ABBYY Reports 2023 Revenue Growth for AI Solutions Plus IDC MarketScape Leadership
More global enterprises recognize the need for purpose-built AI to harness data and make large language models and generative AI useable for business
ABBYY reported a 60% increase in new annual recurring revenue (ARR) in 2023 for its artificial intelligence (AI) platform for intelligent document processing (IDP), ABBYY Vantage. The high demand was driven by organizations wanting to leverage large language models (LLMs) for business applications, requiring ABBYY’s purpose-built AI to transform their enterprise data to fuel models with relevant information. By refining the scope of AI models to more specific document contexts, ABBYY IDP helps organizations benefit from LLMs without consequences in efficiency or accuracy associated with generative AI. In fact, in just the past year, ABBYY’s IDP portfolio processed1.45 trillion document pages.
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“The intelligent automation market is at an inflection point where IT and business leaders are eager to adopt generative AI because of the ease of use and quick responses it offers with simple tasks, such as rephrasing content”
Additionally, ABBYY Timeline had 100% increase in new ARR led by more innovation leaders realizing the benefits offered by process intelligence in streamlining business processes and achieving operational excellence by delivering greater insights and reducing costs related to process and resource inefficiencies. Organizations ranging from sports retail manufacturers to investment banks saved significant time and millions of dollars using ABBYY Timeline with IDP and workflow automation platforms.
“The intelligent automation market is at an inflection point where IT and business leaders are eager to adopt generative AI because of the ease of use and quick responses it offers with simple tasks, such as rephrasing content,” commented Ulf Persson, CEO at ABBYY. “We are augmenting our products and solutions with this transformational technology, building on decades of experience developing document-focused AI. This combination of our purpose-built AI and applying the benefits from LLMs and generative AI enables us to be a trusted resource for innovation teams needing counsel on how to use both heuristic and transformer-based AI to put their information to work and generate the results they expect.”
Furthermore, ABBYY was recognized for its AI solutions by multiple analyst firms and was recently named a Leader in the IDC MarketScape: Worldwide Intelligent Document Processing (IDP) 2023-2024. Commended for its versatility in document contexts, approach to customer success, and industry experience, the inaugural report considered vendors based on a variety of criteria, including functionality, use case diversity, and customer service and satisfaction delivery of their respective solutions.
Matt Arcaro, IDC’s Research Director, Computer Vision and AI commented, “ABBYY is known for its expertise in structured and semi-structured document classification and extraction and continues to extend its customer deals further into unstructured document use cases. The company’s broad, multilayered approach to directly supporting customers; its expansive, global ecosystem of partners and solution providers; and its demonstrated document and use case–specific expertise should make it a vendor of consideration for any organization looking to experiment, learn, or expand its use of IDP more broadly.”
ABBYY continues to be recognized by analysts as an influential force in the intelligent automation ecosystem, with four additional industry analyst firms – Gartner, Everest Group, NelsonHall and GigaOm – also positioning ABBYY as a leader for its intelligent document processing (IDP) and process mining solutions. Gartner featured ABBYY in five 2023 Hype Cycle reports including Customer Service and Support Technologies, IT Management Intelligence, Autonomous Accounting, ERP, and Revenue and Sales Technology.
“Recognition from analysts validates our commitment to helping our customers achieve the business value that matters most to them – whether it’s improving customer retention rates, increasing operational efficiency, or accelerating accounts payable processes,” stated Bruce Orcutt, who was recently appointed to Chief Marketing Officer at ABBYY. “Analysts’ objective analysis and expertise help organizations navigate the robust intelligent automation market and guide them towards the vendors and solution that will have the impact they need. ABBYY’s customer-centric strategy lends itself to satisfying client needs and exceeding their expectations.”
In addition to Orcutt’s appointment to CMO, ABBYY is ramping up its product innovation and time-to-market with the addition of a new team of seasoned executive engineers including Patrick (PJ) Jean, CTO/CPO, Sanju Nair, VP of Product Operations and Enterprise PMO, Morgan Logue, VP of Engineering, Cloud Platform, and Andy Wahrenberger, VP of Engineering. The executive engineering team will work with ABBYY’s global team of developers and engineers to scale and deliver product advancements to meet growing demand.
ABBYY’s global presence is further amplified by its growing partner program which includes strategic alliances with automation platform providers, consultancies, integrated solution vendors (ISVs) and resellers who choose to work with the leading provider of IDP and process mining solutions. Partners such as Blue Prism, PwC, Deloitte, Workato, Mendix, NICE, Novelis and Pipefy have successfully integrated ABBYY AI into their portfolio to deliver impactful and repeatable transformations for their customers globally.
