To solve the increasing pressure developers have to extract reliable and consistent data from business documents, ABBYY introduced ABBYY Document AI™, available through a self-service application programming interface (API). The ABBYY Document AI API was built with the developer’s experience in mind, allowing users to effortlessly transform unstructured business documents into structured, highly accurate data with just a few lines of code, making it easier to try, integrate, learn and purchase industry leading optical character recognition (OCR) and intelligent document processing (IDP) solutions.
“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, Engineering R&D at ABBYY. “We are providing them a new API with minimal setup, access to ample community resources, and pre-trained models for building proofs-of-concept. ABBYY Document AI API is a major step forward for developing automated document workflows.”
According to IDC1, the IDP market is projected to grow from $2.4 billion in 2023 to $10.5 billion in 2028 – a 34.9% CAGR driven by increasing cloud adoption, AI maturation and expanded document AI use cases.
Amy Machado, Senior Research Manager, Enterprise Content and Knowledge Management Strategies at IDC says, “In the age of AI, OCR is experiencing a true renaissance. Developers struggle with extracting reliable data from documents and will often begin with general large language models for this process. However, they quickly face challenges with hallucinations, data inconsistencies, and errors in document processing, and often lack support for multiple languages, handwriting recognition and complex document structures. There is a need for purpose-built solutions specifically designed for document processing that prioritizes easy integration, flexibility, scalability, accuracy, and consistency.”
The ABBYY Document AI API, initially offered in a technical preview, empowers developers to enhance workflows with pre-trained models to extract data from documents and accelerate automation for complex business processes like KYC, account openings, customs clearance, invoice processing, expense management and order processing. It provides precision OCR that flawlessly preserves a document’s logical structure to provide AI-ready data that is essential to unlocking deep insights in genAI and retrieval augmented generation (RAG) or forming the robust foundation needed to train powerful language models.
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