Optical Character Recognition Market
Optical Character Recognition Market (By Type - Software (Desktop-based OCR, Mobile-based OCR, Cloud-based OCR (Multi-tenant Cloud, Private Cloud)) and others (Batch OCR, Server based OCR etc.), Service (Consulting, Outsourcing, Implementation & Integration), By End-use - Retail, Government, BFSI, Education, Transport & Logistics, Healthcare, Media & Entertainment, IT & Telecom, Manufacturing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2030
Press Release :
Optical character recognition (OCR) is a technology that accurately recognizes printed and written text characters by a computer. A typical OCR system consist of several components which may include optical scanning, location segmentation, preprocessing, feature extraction and recognition post processing. This involves photo scanning of the text, analysis of the scanned-in image and the conversion of character image to character codes. OCR software is also used to extract data from scanned documents or camera images that enables the user to access and edit the content of the original document. OCR is unique as it does not require control of the process that produces the information, however other techniques are also prevalent for automatic identification that include speech recognition, radio frequency identification and bar code reader,. The entire document management process has been revolutionized as the industry verticals adopted OCR technology in their business processes.
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Major industries where OCR technology is widely used includes banking, legal, healthcare, education, finance and government. The advancement of OCR from a special purpose reader to multi-purpose interactive system has lowered the data capturing cost and has led to the development of more reliable OCR system. Therefore, OCR technology may become very useful solution for businesses that require lot of paper documentation or have huge historical data that needs to be digitized. There are many domain specific applications of OCR system which include invoice OCR, check OCR, and receipt OCR etc. These can be used for automatic number plate recognition, data entry for business documents, extracting key information and as an assistive technology for visually impaired and blind users. Optical character recognition is generally an offline process to analyze a static document. Nevertheless, cloud based OCR software is also gaining momentum globally. In recent years, web-based OCR systems are being sold as commercial products. The global market for optical character recognition is anticipated to expand at revenue CAGR of 15.2% during the forecast period from 2020-2030. The global OCR market is expected to reach US$ 51,527.0 Mn by 2030.
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The global optical character recognition market can be segmented on the basis of type, end-use and region. In terms of type, OCR market can be divided into software and service. The software segment can be further classified into desktop based OCR, mobile based OCR, cloud based OCR including others such as batch OCR, and server based OCR etc. Cloud based OCR can be further sub-segmented into multi-tenant cloud (public cloud) and private cloud. The service segment is classified into consulting, outsourcing and implementation & integration. On the basis of end-use, optical character recognition market can be classified into retail, government, Banking, Financial Services and Insurance (BFSI), education, transport & logistics, healthcare, media & entertainment, IT & telecom and manufacturing. Geographically, optical character recognition market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold largest share among global optical character recognition market. Asia-Pacific is expected to witness highest CAGR during the forecast period owing to growing adoption of OCR technology in the emerging countries in the region such as India and China.
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OCR supports mission critical subscription business operations and excludes the need of manual data entry and outdated scanners. Moreover, OCR technology with its high speed and accuracy is driving the growth of OCR market. However, the most visible hurdle in the growth of this technology is the lack of recognition of handwritten material. Presently the standard OCR software accurately works for standardized set of documents. Nevertheless, a more advance OCR technology might include intelligent character recognition (ICR) that works on learning model of human brains which can eventually solve the problem of recognition of complex handwritten documents. This is expected to create opportunities for the growth of OCR market during the forecast period.
The global OCR market is highly fragmented with number of companies operating in the segment. Leading players are currently focusing on providing cost competitive products to the customers. Moreover, as part of this strategy, the companies are engaging in various strategic partnerships, acquisitions, focusing on expanding their business through new service additions and geographical presence.
Some of the key players engaged in OCR market include
- ABBY Software Ltd.
- Anyline GmbH
- Adobe Systems Incorporated
- ATAPY Software
- CCi Intelligence Co. Ltd.
- Creaceed S.P.R.L.
- CVSION Technologies Inc.
- Exper-OCR Inc.
- Google Inc.
- I.R.I.S.S.A. (Canon)
- IBM Corporation
- LEAD Technologies Inc.
- Microsoft Corporation
- Nuance Communications Inc.
- NTT Data Corporation
- Paradatec, Inc.
- Prime Recognition Corporation
- Ripcord Inc.
- Transym Computer Services Ltd.
- Beijing Wintone Science & Technology Co. Ltd
- Black Ice Software LLC
- SEAL Systems
- Ricoh Group
- Accusoft Corporation
Optical Character Recognition Market: Description
The global optical character recognition market report provides analysis for the period 2018–2030, wherein the period from 2020 to 2030 is the forecast period and 2019 is the base year. The report covers all the major trends and technologies playing a key role in optical character recognition market growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence market’s growth during the said period. The study provides a holistic perspective on the optical character recognition market’s growth throughout the above mentioned forecast period in terms of revenue (in US$ Mn), across different geographies, including North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and South America.
The market overview section of the report demonstrates the market dynamics and trends, such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. An attractiveness analysis has also been provided for every geographic region in the report, in order to give a thorough analysis of the overall competitive scenario of the optical character recognition market, globally. Moreover, the report provides an overview of the various strategies of key players present in the market. Introduction and market definition chapter helps in understanding different technologies of optical character recognition along with their applications which are included in the report.
The report segments the global optical character recognition market on the basis of type into software and service. Thus, the report provides in-depth cross-segment analysis of the optical character recognition market and classifies it into various levels, thereby providing valuable insights at the macro as well as micro levels. Further, the optical character recognition software market is segmented into desktop based OCR, mobile based OCR, cloud based OCR and others (batch OCR, server based OCR etc.) The optical character recognition service market is classified into consulting, outsourcing and implementation & integration. Optical character recognition is also segmented on the basis of end-use into retail, government, BFSI, education, transport & logistics, healthcare, media & entertainment, IT & Telecom and manufacturing.
Key Questions Answered in This Report on the Global Optical Character Recognition Market
- How much revenue will the global optical character recognition market generate by the end of the forecast period?
- What type of software is likely to have the maximum market share by 2030?
- What region currently contribute the maximum share to the overall global optical character recognition market?
- What are the indicators expected to drive the global optical character recognition market?
- What country is likely to be a lucrative market during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the global optical character recognition market to expand their geographical presence?
- What are the major advancements witnessed in the global optical character recognition market?
This report answers these questions and more about the global optical character recognition market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
The report also highlights the competitive landscape of the optical character recognition market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive optical character recognition market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the optical character recognition market’s growth.
On the basis of country, North American market is divided into The U.S., Canada and Rest of North America. Similarly, Europe market is divided into The U.K., Germany, France, Italy, Spain and Rest of Europe. Asia Pacific has been segmented into China, Japan, India and Rest of Asia Pacific. Middle East and Africa covers the GCC countries, South Africa and Rest of Middle East and Africa. Similarly, South American region includes Brazil and Rest of South America. This report provides all the essential information required to understand the optical character recognition and its components. Furthermore, Porter’s Five Forces analysis explains the factors which are currently affecting the market. This report also provides the value chain analysis for the optical character recognition market which explains the participants of the value chain.
Some of the key players engaged in OCR market include ABBY Software Ltd., Anyline GmbH, Adobe Systems Incorporated, ATAPY Software, CCi Intelligence Co. Ltd., Creaceed S.P.R.L., Captricity, CVSION Technologies Inc., Exper-OCR Inc., Google Inc., I.R.I.S.S.A. (Canon), IBM Corporation, LEAD Technologies Inc., Microsoft Corporation, Nuance Communications Inc., NTT Data Corporation, Paradatec, Inc., Prime Recognition Corporation, Ripcord Inc., Transym Computer Services Ltd., Beijing Wintone Science & Technology Co. Ltd., Black Ice Software LLC, SEAL Systems, Ricoh Group and Accusoft Corporation among others. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
Global Optical Character Recognition Market: Segmentation
This report on the global optical character recognition market provides information on the basis of type, end-use, and region.