Optical Character Recognition (OCR) Market Share, Size, Growth, Opportunity and Forecast 2021-2026

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Optical Character Recognition (OCR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global optical character recognition (OCR) market exhibited strong growth during 2015-2020. Optical character recognition (OCR) refers to an electronic process of converting different documents, including PDF files, scanned images, and handwritten characters, into a digital format. It is widely used in airport terminals to check passports and identity cards and ease cross-border banking transactions. Other significant applications of the OCR technology include data entry automation and indexing documents for search engines. Presently, several companies from different industry verticals are adopting OCR services for applications, including reading the numbers printed on the inside of a bottle cap or voucher codes that can be redeemed.

With rising digitalization, enterprises worldwide are integrating advanced technologies like OCR to digitize business processes and increase productivity. OCR technology helps save time and effort while creating, processing and repurposing various documents. Moreover, the increasing international air traffic is catalyzing the demand for OCR technology to scan the International Bank Account Number (IBAN) and speed up identifying and registering passengers. It is also utilized for commercial purposes, such as the check-in process of hotels. Apart from this, several companies are relying on OCR technology to provide hassle-free online registration and improve customer engagement. The increasing emphasis on introducing innovative and engaging campaigns for adapting to the changing market dynamics is further contributing to the market growth. Besides this, the integration of artificial intelligence (AI) and robot process automation is anticipated to expand the application of OCR for automatic number plate recognition, assisting blind and visually impaired persons, and scanning paper invoices. Looking forward, IMARC Group expects the global optical character recognition (OCR) market to grow at a CAGR of around 14% during the forecast period (2021-2026).

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global optical character recognition (OCR) market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, mode of operation and vertical.

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:

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
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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).

Key Questions Answered in This Report:

How has the global optical character recognition (OCR) market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global optical character recognition (OCR) market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the mode of operation?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global optical character recognition (OCR) market and who are the key players?
What is the degree of competition in the industry?