Quadrant Knowledge Solutions announced today that it has named Parashift as a 2021 challenger in the SPARK Matrix analysis of the global intelligent document processing (IDP) market.
The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading intelligent document processing vendors in the form of its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
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IDP solutions help organizations automate and streamline the process of capturing, classifying, and extracting relevant information from structured, semi-structured, and unstructured documents for further processing. They typically leverage artificial intelligence (AI), natural language processing (NLP), computer vision, deep learning, and machine learning (ML) for document processing.
Driven by the dynamics of the COVID-19 pandemic and its impact on business and technology, IDP solutions and technologies are continuously evolving to offer advanced data processing capabilities. This unprecedented rise in remote work due to the pandemic and the increase in digitalization promoting document conversion into digital formats, across multiple industry verticals – is expected to drive growth in the IDP segment. With the growing maturity and advancements in technologies, IDP vendors are making a significant investment in improving the features and functionalities of their IDP solutions, offering advanced document processing solutions. Vendors are also leveraging automation, ML, and AI in automating document processing to improve process efficiency, resource utilization, and productivity.
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“Parashift, with its comprehensive technology for document processing, has received strong ratings across the parameters of technology excellence and customer impact and has been positioned amongst the challengers in the 2021 SPARK Matrix of the intelligent document processing (IDP) market,” said Pranjal Singh, Analyst at Quadrant Knowledge Solutions. “Parashift’s proprietary Document Swarm Learning technology helps users to train document processing solution without the need for sharing any data or business knowledge with stakeholders. Additionally, the distributed training net system enables fast and low-cost data training that results in parallel learning when combined with Document Swarm Learning. With its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, Parashift is well-positioned to expand its market share in the global intelligent document processing market.”
“We are excited to be on the radar of Quadrant Knowledge Solutions SPARK MATRIX! Intelligent Document Processing is very much at the beginning, and we are looking forward to continue to shift the paradigm how documents are processed by both machines and humans.” Alain Veuve, CEO at Parashift.