ABBYY reports strong growth in capture market

ABBYY’s intelligent capture revenue grew by 34% in 2018, five times the market growth rate, according to the company’s just released annual results. The worldwide enterprise capture software market is expected to reach $US1.2 billion by 2022 according to IDC.

ABBYY announced it achieved 15% total revenue growth in 2018, with substantial enterprise wins in the financial services, insurance, transportation and logistics, and legal sectors.

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 $US232 billion by 2025 compared to an estimated $US12.4 billion today.

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 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.”