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Global Optical Character Recognition Market to Expand at a CAGR of 15.2 %: Transparency Market Research

According to a new market report published by Transparency Market Research entitled “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,” the global optical character recognition market is expected to reach a value of US$ 51,527.0 Mn by 2030. The market is estimated to expand at a CAGR of 15.2% during the forecast period from 2020 to 2030.

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. 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.

In 2019, North America was the largest region for optical character recognition market due to the infrastructure development and changing government policies and regulations. The region is also expected dominate the optical character recognition market throughout the forecast period. Enterprises are opting to use optical character recognition technology owing to speed and accuracy associated with the technology. Enterprise are also adopting cloud based optical character recognition software due to ease of use and cost effectiveness of cloud computing. Asia-Pacific optical character recognition market is growing rapidly and is anticipated to grow with highest CAGR during the forecast period. The growth in Asia-Pacific region is primarily driven by increasing adoption of OCR technology by small and medium enterprises (SME) in the region. Moreover, rising adoption of OCR software by IT & Telecom industry for document management is also driving the growth of the regional market. Countries such as China and India are expected to be at the forefront of OCR adoption due to increased technological investment in the countries during the forecast period. Growing demand for OCR software from Middle East & Africa is anticipated to provide growth opportunities for the growth of OCR market.

The optical character recognition market is highly competitive in terms of technology offered due to the higher concentration of manufacturers. 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.

Market Segmentation:

Optical Character Recognition Market Analysis, by Type

  • Software
    • Desktop based OCR
    • Mobile based OCR
    • Cloud based OCR
      • Multi-tenant OCR (Private Cloud)
      • Public Cloud
    • Other (Batch OCR, Server based OCR etc.)
  • Service
    • Consulting
    • Outsourcing
    • Implementation & Integration

Optical Character Recognition Market Analysis, by End-use

  • Retail
  • Government
  • BFSI
  • Transport & Logistics
  • Healthcare
  • Media & Entertainment
  • IT & Telecom
  • Manufacturing

Optical Character Recognition Market Analysis, by Region

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • The U.K.
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Australia
    • Rest of Asia Pacific
  • Middle-East & Africa
    • U.A.E.
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America

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