According to the latest report by IMARC Group, titled "Optical Character Recognition (OCR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-20277," the global Optical Character Recognition (OCR) Market is expected to grow at a CAGR of XX% during 2022-2027. Optical character recognition (OCR) is a data capture solution that electronically converts different documents, such as portable document formats (PDF) files, scanned images, and handwritten texts, into a machine-readable form. It comprises various hardware and software components, including an optical scanner, specialized circuit board, artificial intelligence (AI), and machine learning (ML). In addition to this, this technology uses pattern and feature detection algorithms to examine the characters and translate them into data processing codes. OCR offers several benefits to businesses, like eliminating manual data entry, reducing errors, improving productivity, enabling the reallocation of physical storage space, and providing automated content processing, centralized data, and reduced operating costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Optical Character Recognition (OCR) Market Trends:
Rapid digitalization in business processes is primarily driving the global OCR market growth. Due to the increasing volumes of data, there has been an escalating demand for automated data extraction tools, which is contributing the market growth. Other than this, the aviation and banking, financial services, and insurance (BFSI) industries are employing OCR technology to improve the scanning process of the International Bank Account Number (IBAN) and identifying and registering passengers, which is acting as a growth-inducing factor. Additionally, the increasing applications of mobile-based OCR systems in the transportation and logistics sector to extract and read the incoming parcel codes, invoices, and product catalogues, are catalyzing the market growth. Apart from this, the integration of artificial intelligence (AI) and robotics is further expanding the OCR application in automated number plate recognition and assistance for visually impaired individuals with synthetic speech, scanning, saving, recognizing, and reading texts.
- Based on the type, the market has been divided into software (desktop-, mobile-, cloud-based OCR, and others) and services (consulting, outsourcing, and implementation and integration).
- On the basis of the mode of operation, the market has been bifurcated into business-to-business (B2B) and business-to-consumer (B2C).
- Based on the vertical, the market has been classified into retail, BFSI, government, education, transport and logistics, healthcare, IT and telecom, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry 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).
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