Optical Character Recognition (OCR) Market Expanding at CAGR of 15.1% During 2023-2028 | IMARC Group

PRESS RELEASE
Published April 11, 2023

The latest report by IMARC Group, titled “Optical Character Recognition (OCR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global optical character recognition market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global optical character recognition (OCR) market is expected to exhibit a growth rate (CAGR) of 15.1% during 2023-2028. 

Optical Character Recognition (OCR) is a technology that converts images containing text into machine-encoded text. This process involves scanning or photographing a document and using software to identify individual characters and convert them into a digital format. OCR is widely used in various industries to digitize paper documents, automate data entry, and enhance text recognition accuracy. The technology has evolved significantly in recent years, with advanced algorithms that can recognize handwriting and even identify the language of the text being scanned. OCR is an important tool in the digital transformation of businesses and the preservation of historical documents.

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Market Trends:

The global market is majorly driven by the increasing need to digitize paper-based documents, improve data accuracy, and streamline business processes. In line with this, the rapid adoption of artificial intelligence and machine learning in OCR technology is significantly contributing to the market. Furthermore, the rising use of smartphones and tablets for business and personal purposes is accelerating the demand for OCR technology in mobile apps. Apart from this, the growing requirement for accurate and fast data entry is positively influencing the market.

Moreover, the rapid adoption of cloud-based OCR and the escalating need to automate business processes for improved efficiency and cost savings are propelling the market. Besides, the widespread utilization of OCR technology in the healthcare industry for digitizing medical records, reducing errors, and improving patient care is strengthening the market. Additionally, the increasing demand in the banking and financial services industry for automating processes like loan applications, processing checks, and managing documents is providing a boost to the market.

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Competitive Landscape:                                          

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:

  • ABBYY
  • Accusoft Corporation
  • Adlib Software
  • Adobe Inc.
  • Anyline GmbH
  • Creaceed S.P.R.L.
  • CVISION Technologies Inc. (Foxit Software Incorporated)
  • Google LLC (Alphabet Inc.)
  • International Business Machines Corporation
  • LEAD Technologies Inc.
  • Microsoft Corporation
  • NTT Data Corporation (The Nippon Telegraph and Telephone Corporation)

Key Market Segmentation:

Breakup by Type:

  • Software
    • Desktop-based OCR
    • Mobile-based OCR
    • Cloud-based OCR
    • Others
  • Services
    • Consulting
    • Outsourcing
    • Implementation and Integration

Breakup by Mode of Operation:

  • B2B
  • B2C

Breakup by Vertical:

  • Retail
  • BFSI
  • Government
  • Education
  • Transport and Logistics
  • Healthcare
  • IT and Telecom
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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