Market by Product, Operation, Vertical, and Country Outlook | Forecast 2022-2028
Triton’s report states that the optical character recognition market in Latin America is likely to advance at a compound annual growth rate of 16.31% during the forecast period 2022-2028.
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The countries analyzed in the region are:
•
Brazil
•
Mexico
• Rest
of Latin America
Brazil captures a major share in the optical character recognition market. The optical
character recognition systems for Latin languages secure a major place in
pattern recognition. These systems have been successfully used for commercial
applications. The rising online business, transactions, and trading contribute
heavily to the OCR market’s growth in the region. The region’s industries are
evolving, which is another factor that is anticipated to create numerous
opportunities for the optical character recognition market.
In Brazil, OCR solutions are widely available in
regional languages, which increases their potential. For instance, OCRConvert
provides document and image scanning in Portuguese. Moreover, the Pontifical
Catholic University has developed OCR for educational purposes. Therefore, the
rising adoption of these systems across numerous sectors drives the optical
character recognition market’s development.
On the other hand, Mexico’s technology sector is
developing at a slow pace. In this regard, the application of OCR software is
uncommon in various industry verticals due to a lack of technology
infrastructure. Additionally, the shortage of government regulations and
investments hampers OCR demand significantly. Nevertheless, the initiatives by
major companies are anticipated to increase the adoption of OCR solutions in
the upcoming years. For instance, APS Technology Group Inc announced the implementation
of APS Automated Gate System OCR solutions at marine container terminals. Such
developments are expected to generate opportunities for the OCR market.
Banks are major end-user of OCR solutions to monitor
client spending, analyze bank statements, and evaluate creditworthiness. OCR is
used by accounts payable departments to eliminate manual data entry,
streamlining the overall banking process. The
market’s growth is estimated based on vertical, operation, and product. The
vertical segment includes BFSI, healthcare, government, IT & telecom,
retail, manufacturing, transport & logistics, education, and others.
The renowned
companies in the market are Google LLC, Nuance Communications Inc, IBM, Adobe
Systems Inc, and Microsoft Corporation.
Nuance Communications Inc provides voice and language
solutions for businesses and consumers. It provides customers with high
accuracy in speech recognition, biometric authentication, optical character
recognition, and domain knowledge. It also offers professional services and
implementation support. The company’s solutions are used in healthcare,
consumer, imaging, and other sectors. It provides products via a sales team,
e-commerce platform, resellers, and other channels.
Key deliverables of the report:
· Market CAGR during the forecasting
years 2022-2028
· Detailed data highlighting key
insights, industry components, and market strategies
· Comprehensive information and
estimation of the optical character recognition market revenue growth in Latin
America and its influence on the parent market
· In-depth study of forthcoming trends
in consumer behavioral patterns
· A meticulous analysis of the
competitive landscape, vendor scorecard, and Porter’s Five Forces
· A wide-ranging study of factors that
will challenge the LA optical character recognition market’s growth during the
upcoming years
Want to get specific insights? Our team of analysts
can customize this report based on your preferences. Connect with us here.
Market by Security Testing Typ ..
VIEW REPORT1. LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE OPTICAL CHARACTER RECOGNITION MARKET
2.2. KEY
INSIGHTS
2.2.1. INCREASING
INVESTMENTS IN OCR START-UP COMPANIES
2.2.2. RISE
IN BENEFITS OF INTEGRATED TECHNOLOGIES
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. INDUSTRY
COMPONENTS
2.7. KEY
MARKET STRATEGIES
2.7.1. MERGERS
2.7.2. PRODUCT
LAUNCHES
2.7.3. PARTNERSHIPS
2.7.4. BUSINESS
EXPANSIONS
2.8. MARKET
DRIVERS
2.8.1. ADVANCED
DOCUMENT PROTECTION AND BETTER CUSTOMER SUPPORT
2.8.2. GROWING
IMPLEMENTATION OF OCR SOLUTIONS IN ADVANCED TECHNOLOGY
2.8.3. RISE
IN OCR ADOPTION ACROSS DIVERSIFIED INDUSTRY VERTICALS
2.9. MARKET
CHALLENGES
2.9.1. LIMITATIONS
IN DELIVERING ACCURATE OUTPUT
2.9.2. LACK
OF ACCURACY IN RECOGNIZING HANDWRITTEN MATERIAL
2.10. MARKET
OPPORTUNITIES
2.10.1. INCREASING
DIGITALIZATION PRACTICES ACROSS THE GLOBE
2.10.2. RISING
NEED FOR ID VERIFICATION SERVICE
3. LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET OUTLOOK - BY PRODUCT
3.1. SOFTWARE
3.2. SERVICE
4. LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET OUTLOOK - BY OPERATION
4.1. B2B
4.2. B2C
5. LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET OUTLOOK - BY VERTICAL
5.1. BFSI
5.2. TRANSPORT
& LOGISTICS
5.3. HEALTHCARE
5.4. GOVERNMENT
5.5. EDUCATION
5.6. IT
& TELECOM
5.7. MANUFACTURING
5.8. RETAIL
5.9. OTHERS
6. LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET – COUNTRY OUTLOOK
6.1. BRAZIL
6.2. MEXICO
6.3. REST
OF LATIN AMERICA
7. COMPETITIVE
LANDSCAPE
7.1. GOOGLE
LLC
7.2. IBM
7.3. MICROSOFT
CORPORATION
7.4. ADOBE
SYSTEMS INC
7.5. NUANCE
COMMUNICATIONS INC
7.6. ABBYY
7.7. ANYLINE
GMBH
7.8. CAPTRICITY
INC (ACQUIRED BY SS&C)
7.9. CREACEED
7.10. FOXIT
SOFTWARE INC
7.11. EXPERVISION
INC
7.12. INTSIG
INFORMATION CO LTD
7.13. IRIS
GROUP SA
7.14. LEAD
TECHNOLOGIES
8. RESEARCH
METHODOLOGY & SCOPE
8.1. RESEARCH
SCOPE & DELIVERABLES
8.2. SOURCES
OF DATA
8.3. RESEARCH
METHODOLOGY
TABLE 1: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 2: VENDOR
SCORECARD
TABLE 3: LIST OF
MERGERS
TABLE 4: LIST OF
PRODUCT LAUNCHES
TABLE 5: LIST OF
PARTNERSHIPS
TABLE 6: LIST OF
BUSINESS EXPANSIONS
TABLE 7: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $ MILLION)
TABLE 8: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $ MILLION)
TABLE 9: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 10: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
FIGURE 1: MARKET
ATTRACTIVENESS INDEX
FIGURE 2: INDUSTRY
COMPONENTS
FIGURE 3: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, PRODUCT OUTLOOK, 2021 & 2028 (IN %)
FIGURE 4: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY SOFTWARE, 2022-2028 (IN $ MILLION)
FIGURE 5: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY SERVICE, 2022-2028 (IN $ MILLION)
FIGURE 6: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, OPERATION OUTLOOK, 2021 & 2028 (IN %)
FIGURE 7: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY B2B, 2022-2028 (IN $ MILLION)
FIGURE 8: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY B2C, 2022-2028 (IN $ MILLION)
FIGURE 9: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, VERTICAL OUTLOOK, 2021 & 2028 (IN %)
FIGURE 10: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY BFSI, 2022-2028 (IN $ MILLION)
FIGURE 11: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY TRANSPORT & LOGISTICS,
2022-2028 (IN $ MILLION)
FIGURE 12: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY HEALTHCARE, 2022-2028 (IN $
MILLION)
FIGURE 13: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY GOVERNMENT, 2022-2028 (IN $
MILLION)
FIGURE 14: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY EDUCATION, 2022-2028 (IN $
MILLION)
FIGURE 15: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY IT & TELECOM, 2022-2028
(IN $ MILLION)
FIGURE 16: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY MANUFACTURING, 2022-2028 (IN $
MILLION)
FIGURE 17: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY RETAIL, 2022-2028 (IN $
MILLION)
FIGURE 18: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY OTHERS, 2022-2028 (IN $ MILLION)
FIGURE 19: LATIN
AMERICA OPTICAL CHARACTER RECOGNITION MARKET, COUNTRY OUTLOOK, 2021 & 2028
(IN %)
FIGURE 20: BRAZIL OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 21: MEXICO OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 22: REST OF
LATIN AMERICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)