Optical Character Recognition Market

Introduction of the Optical Character Recognition Market Report

Optical character recognition is defined as the process of electronically or mechanically converting scanned files like typed images, handwritten images into machine-encoded text. This technology is used in the various process with combined technologies like identification process in OCR, OCR in payment process among others. Growing digitalization across the globe, has led to an incline in the adoption of optical character recognition, leading to the expansion of the market.

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Market Dynamic

Key Drivers and Emerging Trends

OCR has been a long part of various verticals for automated processing of forms and other documents, wherein huge amount of data is available in printed form. Rapid digitalization in business organizations has made it possible and more efficient, which has led to the expansion of the market. The OCR technology is also being extensively used for transforming information available in text form into image, and other documents with the help of text-to-speech technologies and thus making it accessible visually impaired individuals.

Other applications of the technology include sorting out letters at post offices and documents in law firms and courts along with preserving historical and cultural texts, personal identification, and processing invoices, orders, and other documents. For instance, in July 2020, Jobvite, Inc., an end-to-end talent acquisition suite, acquired the data science and AI team at Predictive Partner. This acquisition is anticipated to leverage AI through natural language processing, machine learning, predictive analytics, and optical character recognition. Furthermore, the technology also finds increasing application in BFSI and the healthcare sectors for creating digital copies of checks, invoices, and other documents. For instance, in May 2019, Standard Chartered Bank launched an augmented intelligence document processing solution, called Trade AI Engine, developed in collaboration with IBM. This solution is developed to tackle the time-consuming process of unstructured traditional documentary review.

Restraint in the Optical Character Recognition Market

However, handwritten character recognition is very challenging for the industry, which is likely to hamper the growth of the market.

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Type – Segment Analysis

Based on the type, software is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the rising requirement in data-driven organizations, which is used for converting physical documents into digital form.  In addition, recent launches by the players in the market has helped in elevating the overall market growth. For instance, in 2020, iText Group nv Inc. officially announced the launch of PDF libraries and solutions provider, which has contributed to the growth of the market.

Vertical – Segment Analysis

Based on the vertical, BFSI is witnessed to grow at a higher CAGR in the market over the forecast period. This is due to the high penetration of OCR technology in banking sector, due to various types of documents, checks, receipts, and to convert all the information into a form recognized or understood by a computer. For instance, ABBYY, a digital intelligence company, provides digital banking solutions for banks and financial institutions. DBS Bank, a Singapore-based banking and financial services corporation, has employed ABBYY Mobile OCR Engine to extract and fill in the relevant information in its on-the-go loan application.

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Regional – Segment Analysis:

Based on the regional coverage, North America is witnessed to grow at a higher CAGR in the market over the forecast period. This is majorly due to the growing penetration of AI applications among other advanced technologies in US. For instance, the American Foundation for the Blind, a U.S.-based non-profit organization, provides various assistive technology products, including OCR systems, for visually impaired people. Besides, in August 2020, Microsoft, the U.S.-based tech giant, released its latest technology called Read API to extract printed texts, handwritten texts, currency symbols from images, digits, and multi-page PDF documents. Such factors are expected to drive demand in the coming years.

Top Market Players

Various notable players operating in the market, include, 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, among others. 

Key Developments:

• • In 2021, Adobe announced a new OCR software, with enhanced capabilities leading to the expansion of the product portfolio.

Segments covered in the Report:

The global optical character recognition market has been segmented on the basis of type, vertical, and regions. Based on type, the market is segmented into software and services. Based on vertical, the market is segmented into retail, BFSI, government, education, transport and logistics, healthcare, IT & telecom, manufacturing, and others. 

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Key questions answered in this research report:

• • At what pace is global optical character recognition market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in optical character recognition market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global optical character recognition market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various vertical areas of global optical character recognition market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Optical Character Recognition Market by Type

• • Software
  • Services

Global Optical Character Recognition Market by Vertical

• • Retail
  • BFSI
  • Government
  • Education
  • Transport and Logistics
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Others

Global Optical Character Recognition Market by Region

• • North America Optical Character Recognition Market (Option 1: As a part of the free 25% customization)
    • North America Optical Character Recognition Market by Type
    • North America Optical Character Recognition Market by Vertical
    • US Optical Character Recognition Market All-Up
    • Canada Optical Character Recognition Market All-Up
  • Europe Optical Character Recognition Market (Option 2: As a part of the free 25% customization)
    • Europe Optical Character Recognition Market by Type
    • Europe Optical Character Recognition Market by Vertical
    • UK Optical Character Recognition Market All-Up
    • Germany Optical Character Recognition Market All-Up
    • France Optical Character Recognition Market All-Up
    • Spain Optical Character Recognition Market All-Up
    • Rest of Europe Optical Character Recognition Market All-Up
  • Asia-Pacific Optical Character Recognition Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Optical Character Recognition Market by Type
    • Asia-Pacific Optical Character Recognition Market by Vertical
    • China Optical Character Recognition Market All-Up
    • India Optical Character Recognition Market All-Up
    • Japan Optical Character Recognition Market All-Up
    • Rest of APAC Optical Character Recognition Market All-Up
  • RoW Optical Character Recognition Market (Option 4: As a part of the free 25% customization)
    • RoW Optical Character Recognition Market by Type
    • RoW Optical Character Recognition Market by Vertical
    • Brazil Optical Character Recognition Market All-Up
    • South Africa Optical Character Recognition Market All-Up
    • Saudi Arabia Optical Character Recognition Market All-Up
    • UAE Optical Character Recognition Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Optical Character Recognition Market All-Up

Major Players Operating in the Optical Character Recognition (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • 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