Delivering content IQ skills to enterprise customers a major success driver
ABBYY, a global leader in enterprise content IQ technologies and solutions, today announced it achieved 20% revenue growth in the UK in 2018, while the global growth was 15% building upon the momentum from an exceptional 2017. ABBYY’s ability to deliver content IQ skills for the new digital workforce was one of the key growth drivers. The enterprise segment was another growth driver with substantial wins in the financial services, insurance, transportation and logistics, and legal sectors.
ABBYY’s intelligent capture revenue grew by 34% – five times the market growth rate – leading to a sizable gain in overall capture market share. The worldwide enterprise capture software market is expected to reach $1.2 billion by 2022 according to IDC. ABBYY’s OCR business remains strong and continues to grow. Technology partners and customers include Fujitsu, Epson, Hewlett Packard Enterprise, RICOH, and Xerox.
“As RPA and AI come to the forefront of the UK business landscape, ABBYY has played a major part in the digital transformation of organisations across the UK, leading to impressive growth,” comments Neil Murphy, Vice President and Global Head of Business Development, ABBYY. “As conversations around intelligent capture, artificial intelligence and RPA move from the server room to the boardroom, ABBYY’s technologies are enabling innovation for many UK businesses.”
ABBYY provides AI-based solutions and services to one-third of the Forbes 100 companies who are actively deploying a new digital workforce consisting of robotic process automation (RPA) software to achieve intelligent automation. This will only continue to grow, as Gartner estimates that by the end of 2022, 85% of large and very large organisations will have deployed some form of RPA.
ABBYY relies heavily on partners for its success, and 2018 was no exception. ABBYY increased its global partner network by more than 20%. Additionally, the company entered into multiple strategic partnerships with RPA vendors such as UiPath, BluePrism, NICE Systems, all of which generated significant revenue.
Murphy continues: “Partnerships with UiPath and Blue Prism showcase the capabilities ABBYY can bring to businesses starting their RPA journeys and investing in advanced RPA. At the same time, ABBYY’s product innovation enabled organisations across every sector to boost efficiency, improve business operations, and upskill teams. Finance departments are significantly reducing the need for human intervention in invoice processing, while legal departments are using automation to analyse long contractual documents and pull human-like insights, both of which free up employee time for strategic, value-add activities. We look forward to continuing to innovate and drive results across the globe and UK in 2019.”
ABBYY’s competitive advantage is its ability to address and execute the challenges digital enterprises have with data quality and gain understanding from their content. According to Forrester research, 60% of decision makers at companies adopting AI cite data quality as their top challenge when trying to deliver AI capabilities. ABBYY solutions are easy and fast to implement, meaning companies can gain a faster ROI and deliver a better customer service; offer intelligence through advanced content understanding skills for structured and unstructured data; and provide the ability to build and deploy among content centric processes across an entire enterprise organisation.