Global Optical Character Recognition (OCR) Market to Reach US$ 40.8 Billion by 2032, Stimulated by Rising Focus on Minimizing Human Errors

December 18, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Optical Character Recognition (OCR) Market Report by Type (Software, Services), Mode of Operation (B2B, B2C), Vertical (Retail, BFSI, Government, Education, Transport and Logistics, Healthcare, IT and Telecom, and Others), and Region 2024-2032,” the global optical character recognition (OCR) market size reached US$ 12.2 Billion in 2023. Optical character recognition (OCR) is used to convert printed or handwritten text into digital data that can be easily edited, searched, and stored on electronic devices. It relies on advanced algorithms and image processing techniques to recognize characters, words, and even entire documents from scanned or photographed images. It assists in eliminating the need for manual data entry, thereby improving efficiency and accuracy. As a result, OCR is widely employed in the banking, financial services, and insurance (BFSI), healthcare, and transportation sectors across the globe.

Global Optical Character Recognition (OCR) Market Trends:

At present, the rising adoption of OCR to reduce the risks of human errors represents one of the primary factors strengthening the growth of the market. Additionally, increasing preferences for cloud-based OCR services, as they provide enhanced scalability and accessibility, are contributing to the market growth. Apart from this, the growing demand for OCR among organizations seeking efficient ways to manage and process digital documents is positively influencing the market. In addition, the rising focus on enhancing productivity in a company is propelling the market growth. Besides this, the integration of artificial intelligence (AI) and machine learning (ML) in OCR to improve character recognition accuracy is supporting the market growth. Furthermore, the growing demand for OCR to reduce labor costs associated with manual data entry is offering a positive market outlook. Looking forward, the market value is projected to reach US$ 40.8 Billion by 2032, expanding at a CAGR of 14.2% during 2024-2032.

Market Summary:

Based on the type, the market has been bifurcated into software (desktop-based OCR, mobile-based OCR, cloud-based OCR, and others) and services (consulting, outsourcing, and implementation and integration). At present, software holds the largest market share.
On the basis of the mode of operation, B2B exhibits a clear dominance in the market, followed by B2C.
Based on the vertical, the market has been classified into retail, BFSI, government, education, transport and logistics, healthcare, IT and telecom, and others. Presently, BFSI represents the biggest market share.
Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being 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, and NTT Data Corporation (The Nippon Telegraph and Telephone Corporation).

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Mode of Operation, Vertical, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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, and NTT Data Corporation (The Nippon Telegraph and Telephone Corporation)
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Global Optical Character Recognition (OCR) Market to Reach US$ 40.8 Billion by 2032, Stimulated by Rising Focus on Minimizing Human Errors

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