Global Optical Character Recognition Market 2021: Global Industry Size and Growth Opportunities to 2029
The global optical character recognition (OCR) market was valued at US$8,750.13 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 13.8% during the forecast period. This can be attributed to the growing adoption of OCR technologies across diversified verticals such as banking, financial services and insurance (BFSI), transport and logistics, healthcare, government, education, telecom and IT, manufacturing and retail. OCR technology helps users convert images and documents into a machine-readable form such as PDF, Microsoft Word, RTF, or ASCII, which is further used for data processing like editing or searching.
AgileIntel’s global optical character recognition market study is a 164 slide report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, type, and vertical perspective.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029. Insights on Vertical:
The OCR market is segmented into BFSI, transport and logistics, healthcare, government, education, telecom and IT, manufacturing, retail, and others, based on verticals.
The Banking, Financial Services and Insurance (BFSI) sector held the largest share of the OCR market, accounting for over US$1,726.41 million in revenues in 2021. In the banking industry, OCR technology scans documents, receipts, and checks and converts them into a machine-readable format. They are also used to scan and decipher signatures on cheques, print and update passbooks, etc. Additionally, the adoption of OCR technology in various applications such as loan applications, account opening, and compliance-related processes has helped the BFSI sector to increase its processing speed significantly and also educe errors. For instance, in March 2020, Sony Bank, a Japanese commercial bank, launched a new English-language online banking service for non-Japanese clients to make the account opening process fast and easy.
OCR technology in the transport and logistics industry scans the tracking numbers of packages and postal codes of delivery locations instead of manually noting them. This quickens the packages' processing, shipping, and tracking speed and also reduces costs.
Further, in the healthcare industry, OCR systems are widely used for scanning medical reports, clinical data, prescription forms, and patient records, which is integrated into patient data management software for the digital storage of relevant documents.
Implementing OCR software in the retail industry helps improve customer experience by offering services, such as voucher code scanning, self-service utility meter reading, and tax-free shopping, among others.
Meanwhile, with the rise in digitized workflows in the government and public sector institutions, there has been a rise in electronic transactions such as automatic verification of documents, applications for documents like personal ID cards, drivers’ licenses, etc., driving the need to integrate OCR solutions in their processes.
Insights on Key Markets:
The U.S. with a market size of US$2,337.10 million in 2021, is the largest market for OCR, capturing 26.7% of the global market share. This can be attributed to a high degree of innovation and the presence of major industry players such as ABBY, Adobe, IBM, Microsoft and Google. For instance, in August 2020, Microsoft introduced its latest OCR technology called Read API to extract printed and handwritten texts and currency symbols from images, digits, and PDF documents.
The OCR market in China accounted for US$714.62 million in 2021. The growing adoption of OCR technology in industries such as transport and logistics, healthcare, BFSI, and education is expected to drive market growth during the forecast period. Additionally, China is also making considerable investments in advanced technologies to drive growth in the region. For instance, in May 2020, DataGrand, a Chinese AI startup, raised funds worth US$38 million to develop natural language processing (NLP), OCR, robotic process automation, and other AI technologies.
Impact of COVID-19
The COVID-19 pandemic has adversely affected many businesses worldwide due to trade and travel restrictions, government-imposed lockdowns, social distancing, stay-at-home orders and shutdown of manufacturing facilities. However, adoption of OCR products has witnessed an uptick during the pandemic.
As a safety measure, organizations are adopting advanced technologies such as AI, robotics, OCR, and ML to ensure business continuity and uninterrupted services to their customers. Several businesses, organizations and government bodies are using OCR platforms to combat against the COVID-19 outbreak. For instance, in India, various state police departments implemented OCR and biometrics technology to issue e-passes to individuals based on validation of supporting identity documents to monitor movement during the lockdown. As organizations, move into a COVID-induced digital age, the adoption of OCR products is expected to increase further during the forecast period.
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