ABBYY launches redesigned AI document skills marketplace

ABBYY has launched a redesigned marketplace for AI document skills, responding to the growing demand for high-quality data necessary for the effective application of large language models (LLMs). This new development seeks to streamline the deployment of AI solutions, making it easier and faster for businesses to leverage advanced AI capabilities.

The ABBYY Marketplace, now an extensive online library, features a variety of pre-built AI assets aimed at enhancing ABBYY Vantage, the company's low-code intelligent document processing (IDP) platform. The redesigned marketplace offers substantial contributions from ABBYY and its global network of partners, thereby expanding the platform's capabilities for accurate and efficient data extraction from documents.

A key component of the updated marketplace is its support for retrieval-augmented generation (RAG) systems. These pre-built AI skills function as guides for AI models, directing them to refer to specific data in their knowledge base. This mechanism helps prevent the AI from producing unreliable responses, a common issue known as AI hallucinations. By integrating IDP with LLMs and generative AI, businesses can expect more dependable outputs tailored to their specific contexts.

Amy Machado, Senior Research Manager at IDC, emphasized the practical benefits of retrieval-augmented generation. She noted that pre-trained models such as those found in the ABBYY Marketplace enable companies to exploit the potential of generative AI without requiring extensive in-house development efforts. According to Machado, this approach aids in converting company knowledge into structured and highly accurate formats quickly and efficiently.

Bruce Orcutt, Chief Marketing Officer at ABBYY, highlighted the increasing enterprise adoption of RAG as a key driver for optimising LLM outputs. Orcutt stated that the redesigned marketplace not only supports these initiatives but also sets ABBYY apart by offering the largest library of document models available in the market. This initiative is designed to cater to enterprise innovation leaders, developers, and partners, providing them with the flexibility, efficiency, and accuracy needed to swiftly deploy pre-built solutions for various business use cases.

In addition to pre-trained AI models, the marketplace offers connectors to integrate with third-party intelligent automation or line-of-business (LOB) platforms. From processing invoices and contracts to waybills and loan documents, these AI skills automate document-centric processes across several high-value use cases, including accounts payable, customer onboarding, and claims processing. Contributions from ABBYY partners and third-party developers further diversify the marketplace's offerings, enhancing integration potential with additional platforms.

According to Gartner, the market size for intelligent document processing is anticipated to reach $2.09 billion by 2026. ABBYY Vantage has already been recognised as a leader in this market by more than ten analyst firms, including IDC MarketScape, which highlighted the platform in its inaugural 2023-2024 software assessment. Vantage's significant achievement includes a 60% increase in new annual recurring revenue (ARR) in 2023, validating its role in enabling enterprises to derive real business value from their data.

The ABBYY Vantage platform simplifies the extraction, processing, and classification of key business data from documents, achieving up to 95% straight-through processing with up to 99% accuracy. As the first low-code platform for IDP, it reduces dependence on IT departments by empowering developers and citizen developers with its intuitive interface and pre-trained AI skills. This capability allows businesses to handle documents of any format, structure, or language efficiently.