Delivering Content IQ Skills to Enterprise Customers a Major
MILPITAS, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/AI?src=hash” target=”_blank”gt;#AIlt;/agt;–ABBYY, a global leader in enterprise content IQ technologies and
solutions, today announced it achieved 15% revenue growth in 2018,
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. As a result, the
company grew significantly in all regions, with particularly strong
performances recorded in the United States, Europe and Asia Pacific.
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 robots to achieve intelligent automation. KPMG
research indicates that enterprise investment in the intelligent
automation market, which include AI, machine learning and RPA, is
growing rapidly. Overall spending is expected to reach $232 billion by
2025 compared to an estimated $12.4 billion today.
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 and NICE Systems, all of
which generated significant revenue.
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.
“During 2018, the entire ABBYY team successfully executed on our growth
strategy. We made notable progress in multiple areas of importance. Our
global footprint is second to none in our industry, we are strengthening
existing partnerships and building new ones. We are growing our sales
team, and investing more than ever in innovative new AI solutions and
technologies,” commented Ulf Persson, Chief Executive Officer at ABBYY.
“Our efforts were rewarded with growth, and more importantly with trust
and confidence from our partners and customers. Our mission to help
enterprises gain understanding from their content so they can make
intelligent business decisions is resonating very well with enterprises
going through digital transformation. We are inspired to continue to
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 so 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 are extensible with the ability to build and deploy among
content centric processes across an entire enterprise organization.
ABBYY is a global leader in content IQ technologies and solutions. ABBYY
offers a complete range of AI-based technologies and solutions
transforming business documents and content into business value. By
providing digital transformation solutions to financial services,
insurance, transportation, healthcare and other industries, the company
helps organizations achieve the next wave of growth by understanding
customers and delivering responsive real-time intelligent systems. The
flexibility of ABBYY AI solutions enables customers to utilize a diverse
range of advanced technologies, platforms and solutions for
classification, text analytics, data and entity extraction, and data
validation via any communication channel and in any format. ABBYY
technologies are used and licensed by some of the largest international
enterprises and government organizations, as well as SMBs and
individuals. The company maintains offices in Australia, Cyprus, France,
Germany, Japan, Russia, Spain, Taiwan, the UK, Ukraine, and the United
States. For more information, please visit www.abbyy.com/company.
ABBYY and the ABBYY Logo are either registered trademarks or
trademarks of ABBYY Software Ltd. Other product names mentioned herein
may be trademarks and/or registered trademarks of their respective
owners and are hereby recognized.
Gina Ray, APR