The global optical character recognition (OCR) market is expected to exhibit a CAGR of XX% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
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 at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, mode of operation and vertical.
Breakup by Type:
- Desktop-based OCR
- Mobile-based OCR
- Cloud-based OCR
- Implementation and Integration
Breakup by Mode of Operation:
Breakup by Vertical:
- Transport and Logistics
- IT and Telecom
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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).
|Base Year of the Analysis
||Type, Mode of Operation, Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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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?