Quadrant Knowledge Solutions announced that it has named ABBYY as a 2021 technology leader 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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“ABBYY, with its comprehensive technology for document processing and no-code IDP platform, has received strong ratings across the parameters of technology excellence and customer impact and has been positioned amongst the technology leaders in the 2021 SPARK Matrix of the Intelligent Document Processing market,” said Pranjal Singh, Analyst at Quadrant Knowledge Solutions. “ABBYY’s out-of-the-box ML-based pre-trained document skills and pre-built connectors are developed by ABBYY and its partners and available in the ABBYY Marketplace. With its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, ABBYY is well-positioned to expand its market share in the global intelligent document processing market.”
“The IDP market was primed for a disruption and that is what we did with ABBYY Vantage and Marketplace – we’re very pleased to see this reflected in our leadership position within the SPARK Matrix,” commented Bruce Orcutt, Senior Vice President of Product Marketing at ABBYY. “Organizations today want a no-code, cloud-based approach to document processing that offers the same powerful ability to unlock the data within their documents and accelerate their business processes. Whether migrating from a legacy IDP solution or needing to add documents skills within a content-centric process, we partner with customers to ensure their digital transformation success.”
