Everest Group’s IDP report, released in May 2022, has recognized Ephesoft as a Major Contender in its evaluation of 36 vendors. The report evaluates a combination of market impact criteria along with product capabilities, vision, customer insights and more.
“Ephesoft has been positioned as a Major Contender on Everest Group’s Intelligent Document Processing (IDP) PEAK Matrix® Assessment 2022. Its Transact solutions can process a wide variety of document formats and data types and offer advanced data validation capabilities. Its robust partner network, pre-built connectors for a range of enterprise applications, and the configurability of the platform, combined with its strong product roadmap positions it well for success,” said Ashwin Gopakumar, Practice Director, Everest Group.
We are especially proud to have received a 100% ranking in the “Value delivered” category. Customers using Ephesoft Transact found that we delivered on our technical capabilities and were getting excellent results. The report also points out Ephesoft’s high market share across industries, especially in Government/Public Sector, Manufacturing, Healthcare & Pharma and Hi Tech & Telecom. Everest Group also shows Ephesoft as a major vendor supporting Finance & Accounting as a major provider for business processes.
The IDP PEAK Matrix also notes the following strengths for Ephesoft:
- A strong product roadmap for IDP with plans for adding advanced AI features
- Processes a large variety of input document formats, including handwritten and multi-page documents
- Clients highlighted the ability to customize the platform as a key strength
- Advanced data validation capabilities
- Large network of technology partners
“Ephesoft continues to be the best IDP platform designed to make System Integrators deliver the best value for our clients worldwide. With our latest release of Transact last month, we used state-of-the-art AI and machine learning as part of Semantik AI Engine™ to solve challenges that were not previously possible. Now, with new features like Universal Document Automation, Document Design Accelerator and enhanced handwriting capabilities, we have introduced ways to solve processing unknown document types, accelerated set-up and enhanced complex recognition and extraction methods,” noted Ike Kavas, founder and CEO at Ephesoft.
Other interesting research by Everest Group’s IDP State of the Market Report 2021 estimated the IDP market size to “be ~US$700-750 million in 2020 and is expected to grow at a rate of 55-65% over the next year,” with the banking, insurance and healthcare industries to be the largest adopters of IDP solutions with SMBs showing the highest growth rate in adoption of IDP solutions. This growth prediction falls in line with what we’ve seen at Ephesoft with the majority of use cases still in finance and accounts payable departments.
For more information on how Ephesoft’s IDP platform can help grow your organization or why you should choose us, please contact us today or request a free trial.
