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Optical character recognition market is predicted to reach USD 38.59 Billion at a CAGR of 15.20% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Optical character recognition market”.


The optical character recognition market is estimated to register a CAGR of 15.20% during the forecast period of 2023 to 2032.


MRFR recognizes the following companies as the key players in the global optical character recognition market— 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, IntSig Information Co., Ltd. Corporation, IRIS S.A., LEAD Technologies, Inc., Microsoft, NAVER Corp., Nuance Communications, Inc., Open Text Corporation.


 


Market Highlights


The global optical character recognition market is accounted to register a CAGR of 15.20% during the forecast period and is estimated to reach USD 38.59 Billion by 2032.


With certain fundamental organizational features, including high resolution image backgrounds and text, the OCR process produces high resolution, high quality images.  The success and accuracy of OCR are significantly influenced by this method of image creation. On the other hand, high quality or resolution may impede market expansion. On the other hand, significant investments in technology present an advantageous aspect for the worldwide industry.


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Segment Analysis


The global optical character recognition market has been segmented based Type, Vertical, and End-use.


On the basis of Type, the market is segmented into Software, and Services. The software segment was attributed to holding the largest market share in 2022. This is because of the desire to digitize and lessen reliance on paper documents in order to save money, energy, and time.


Based on Vertical, the global optical character recognition market has been segmented into BFSI, Retail, Transport, and Logistics. The BFSI segment was expected to hold the largest market share in 2022. Utilizing OCR, enhancing efficiency, and automating labor-intensive tasks for financial services are the reasons for the increase.


On the basis of End-use, the market is segmented into B2B, and B2C. The B2B segment was attributed to holding the largest market share in 2022. The expansion is a result of different companies implementing software programs that integrate intelligent features with optical recognition technology.


Regional Analysis


The global optical character recognition market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe optical character recognition market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The optical character recognition market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World optical character recognition market comprises of Middle East, Africa, and Latin America.


The largest market share for optical character recognition was maintained by the North American regional sector. North America has had substantial growth in the OCR market, which is anticipated to continue. OCR technology is widely used by a huge number of organizations in a variety of industries in North America, which includes nations like the United States and Canada. These industries include healthcare, banking, legal, and government.


Moreover, the Europe market has been persistently growing over the forecast period. The continuous trend of sustainable development, the increase in online identification and transactions, and the expansion of educational possibilities are driving the growth of the region's market. However, decreased handwriting recognition accuracy could be a barrier to the growth of the optical character recognition industry in Europe.


Additionally, over the past few years, China's OCR market has experienced growth. OCR technology can thrive in China, which has one of the biggest economies in the world and a strong technological environment. In the fields of healthcare, banking, education, and government services, among others, the Chinese government has been aggressively supporting digital transformation projects. These projects highlight the value of effective automation, digitization, and data management—all of which are aspects that OCR technology excels at.


Furthermore, the rest of the world's optical character recognition market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of Digitalization in business organizations. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.


Key Findings of the Study



  • The global optical character recognition market is expected to reach USD 38.59 billion by 2032, at a CAGR of 15.20% during the forecast period.

  • The Asia-Pacific region accounted for the fastest-growing global market due to the increasing use of OCR in countries like china, jaoan, etc.

  • Based on type, the software segment was attributed to holding the largest market in 2022,

  • , Adobe., 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., Microsoft, NAVER Corp., Nuance Communications, Inc., Open Text Corporation.

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Report details
Companies Covered 15
Pages 128
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