Delivering Content IQ Skills to Enterprise Customers a Major Success Driver
MILPITAS, Calif., March 6, 2019 – 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 innovate.”
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.