Find stats on top websites
Industry Landscape
The Intelligent Document Processing (IDP) market is rapidly expanding, driven by increasing demand for automation, efficiency, and accuracy in document-centric workflows. AI and machine learning advancements are key drivers, enabling businesses to reduce manual efforts and operational costs across various industries. Integration with existing enterprise systems is crucial for adoption.
Total Assets Under Management (AUM)
Intelligent Document Processing Market Size in United States
~Around $1.2 billion in 2023
(29.7% CAGR)
- Growing adoption of automation.
- Increased demand for efficiency.
- Advancements in AI and ML.
Total Addressable Market
1.2 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI (GenAI)
GenAI can revolutionize document understanding by generating synthetic data for model training, improving extraction accuracy, and enabling more sophisticated document summarization and content creation.
Large Language Models (LLMs) for Document Understanding
Integration of advanced LLMs will allow for more nuanced understanding of document context, sentiment analysis, and the ability to handle highly unstructured documents with greater precision than traditional IDP.
Blockchain for Document Provenance and Security
Blockchain technology can provide immutable audit trails for document processing, enhancing security, compliance, and trust in the authenticity and integrity of extracted data and automated workflows.
Impactful Policy Frameworks
AI Risk Management Framework (AI RMF 1.0), 2023
Published by NIST, this voluntary framework provides guidance for organizations to manage risks associated with the design, development, use, and evaluation of AI products, services, and systems.
It encourages Cratoflow to implement robust risk management practices in its AI-powered IDP solutions, focusing on transparency, fairness, and accountability to build customer trust.
Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, 2023
This broad executive order directs various federal agencies to set new standards for AI safety and security, protect privacy, advance equity and civil rights, and promote innovation and competition.
Cratoflow will need to ensure its AI models comply with evolving federal guidelines on data privacy, algorithmic bias, and security, potentially requiring more rigorous testing and transparency measures.
American Data Privacy and Protection Act (ADPPA), Proposed Legislation
While not yet passed, this proposed federal bill aims to establish a comprehensive federal privacy law in the United States, regulating how companies collect, use, and share consumer data.
If enacted, Cratoflow would need to adapt its data handling and processing practices to meet new federal standards for data minimization, consumer consent, and data security, especially concerning sensitive financial data.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
