Global Optical Character Recognition Market Size By Type (Service, Software), By Vertical (Retail, Government, Education), By End User (B2B, B2C), By Geographic Scope And Forecast

Optical Character Recognition Market Size And Forecast

Optical Character Recognition Market was valued at USD 7.08 Billion in 2020 and is projected to reach USD 24.3 Billion by 2028, growing at a CAGR of 16.6% from 2021 to 2028.

The rising demand for OCR technology, increasing digitalization, and rising integration of AI with optical character recognition are some of the factors anticipated to drive market growth during the forecast period. The Global Optical Character Recognition Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Optical Character Recognition Market Definition

Optical Character Recognition also known as optical character reader is a conversion of images, handwritten text, and printed text into machine-readable code. It is generally used for data processing like editing, deleting, and searching. It is a digitizing method where any type of printed text like passport documents, receipts, bank statements, and invoices is electronically edited, searched, and sorted.

Optical Character Recognition is an offline process that analyses static documents. It also provides cloud-based services. There are many benefits of using OCR such as providing higher accuracy, productivity, data security, cost reduction, improved customer service, speed, time-saving, and making documents editable. It makes the text accessible to blind and visually impaired people. It converts the physical data into digital form.

Global Optical Character Recognition Market Overview

Increasing applications of OCR systems in the transportation and logistics industry is a key factor that has triggered the growth of the OCR market. The warehouses and drivers are progressively utilizing mobile-based OCR frameworks to extricate and examine the approaching allocate codes, records, solicitations, item catalogs, merchandise receipts, loading/transport, and merchandise return among others. The trucking, rail cargo, ocean cargo, and discuss cargo companies, together with dispatch, express, & allocate companies are reserved within the OCR-based administrations to organize information administration arrangements.

Besides, moving forward client benefits and expanded security of archives are a few of the benefits that have boosted the appropriation of the OCR framework over different businesses, counting BFSI and retail. In addition, rising requirements for ID-verification administrations can create development openings for the optical character acknowledgment (OCR) systems market. On the other hand, the need for precision in the acknowledgment of transcribed fabric may be a driving component that can prevent advertising development

Global Optical Character Recognition Market Segmentation Analysis

The Global Optical Character Recognition Market is segmented on the basis of Type, Vertical, End User, and Geography.

Optical Character Recognition Market, By Type

• Service
• Software

Based on Type, the market is bifurcated into service and software. The software segment accounted for the largest share. Because of increasing the demand for organizations to convert physical data into digital data.

Optical Character Recognition Market, By Vertical

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

Based on Vertical, the market is bifurcated into Retail, Government, Education, Transport and IT, Healthcare, Telecom and IT, BFSI, Manufacturing, and Others. The BFSI segment dominated the highest market share. Because of increasing the penetration of OCR technology in the banking sector.

Optical Character Recognition Market, By End User

• B2B
• B2C

Based on End User, the market is bifurcated into B2B and B2C. The B2B segment dominated the highest market share which is 75%. Because several businesses use software solutions for combining OCR with AI technology.

Optical Character Recognition Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Optical Character Recognition Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America held the largest revenue share of 38% and is expected to maintain the lead throughout the forecast period. The key factor such as the rising penetration of AI applications in the region.

Key Players

The “Global Optical Character Recognition Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Adobe, ABBYY, Anyline GmbH, Google LLC, Microsoft, Nuance Communications, IRIS SA, NAVER Cop, Lead Technologies, and Exper-OCR. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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