Adobe (ADBE) Boosts Gen AI Efforts With Acrobat AI Assistant

Adobe ADBE recently announced the general availability of its new Acrobat AI assistant tool to all Acrobat and Reader users.

This generative AI-powered tool enhances efficiency in PDF, Word, PowerPoint and meeting transcripts by allowing users to ask natural language questions, receive conversational responses and recommend questions based on the PDF’s content.

The tool boasts a search feature to highlight key points from a lengthy document. It also acts as a PDF summarizer, offering short overviews for a quick understanding of the content.

The latest move will allow Adobe to strengthen its foothold in the global intelligent document processing market, presenting a significant growth opportunity for the company. Per a Grand View Research report, the intelligent document processing market size is expected to witness a CAGR of 30.1% between 2023 and 2030.

Adobe Inc. Price and Consensus

Adobe Inc. Price and Consensus

Adobe Inc. price-consensus-chart | Adobe Inc. Quote

Stiff Competition

The latest move is likely to aid this Zacks Rank #3 (Hold) company to strengthen its competitive position against peers like Alphabet GOOGL, Microsoft MSFT and Amazon AMZN, which are also making concerted efforts to capitalize on growth opportunities present in the intelligent document processing market space.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recently, Alphabet announced the general availability of Document AI Custom Extractor to all Google Cloud users.

The Custom Extractor utilizes Google's foundation models to efficiently extract data from structured and unstructured documents, enabling faster and more efficient generative AI implementation in document processing workflows.

Meanwhile, Microsoft is gaining from strong momentum across its Azure AI Document Intelligence tool.

The new feature updates of this tool include figure detection and hierarchical document structure analysis and improved AI quality for field extraction. The new update also supports cell, row, and table-level confidence scores and overlapping field extraction.

Amazon, on the other hand, is benefiting from its intelligent document processing solution, Amazon Textract.

Earlier, Amazon introduced a new generative AI-powered feature called AnalyzeDocument Layout for Textract, which allows customers to automatically extract layout elements like paragraphs, titles, subtitles, headers and footers from documents. This feature extends word and line detection, enabling easier extraction of information in titles, headers and paragraphs, which is crucial for document processing and understanding solutions.

ADBE’s Generative AI Strength to Aid Growth

The latest move bodes well for Adobe’s growing efforts to strengthen its generative AI capabilities, which are presently acting as a key growth catalyst for the company.

The company collaborated with researchers at the University of California and Carnegie Mellon to introduce Project Music GenAI Control, a platform that allows users to generate audio from text descriptions or reference melodies. The tool uses generative AI to assist users in creating and editing music without professional experience. Users can input text descriptions, customize music and remix clips, making it ideal for content creators.

Adobe recently introduced generative AI innovations in Adobe Premiere Pro, reimagining video creation and production workflows. These tools will streamline editing, including adding or removing objects, and will be powered by a new video model, joining the Firefly family of models. These models will be integrated across Creative Cloud and Adobe Express.

The company also announced major product innovations at the Adobe Summit, enabling brands to optimize their content supply chain with its generative AI-first offering, Adobe GenStudio. This new generative AI tool will help marketing teams plan, create, manage, activate and measure on-brand content, addressing the growing demand for personalized and engaging content.

All the above-mentioned endeavors will aid the company in capitalizing on growth opportunities present in the global generative AI market. Per a Grand View Research report, the generative AI market size is expected to witness a CAGR of 36.5% between 2024 and 2030.

Solidifying prospects in the promising generative AI market will, in turn, aid its overall financial performance in the near term.

The Zacks Consensus Estimate for fiscal 2024 total revenues stands at $21.42 billion, indicating year-over-year growth of 10.4%.

However, high acquisition expenses remain a major concern for the company. Its shares have lost 21.2% in the year-to-date period, underperforming the Zacks Computer & Technology sector’s growth of 11.1%.

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