Optical Character Recognition Market Set to Witness Growth in CAGR of 13.74% Over the Forecast Period of 2022 to 2030 | Exclusive Report by Future Market Consulting
According to Future Market Consulting analysis, Global Optical Character Recognition Market size was valued at USD 11.45 Billion in 2021 and is projected to reach USD 73.63 Billion by 2030, growing at a CAGR of 13.74 % from 2022 to 2030.
This is an useful approach for processing printed documents so that they can be technologically edited, searched, compressed, presented over web, and utilized in computer operations like translation software, text-to-speech service, key data retrieval, and text mining. It is also employed to recognize and search text in electronic documents, as well as to post text on websites. It is also used in airports for passport-visa recognition and information extraction, as well as for automatic key information extraction from insurance papers. It is also used to manage a device and assistive devices for visually disabled users by transforming handwriting in real time.
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OCR technology is also frequently used to convert text-based information in to the voice speech using text-to-speech methods, making it accessible to the blind and visually impaired. Arranging alphanumeric data and papers at offices, preserving cultural and historical writings, identifying information, and computation bills, purchases, and other documents are some of the other uses of the technology.
Top Key Players:
ABBYY.
Adobe.
Anyline GmbH
ATAPY Software
Captricity Inc.
Creaceed S.P.R.L.
CVISION Technologies, Inc.
Exper-OCR, Inc.
Google LLC
International Business Machines Corporation
IntSig Information Co., Ltd. Corporation
IRIS S.A.
LEAD Technologies, Inc.
Microsoft
NAVER Corp.
Nuance Communications, Inc.
Open Text Corporation
Others
Optical Character Recognition Market Segmentation:
By Type
Software
Desktop-based OCR
Mobile-based OCR
Cloud-based OCR
Private
Public
Others
Services
Consulting
Outsourcing
Implementation & Integration
By Enterprise Size
Small & Medium Enterprises
Large Enterprises
By Mode of Operation
B2B
B2C
By Industry
Retail
BFSI
Government
Education
Transport And Logistics
Healthcare
IT & Telecom
Manufacturing
Others
By Region
South America (Brazil, Argentina, Rest of South America);
North America (US, Canada, Mexico);
Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);
Key Developments
- Adobe launched ‘Adobe Scan’ Optical Character Recognition App. This new app uses Optical Character Recognition (OCR) to turn printed text into a digital document.
- Foxit Software announced the acquisition of New York-based CVISION Technologies. This acquisition of CVISION builds upon Foxit’s 2015 acquisition of Luratech Software and enables Foxit to gain global leadership in the high volume, enterprise automation market for PDF compression, OCR solutions, and conversion.
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Optical Character Recognition Market: Regional Outlook
- In terms of region, the global optical character recognition market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is estimated to dominate the global optical character recognition market and account for 41%share by the end of 2020. It is projected to maintain its dominance during the forecast period.
- The market in Asia Pacific is anticipated to expand at a CAGR of9%during the forecast period, due to increased penetration of smart solutions and commercial OCR solutions in the region
- In APAC, increasing investment on advanced commercial business solutions and devices is expected to propel the optical character recognition market during the forecast period
- The report provides in-depth segment analysis of the global optical character recognition market, thereby providing valuable insights at macro as well as micro levels
- Analysis of major countries, which offer considerable opportunities or account for significant share has also been included as part of geographic analysis for the optical character recognition market
Reasons to Purchase this Report:
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
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