ABBYY has launched a new Document AI API that helps developers extract reliable and consistent data from business documents. Designed with developers in mind, the API enables them to convert unstructured business documents into high-quality structured data with just a few lines of code. This is a significant step forward in the intelligent document processing market.
In a world where organizations are increasingly struggling to process data from documents, ABBYY has come up with a solution. This week, the company introduced ABBYY Document AI, which is available via a self-service API. This technology enables developers to convert unstructured business documents into usable data with minimal effort.
“As a vanguard of OCR, ABBYY has long had a vibrant community of cutting-edge developers creating transformational solutions with our advanced document AI,” said Nick Hyatt, Vice President of Engineering R&D at ABBYY. According to him, the company now offers developers a new API with minimal setup and access to extensive resources, pre-trained models for proof-of-concepts, and a predictable pay-as-you-go pricing model.
Growing market for intelligent document processing
The intelligent document processing (IDP) market is in full swing. According to IDC, it will grow from $2.4 billion in 2023 to $10.5 billion in 2028—an annual growth rate of 34.9%. This growth is driven by increasing cloud adoption, AI maturity, and more extensive use cases for document AI.
ABBYY Document AI API in practice
The new API enables developers to improve workflows with pre-trained models for data extraction from documents. This accelerates automation for complex business processes such as KYC, account registrations, customs clearance, invoice processing, expense management, and order processing.
An important aspect is precision OCR, which flawlessly preserves a document’s logical structure. This provides AI-ready data essential for in-depth insights into generative AI and retrieval augmented generation (RAG).
ABBYY states that more and more companies are struggling to unlock valuable information from their document flows. This is partly due to the increasing number of AI solutions on the market that rely on structured data. ABBYY can easily create structured data from unstructured documents with this new API.
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