Global Optical Character Recognition Market

Global Optical Character Recognition Market was valued US$ 6.8 Bn in 2019 and is expected to reach US$ 16.60 Bn by 2027, at a CAGR of 13.60 % during a forecast period.

The Optical Character Recognition is a technology that enables to convert different types of the document such as scanned paper documents, PDF files or images captured by the digital camera.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

Global Optical Character Recognition Market, Dynamics:

Digitization is playing a vital role in tranforming the way of the orgnizations. It has helps to companies to enhance the efficiency of their business processes. Many enterprizes are investing high amount in the OCR technology, which can help them to digitalize their work process and productivity. The high investment for advancement of the OCR in startup companies is one of the key drivers in the global optical character recognition market. An Increase in focus of OCR solution developers on integrating innovative technologies to enhance accuracy is also expected to drive the OCR market growth. In addition, an emergence of the innovative technologies like computer vision, machine learning and artificial intelligence is offering new opportunities for the global market growth.

Global Optical Character Recognition Market, Segment Analysis:

The OCR has being progressed from a being a single-purpose reader to mulitpurpose reader, interactive and device-agnostic systems, which have a low input cost and increased the fidelity. The markets have responded postively and expected to forecast the further excitement as solutions for enhacing accuracy and speed. An images captured by the digital camera are diifernt from the scanned documents or image only PDFs. They might be have defects such as distrotion at the edges and dimmed light. The OCR is used tocorrect the recognise the text.

Software segment is expected to grow at a XX% rate of CAGR during the forecast period. The OCR software has also called as document capture software, which is designed to scan various types of the documents and process the content within the document. The Software segment held the more than 80% in 2019 because of the rise in requirement in data-driven organization for transforming physical documents into digital form.

OCR is expected to continue finding application across various industries during the forecast period. The technological advancement have taken in the banking industry thanks to the OCR technology. The usage of the OCR technology in banks has tranformed the indutry and making life easier for all. Te technology is used in BFSI for creating digital copies of checks, invoices, and other documents. The OCR-based applications are widely used to scan different types of documents, receipts, and checks and to convert all the information into a form recognized or understood by a computer. It has made all the business tranaction and banking processes faster.

Global Optical Character Recognition Market, Regional Analysis:

North America held the nearly bout more than 30% in 2019. The ragion has contributed the singificant share because of the early and the rapid adoption of the advanced technologies across the enterprizes in the region. In addition, the rapid infrastructure development and changing policies and regulations formed by the government are expected to boost the regional growth. Furthermore, the Asia Pacific region is expected to grow at a XX% rate of CAGR during the forecast period. The growth in the market can be driven by small and medium enterprises (SME). An increase in the use of optical character recognition software by IT and telecom industry for document management is expected to propel the growth in the Asia Pacific regional market.

Global Optical Character Recognition Market, competitive Analysis:

The OCR market is experiencing a signifiant growth because of the highly competitive fiels of the players, which are offering multi-langual services in a sigle window model. The companies are observing a technical progression, where data is becoming a serious part of the development. They are formed prior to the era of digitalization in the sector of the enterprise. They have also started utilizing the tools like optical charctor recognition to transform theor physical information into a alphanumeric methode.

Enterprises across various industries are focusing on collaborating with OCR key players to develop software for document processing. For instance,2019, Standard Chartered Bank announced the launch of Trade AI Engine in partnership with IBM. an augmented intelligence document processing solution developed with aim to tackle the high-risk and time-consuming process through a combination of Natural Language Processing (NLP), machine learning, and OCR.

The objective of the report is to present a comprehensive analysis of the Global Optical Character Recognition Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Optical Character Recognition Market dynamics, structure by analyzing the market segments and projects the Global Optical Character Recognition Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Optical Character Recognition Market make the report investor’s guide.

Scope of the Global Optical Character Recognition Market

Global Optical Character Recognition Market, By Type

• Software

 Desktop-based OCR

 Mobile-based OCR

 Cloud-based OCR

 Others

• Services

 Consulting

 Outsourcing

 Implementation & Integration

Global Optical Character Recognition Market, By Vertical

• Retail

• BFSI

• Government

• Education

• Transport and Logistics

• Healthcare

• IT & Telecom

• Manufacturing

• Others

Global Optical Character Recognition Market, By Region

• North America

• Europe

• Asia Pacific

• Middle East & Africa

• South America

Key players operating in Global Optical Character Recognition Market

• Anyline GmbH

• Captricity Inc.

• IBM Corporation

• Microsoft Corporation

• ABBYY

• Google, Inc.

• Nuance Communications, Inc.

• CVISION Technologies Inc

• Adobe, Inc.

• Exper-OCR

• Creaceed SPRL

• Accusoft Corporation

• Ricoh Company Limited

• Anyline GmbH

• NTT Data Corporation

• LEAD Technologies, Inc.

• CC Intelligence Corporation

• Iris S.A.

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