SAN FRANCISCO, Feb. 8, 2021 /PRNewswire/ -- The global optical character recognition market size is expected to reach USD 26.31 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 16.7% from 2021 to 2028. Digitalization plays a critical role in changing the way organizations operate. It has helped companies improve efficiency of their business processes. Enterprises are investing large amounts in technologies that can help them digitalize their work process and increase productivity. Since data is a critical element for an organization, adoption of technologies such as OCR, which enables users to convert text data in different types of documents and images into editable or accessible formats, has increased. OCR solutions are integrated with a wide range of technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities.
Key suggestions from the report:
- Significant increase in investment for advancement of OCR in startup companies is expected to remain one of the key driving factors
- Emergence of new technologies such as computer vision, machine learning, and artificial intelligence is unfolding new opportunities for industry growth
- The integration of advanced technology in OCR technology has significantly contributed to enhancing data management and data capture. Further, continuous advancements in OCR technology are expected to contribute to the growth of the OCR market positively
- Factors, including the rapid economic growth of countries, such as China and India, rising adoption of smartphones, and the developing e-commerce sector are anticipated to further fuel the Asia Pacific regional market growth
Read 150 page research report with ToC on "Optical Character Recognition Market Size, Share & Trends Analysis Report By Type (Software, Services), By Vertical, By End Use (B2B, B2C), By Region, And Segment Forecasts, 2021 - 2028" at:https://www.grandviewresearch.com/industry-analysis/optical-character-recognition-market
Integration of artificial intelligence with optical character recognition has helped companies in leveraging technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the more efficient processing of documents, texts, and other data in a way similar to that of humans. These advanced technologies also help to address inaccuracies that occur in OCR, thereby providing streamlined fault management. This, in turn, helps reduce costs of processing documents and increase efficiency within the organization. Furthermore, increasing penetration of optical character recognition in banks and financial institutions has bolstered the OCR market growth for B2B end-users. For instance, IntSig Information Co., Ltd. Corporation's CamCard solution for bank card recognition is being used by over 80% of the Chinese banks and security companies.
The OCR market can be described as a highly competitive market. The market vendors are pursuing various strategic initiatives to gain a competitive edge in the market. For instance, in January 2020, Druid Enterprise Chatbots, a virtual assistants developer company, partnered with Vonage, a business cloud communications company. This partnership is anticipated to enable communication through WhatsApp messenger in the chatbots. It will incorporate AI technologies like machine learning, NLP, and OCR, among other AI technologies.
Grand View Research has segmented the global optical character recognition (OCR) market based on type, vertical, end use, and region:
- OCR Type Outlook (Revenue, USD Million, 2017 - 2028)
- Software
- Desktop-Based OCR
- Mobile-Based OCR
- Cloud-Based OCR
- Private
- Public
- Others
- Services
- Consulting
- Outsourcing
- Implementation & Integration
- OCR Vertical Outlook (Revenue, USD Million, 2017 - 2028)
- Retail
- BFSI
- Government
- Education
- Transport and Logistics
- Healthcare
- IT & Telecom
- Manufacturing
- Others
- OCR End-use Outlook (Revenue, USD Million, 2017 - 2028)
- B2B
- B2C
- OCR Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
List of Key Players of Optical Character Recognition Market
- ABBYY
- Adobe
- Anyline GmbH
- ATAPY Software
- Captricity Inc.
- Creaceed S.P.R.L.
- CVISION Technologies, Inc.
- Exper-OCR, Inc.
- Google LLC
- International Business Machines Corporation
- IntSig Information Co.,Ltd. Corporation
- IRIS S.A.
- LEAD Technologies, Inc.
- Microsoft
- NAVER Corp.
- Nuance Communications, Inc.
- Open Text Corporation
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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