Global Optical Character Recognition Market Projected to Surge at $27663.91 Million by 2028
A recent study by Triton Market Research titled ‘Global Optical Character Recognition Market’ includes the Global Analysis and Forecasts by Operation (B2C, B2B), Vertical (Retail, Education, Transport & Logistics, Healthcare, Government, IT & Telecom, Manufacturing, BFSI, Others), Product (Service, Software), and Geography (Middle East and Africa, Latin America, Asia-Pacific, North America, and Europe).
Optical character recognition (OCR) allows users to convert various document types and images captured by the camera into an editable format.
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Triton’s report signifies that the global optical character recognition market is likely to exhibit growth at a CAGR of 16.04% during the forecast years 2022-2028. It is predicted to gain revenue worth $27663.91 million by 2028.
Optical character recognition is gaining momentum across several industries. For instance, in the logistics and transportation industry, OCR enables the scanning of tracking numbers and postal codes instead of physically noting them down, thereby speeding up the overall process. Similarly, the banking industry uses OCR-based applications to scan different documents, such as checks and receipts, which are then converted into an editable format. For example, in 2018, ICICI Bank of India launched a digital application for smartphone and mobile devices to capture customers’ information in real-time for the KYC scanning process. Thus, these benefits provided by OCR are bolstering the growth of the optical character recognition market.
However, the lack of accuracy in recognizing handwritten material impedes the market’s growth. In this regard, complex characters are difficult to comprehend, resulting in inaccurate scanning.
The optical character recognition market is trifurcated into operation, vertical, and product. Based on the operation segment, it is divided into B2C and B2B. The vertical segment is categorized into retail, education, transport & logistics, healthcare, government, and others. Lastly, the product segment consists of service and software.
Geographically, North America dominates the optical character recognition market and is expected to sustain its stronghold by 2028. The technology solution market in the region is expanding, contributing to the demand for OCR. Moreover, developed countries such as the United States and Canada heavily rely on technology. For instance, judicial paperwork and bills are digitalized, resulting in the growth of the optical character recognition market.
The leading companies in the optical character recognition market are Nuance Communications Inc, Foxit Software Inc, Lead Technologies, Microsoft Corporation, Creaceed, Expervision Inc, Abbyy, Google LLC, IntSig Information Co Ltd, Iris Group SA, IBM, Captricity Inc (Acquired by SS&C), Adobe Systems Inc, and Anyline GmbH.
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Question & Answer: Optical Character Recognition Market
Question 1: What factors are bolstering the growth of the optical character recognition market?
Answer: Optical character recognition is gaining momentum across several industries. For instance, in the logistics and transportation industry, OCR enables the scanning of tracking numbers and postal codes instead of physically noting them down, thereby speeding up the overall process. Similarly, the banking industry uses OCR-based applications to scan different documents, such as checks and receipts, which are then converted into an editable format. For example, in 2018, ICICI Bank of India launched a digital application for smartphone and mobile devices to capture customers’ information in real-time for the KYC scanning process. Thus, these benefits provided by OCR are bolstering the growth of the optical character recognition market.
Question 2: What factor impedes the optical character recognition market’s growth?
Answer: The lack of accuracy in recognizing handwritten material impedes the market’s growth. In this regard, complex characters are difficult to comprehend, resulting in inaccurate scanning.
Question 3: Which region dominates the optical character recognition market?
Answer: Geographically, North America dominates the optical character recognition market and is expected to sustain its stronghold by 2028. The technology solution market in the region is expanding, contributing to the demand for OCR. Moreover, developed countries such as the United States and Canada heavily rely on technology. For instance, judicial paperwork and bills are digitalized, resulting in the growth of the optical character recognition market.
Question 4: What are the leading companies in the optical character recognition market?
Answer: The leading companies in the optical character recognition market are Nuance Communications Inc, Foxit Software Inc, Lead Technologies, Microsoft Corporation, Creaceed, Expervision Inc, Abbyy, Google LLC, IntSig Information Co Ltd, Iris Group SA, IBM, Captricity Inc (Acquired by SS&C), Adobe Systems Inc, and Anyline GmbH.
Related Report
Global Automotive Robotics Market
The global automotive robotics market is likely to surge at a CAGR of 11.63% during the forecast years 2021-2028.
For over the decades, the automotive industry has used robots for various manufacturing processes. The exploration of robotics by automakers is significantly increasing owing to their efficiency, flexibility, accuracy, and dependability on production lines.
The automotive robotics market is expected to grow with the increasing adoption of automation and the rising demand for vehicle production. Moreover, the growing demand for collaborative robots will likely open new avenues for the market.
On the other hand, the upward trend in prices of industrial robots and the lack of skilled personnel is hindering the studied market’s growth.
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