ABBYY has been recognized for the sixth consecutive year as a Leader in Everest Group’s Intelligent Document Processing (IDP) Products PEAK Matrix® Assessment 2024. ABBYY is highlighted for its vision and capability with ABBYY Vantage, the industry’s only low-code/no-code IDP solution that integrates easily into any intelligent automation platform, and complimentary ABBYY Marketplace of AI skills that simplifies the utility of large language models (LLMs) and expedites the creation of trusted AI applications purpose-built for complex business scenarios.
“ABBYY has reinforced its position as a Leader in Everest Group’s Intelligent Document Processing (IDP) PEAK Matrix® Assessment 2024. To enhance its low-code/no-code IDP platform, Vantage, ABBYY has invested in generative AI enhancements for software learning and training, sentiment recognition, and document summarization. ABBYY’s vision of purpose-built AI allows enterprises to leverage best-of-breed AI models and achieve optimized and reliable outcomes. Its continued focus on improving the efficiency of its OCR and expanding its marketplace of pre-built models or packaged solutions has further strengthened its position in the market,” says Vaibhav Bansal, Vice President, Everest Group. “The ease of training the model, the breadth of the marketplace and its cloud offering are some of the key strengths highlighted by ABBYY’s clients.”
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“Our consistent recognition as a leader is echoed by the market – ABBYY Vantage had 60% new ARR in 2023 and we’re already seeing the same trajectory during this year due to our deployment flexibilities,” commented Bruce Orcutt, Chief Marketing Officer at ABBYY. “We’re excited about new strategic market-reaching partnerships and additional generative AI capabilities being announced in the near future that will continue to illustrate our leadership in IDP and AI for intelligent automation.”
The IDP PEAK Matrix® assessed 26 technology providers and their products that leverage AI, cognitive capabilities, generative AI and are offered as a platform that allows enterprises to deploy out-of-the-box solutions using pre-built modules or as solutions that classify and extract data from documents. According to Everest Group, Leaders continue to maintain a stronghold in the market and further penetrate major buyer segments and enable holistic automation by developing complementary technology capabilities either in-house or by partnership. Leaders also constantly invest in adding new IDP capabilities to stay at the forefront of innovation, including generative AI-based extraction and classification, and large language model (LLM)-powered context-understanding capabilities. Furthermore, Everest Group states leaders constantly invest in expanding their library of pre-built models and out-of-the-box packaged solutions for industry-specific use cases and document types.
Source: BusinessWire
