Optical Character Recognition Market: Global Industry Analysis and Forecast (2023-2029)

Global Optical Character Recognition Market size was valued at US$ 27.77 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 15.4% from 2022 to 2029, reaching nearly US$ 28.08 Bn.
Optical Character Recognition Market Overview:
The Optical Character Recognition Market is expected to reach US$ 28.08 Bn. by 2029. OCR technology transforms printed and physical documents into machine-readable text. It extracts and repurposes scanned papers, image-only pdfs, and camera photos. This report focuses on the different segments of the Optical Character Recognition market (Type, Vertical, End-Use, and Region). This report examines the major market players and regions in depth (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It's a thorough examination of today's quick advances in a variety of sectors. Facts and figures, visualisations, and presentations are utilised to demonstrate the core data analysis from 2017 through 2020. The market drivers, restraints, opportunities, and challenges for Optical Character Recognition are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Optical Character Recognition market.

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Optical Character Recognition Market Dynamics:
OCR software collects letters from photos and converts them to words, then sentences, allowing the original text to be edited. Furthermore, OCR technology has been widely adopted in BFSI, healthcare, retail, tourism, logistics, transportation, government, manufacturing, and other industries. The growth of the OCR market can largely be due to increased productivity and the adoption of automatic recognition technologies. For example, in November 2021, HT. KZ, one of Kazakhstan's major travel companies, implemented Smart Engine OCR technology to provide document recognition services. This solution uses AI software to safely scan a client's passport in less than a second, reducing the workload of managers who must manually enter the passport data. This solution combines AI and OCR functionality.

In commercial organisations, digitization has made all procedures faster and more accessible. Data is becoming a vital ingredient for success as firms experience technological improvements. When data is transformed to digital format, it may be processed by computers and other computing devices, making it simple to distribute, access, and store. Companies that were founded before digitization became the standard in the enterprise sector have begun to use tools like OCR to turn their physical data into digital format. The technology is also being used to create digital copies of checks, invoices, and other documents in the BFSI and healthcare industries.

Banks in China, for example, use OCR software in conjunction with facial recognition software to protect ATMs since some ATMs demand customers to enter their photo ID, which the computer scans for the person's name and face. Furthermore, OCR software is used to analyze paper applications and documents that customers provide to demonstrate accountability or creditworthiness. In addition, Visionet Systems, a BFSI digital solutions supplier, launched DocVu.AI, an AI-powered Intelligent Document Processing, in June 2021. It's a system for storing and processing vast amounts of unstructured and structured data. Banks and other financial institutions would be able to efficiently search, analyse, extract, and manage data sets. DocVu.AI AI's and machine learning platform can help you reach your goals.

With the support of text-to-speech technologies, OCR technology is also commonly utilised to convert information available in written form into speech, making it accessible to blind and visually impaired people. Sorting letters at post offices and documents in law companies and courts are some of the other applications of the technology, as are conserving historical and cultural materials, personal identity, and processing invoices, orders, and other documents. For example, IBM, a US-based corporation, purchased Turbonomic, an AI-powered application, in June 2021. Machine learning, natural language processing, and optical character recognition are expected to be used in this acquisition.
Optical Character Recognition Market Segment Analysis:
The Optical Character Recognition Market is segmented by Type, Vertical, and End-Use.

Based on the Type, the market is segmented into Software, and Services. Software segment is expected to hold the largest market share of xx% by 2029. During the forecast period, the software segment is expected to grow significantly. Desktop-based OCR, cloud-based OCR, mobile-based OCR, and others make up the OCR software segment. The growing need to digitise and lessen reliance on physical documents in order to save money, energy, and time has assisted the software segment's growth. Furthermore, the market has developed as augmented reality has become more widely used in platforms such as healthcare, banking, and retail. In March 2021, for example, Smart Engine, a Russian software development firm, teamed with Promobot Thermocontrol, a robotics firm that produced the Promobot Scanner.

Based on the Vertical, the market is segmented into Retail, BFSI, Government, Education, Transport and Logistics, Healthcare, IT & Telecom, Manufacturing, and Others. BFSI segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. The usage of OCR, optimising performance, and automating time-consuming activities are all factors in the segment growth. It aids in document scanning, credit card scanning, and data entry for financial services, converting all data into a format that a computer can recognise and interpret. For example, Appzillon, i-low-code exceed's digital platform, offers banks and financial organisations digital banking solutions.
Optical Character Recognition Market Regional Insights:
The North American region is expected to dominate the Optical Character Recognition Market during the forecast period 2022-2029. The North American region is expected to hold the largest market share of xx% by 2029. This is due to the existence of prominent market players in the United States, as well as early adoption of new technology in enterprises, all of which contribute to regional market growth. For example, AlphaSense Inc., a market intelligence firm based in the United States, raised a Series C investment round of USD 180 million in October 2021, bringing its total funding to USD 263 million. Furthermore, CognitiveScale, an AI-powered digital system, announced Cortex Fabric 6, a low-code developer platform for the transformation, automation, and augmentation of digital experiences, in July 2021. This technology would allow organisations to create more cost-effective and speedier AI applications.

The objective of the report is to present a comprehensive analysis of the Global Optical Character Recognition Market to the stakeholders in the industry. The past and current status of the industry with the 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 include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of 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 reports also help in understanding the Global Optical Character Recognition Market dynamic and structure by analyzing the market segments and projecting the Global Optical Character Recognition Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Optical Character Recognition Market make the report investor’s guide.
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Global Optical Character Recognition Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2029
Market Size in 2022:
US $ 27.77 Bn.


Forecast Period 2023 to 2029 CAGR:
15.4%
Market Size in 2029:
US $ 28.08 Bn.


 Segments Covered:
by Type
Software
Services


by Vertical
Retail
BFSI
Government
Education
Transport and Logistics
Healthcare
IT & Telecom
Manufacturing
Others


by End-Use
B2B
B2C



Optical Character Recognition Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Optical Character Recognition Market Key Players
1.Anyline GmbH
2.Captricity Inc.
3.IBM Corporation
4.Microsoft Corporation
5.ABBYY
6.Google, Inc.
7.Nuance Communications, Inc.
8.CVISION Technologies Inc
9.Adobe, Inc.
10.Exper-OCR
11.Creaceed SPRL
12.Accusoft Corporation
13.Ricoh Company Limited
14.Anyline GmbH
15.NTT Data Corporation
16.LEAD Technologies, Inc.
17.CC Intelligence Corporation
18.Iris S.A.
19.ATAPY Software
20.IntSig Information Co.,Ltd.
21.NAVER Corp.
22.Open Text Corporation

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Optical Character Recognition Market?
Ans. North America is expected to hold the highest share in the Optical Character Recognition Market.

2] Who are the top key players in the Optical Character Recognition Market?
Ans. Anyline GmbH, Captricity Inc., IBM Corporation, Microsoft Corporation, ABBYY, and Google, Inc. are the top key players in the Optical Character Recognition Market.

3] Which segment is expected to hold the largest market share in the Optical Character Recognition Market by 2029?
Ans. Software segment is expected to hold the largest market share in the market by 2029.

4] What is the market size of the Optical Character Recognition Market by 2029?
Ans. The market size of the market is expected to reach US $ 28.08 Bn. by 2029.

5] What was the market size of the Optical Character Recognition Market in 2022?
Ans. The market size of the Market was worth US $ 27.77 Bn. in 2022.