Optical Character Recognition Market Expected to Show a Significant Growth During the Forecast Period 2022 – 2030
- by marketherald
Optical Character Recognition Industry Overview
The global optical character recognition market size is expected to reach USD 33.44 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.4% from 2022 to 2030. Digitalization plays a critical role in changing the way organizations operate, and it has helped companies improve the efficiency of their business processes. Enterprises invest large amounts in technologies that can help them digitalize their work processes and increase productivity. Since data is a critical element for an organization, adopting technologies such as optical character recognition (OCR), which enables users to convert text data in different types of documents and images into editable or accessible formats, has increased. OCR solutions are integrated with various technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities.
The integration of artificial intelligence with optical character recognition has helped companies in leveraging technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the more efficient processing of documents, texts, and other data in a way similar to that of humans. These advanced technologies also help to address inaccuracies that occur in OCR, thereby providing streamlined fault management.
Optical Character Recognition Market Segmentation
Grand View Research has segmented the global optical character recognition market based on type, vertical, end use, and region:
Based on the Type Insights, the market is segmented into Software, and Services.
- The software segment led the market in 2021 and accounted for over 80.0% share of the global revenue. The software segment is anticipated to witness substantial growth over the forecast period. The OCR software segment can be divided into desktop-based OCR, cloud-based OCR, mobile-based OCR, and others.
- The growing need to digitize and reduce the dependence on physical documents to save cost, energy, and time has aided the expansion of the software segment. Further, the market has grown due to the increased adoption of augmented reality in platforms like healthcare, BFSI, and retail.
- The services segment is expected to expand at a lucrative CAGR of 16.8% over the forecast period. Outsourcing services dominated the services segment in 2021. Business owners outsource their data extraction services to get synthesized information and utilize it for better decision-making.
Based on the Vertical Insights, the market is segmented into Retail, BFSI, Government, Education, Transport and Logistics, Healthcare, IT & Telecom, Manufacturing, and Others.
- The BFSI segment led the market in 2021 and accounted for over a 15.0% share of the global revenue. The BFSI sector is anticipated to witness substantial growth over the forecast period. The growth can be attributed to the use of OCR, optimizing performance, and automating time-consuming operations.
- Character recognition is anticipated to continue finding applications across various industries in the near future. For instance, in the Travel industry, OCR helps in data storage and security purpose, thereby scanning the passport to save personal data while booking tickets.
Based on the End-use Insights, the market is segmented into B2B, and B2C.
- The B2B segment led the market in 2021 and accounted for over 75.0% share of the global revenue. The B2B segment is anticipated to witness substantial growth over the forecasted period. The growth is attributed to the adoption of software solutions by various businesses to combine optical recognition technology with intelligent features to allow customers to extract data from archived forms.
- Business organizations are using OCR for information retrieval using searchable PDF format. Such software allows the conversion of image-only PDF files and paper documents into searchable files, including an invisible overlay containing searchable text to the scanned bitmap image of the paper document.
Optical Character Recognition Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Vendors in the industry are now integrating the capabilities and delivering advanced software within the hardware and software to enable OCR across business boundaries and meet the need. Besides, vendors are implementing partnerships, mergers, and acquisitions to compete in the market effectively.
Some prominent players in the global optical character recognition market include:
- Anyline GmbH
- ATAPY Software
- Captricity Inc.
- Creaceed S.P.R.L.
- CVISION Technologies, Inc.
- Exper-OCR, Inc.
- Google LLC
- International Business Machines Corporation
- IntSig Information Co., Ltd. Corporation
- IRIS S.A.
- LEAD Technologies, Inc.
- NAVER Corp.
- Nuance Communications, Inc.
- Open Text Corporation
Order a free sample PDF of the Optical Character Recognition Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Optical Character Recognition Industry Overview The global optical character recognition market size is expected to reach USD 33.44 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.4% from 2022 to 2030. Digitalization plays a critical role in changing the way organizations operate, and…
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