I would share that:
1.) IDC has seen considerable interest, excitement, and momentum from both vendors and customers to (successfully) extend IDP further into the world of unstructured documents.
2.) Although LLMs and multi-modal AI models are one of the key enablers unlocking a vendor's ability to support unstructured document processing, there is definitely something to be said about the need to leverage and extend purpose-built IDP mechanisms and workflow capabilities alongside these emerging model architectures. (This is doubly true for mission-critical unstructured documents use cases and/or when straight-through processing [STP]/automation is expected/required.)
3.) There isn't a single vendor today that is well suited to address every customer's unstructured IDP project and use case requirements. This diversity across technology, use cases, and business requirements creates opportunities for vendors to differentiate their offerings and develop industry, role, or use case specializations.
4.) IDC has seen the unstructured IDP market mature significantly over the last 12 months, and there is a consensus recognition that there is still considerable work to do. The rate of IDP technological change and innovation over the last 6 months is particularly noteworthy.
5.) Most importantly, we are just scratching the surface of the potential of unstructured document IDP. Customer organizations have troves of dark data (and documents) that they want to mine for insights. Many of these documents are unstructured, and the IDP ecosystem wants to help them see the light. 😀
If you are a technology buyer looking to learn more about the IDP space or a technology vendor who would like to share their technology and strategy story with IDC, please drop Amy Machado or me a message on LinkedIn.
ABBYY, Adobe, Alkymi, Altilia, AntWorks, Datamatics, EdgeVerve, Google Cloud, Hyperscience, Infrrd, inovoo GmbH, Kodak Alaris, SER Group, Tungsten Automation, UiPath