LATIN AMERICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028

ICT | Media Software & Services

LATIN AMERICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028

Market by Product, Operation, Vertical, and Country Outlook | Forecast 2022-2028

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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

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Table of Content

1. 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

List of Tables

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)

List of Figures

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)

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