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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).
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.
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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).
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