Optical Character Recognition Market to Expand with Rise in Trend of Digitalization among Companies, States TMR Study

• The optical character recognition market is projected to gain the valuation of US$ 70 Bn by 2030
• North America is expected to maintain its leading position, owing to early adoption of technological advancements in the region

ALBANY, N.Y., April 4, 2022 /PRNewswire/ -- The global optical character recognition market is estimated to register growth at a CAGR of 15.2% during the forecast period of 2020 to 2030, notes a research report by Transparency Market Research (TMR).

The OCR software solutions are gaining impetus, as they offer cutting-edge features that help in addressing typical issues pertaining to typographical (spelling mistakes, misprints) and formatting difficulties. Hence, such advancements help in minimizing the cost of data capturing, which, in turn, is creating sizable business opportunities for companies from the global optical character recognition market.

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Optical Character Recognition Market: Key Findings

• Major players operating in the optical character recognition market are focusing on integration of next-gen solutions. This factor is resulting in increase in demand for the OCR technology as well as related solutions among companies from media & entertainment and BFSI industries. In the recent years, different innovative technologies such as computer vision, artificial intelligence, and machine learning are gaining traction due to their ability to assist in improving the performance of solutions. OCR assists in minimizing the operational cost, simplifying varied data-related operational processes, and advancing data precision in digital form. Due to such benefits, the adoption of OCR is estimated to increase in the upcoming years, which is prognosticated to help in the expansion of the optical character recognition market during the forecast period.
• Enterprises from varied industry verticals are focusing on digitization for their business processes in order to boost their work efficiency. Hence, many companies are seen increasing investments in the optical character recognition (OCR) technology for digitalizing their work and accelerating their productivity. Therefore, rising adoption of the OCR technology by startups is generating sizable business prospects in the optical character recognition market. Mobile OCR is being increasingly utilized by logistics and transportation in order to scan invoices and bills intended for the delivery of goods at different locations. Enterprises are growing investments in next-gen technologies so as to decrease the expenses required for the data management as well as data extraction of key information.

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Optical Character Recognition Market: Growth Boosters

• Rise in adoption of the OCR technology in the transportation and logistics industry is propelling the global market
• Increase in adoption of digitalization among enterprises from different industry verticals is fueling the demand opportunities in the global optical character recognition market

Optical Character Recognition Market: Regional Analysis

• The North America optical character recognition market is projected to maintain its leading position, owing to rise in adoption of advanced technologies in the region
• The optical character recognition market in Asia Pacific is prognosticated to register growth at a CAGR of 17.9% during the forecast period. This market growth can be ascribed to a surge in the penetration of commercial OCR solutions and smart solutions in Asia Pacific.

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Optical Character Recognition Market: Key Players

Some of the key players profiled in the report are:

• Accusoft Corporation
• Abbyy Software Ltd.
• Adobe Systems, Inc.
• Adlib Software
• Anyline GmbH
• Amazon Web Services, Inc.
• Beijing Wintone Science & Technology Co. Ltd.
• ATAPY Software
• Captricity (Vidado Inc.)
• Black Ice Software LLC
• Creaceed SPR
• CC Intelligence Corporation
• Exper-OCR Inc.
• CVSION Technologies Inc.
• Hyland Software, Inc
• Google Inc.
• Infrrd Inc.
• IBM Corporation
• LEAD Technologies Inc.
• IRIS SA (Canon)
• NTT DATA Corporation
• Microsoft Corporation
• Oki Europe Ltd
• Nuance Communications
• Paradatec, Inc.
• Open Text Corporation
• Ricoh Group
• Prime Recognition Corporation
• SEAL Systems Inc.
• Ripcord Inc.
• Transym Computer Services Ltd
• Smart Engines
• Xerox Corp.

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Optical Character Recognition Market Segmentation

Component

• Hardware
• Software
• Desktop-based OCR
• Mobile-based OCR
• Cloud-based OCR
• Multi-tenant Cloud (Public Cloud)
• Private Cloud
• Others (Batch OCR, Server-based OCR)
• Service
• Consulting & Training
• Outsourcing
• Implementation & Integration

Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

Mode of Operation

• Business-to-Business (B2B)
• Business-to-Consumer (B2C

Industry

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

Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• Kuwait
• The United Arab Emirates
• South Africa
• Rest of Middle East & Africa (MEA)
• South America
• Brazil
• Argentina
• Rest of South America

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