Quadrant Knowledge Solutions announced today that it has named Infrrd 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 IDP vendors in the form of its SPARK Matrix, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
The Infrrd IDP solution helps organizations automate and streamline the process of capturing, classifying, and extracting relevant information from structured, semi-structured, and un-structured documents for further processing. Infrrd’s solutions leverage artificial intelligence (AI), natural language processing (NLP), computer vision, deep learning, and machine learning (ML) for intelligent 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 COVID-19 pandemic and the trend of increasing digitalization promoting document conversion into digital formats – across multiple industry verticals – is expected to drive the growth within the IDP segment. With the growing maturity and advancements in technologies, IDP vendors are making a significant investment in improving features and functionalities of their solutions by leveraging ML and AI to automate document processing and improve efficiencies, resource utilization, and productivity.
“Infrrd, with its comprehensive AI-based technologies offering template-free data extraction IDP solutions, has received strong ratings across technology excellence and customer impact. To this end, Infrrd ranked amongst the leading technology vendors in the 2021 SPARK Matrix of the Intelligent Document Processing market,” said Pranjal Singh, analyst at Quadrant Knowledge Solutions.
“Infrrd’s capabilities in data extraction of complex and semi-structured documents, customized configurability, machine learning-based table extraction, multi-language capability, document classification, audit, and process efficiencies help organizations to unlock data from complex documents to facilitate digitization and empower intelligent work. With its robust technology platform, comprehensive functional capabilities, and compelling product strategy and roadmap, Infrrd is well-positioned to expand its market share in the global IDP market,” Singh concluded.
“In the next 3-5 years, AI and robotic capabilities will come together. The marriage of these functionalities will expedite IDP to new levels by elevating the accuracy levels of data extraction and driving higher level outcomes for scalability to transform the way businesses process documents and data. We call this intelligent work. Infrrd is already on this pathway as evidenced by our 100 percent data extraction confidence rate, which our clients tell us is changing the way they do business,” stated Amit Jnagal, Infrrd founder and chief executive officer.
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