MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028

ICT | Media Software & Services

MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028

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

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As per Triton’s report, the optical character recognition market in the Middle East and Africa is likely to expand with a CAGR of 16.11% during the forecast period 2022-2028.



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The countries considered in this region include:

•       The United Arab Emirates

•       Saudi Arabia

•       Turkey

•       South Africa

•       Rest of Middle East & Africa

The United Arab Emirates captures a significant share in the optical character recognition market. The growing business sector in the region supports the adoption of OCR solutions. In the oil sector, receipt making, currency exchange, and other applications increase the demand for OCR systems to a large extent compared to other industries. Besides this, in the education sector, several countries are implementing OCR tools to recognize age-old scripts to disseminate information accurately, retaining the art & culture.

Furthermore, overseeing trade, international communications, ID verification, and others have also highlighted the need for OCR systems. In the UAE, several startups are working on developing OCR software solutions for the public and private sectors. For instance, DocumentERA is an accurate OCR software plugin in Dubai. This software can be plugged into a user’s existing application easily, processing specific types of documents. In this regard, users can even set additional new document types and layouts. Therefore, such developments are augmenting the optical character recognition market’s progression.

Saudi Arabia has witnessed the implementation of OCR in a unique manner. Here, developers have created and modified OCR software to identify car number plates, making automatic license plate recognition a significant tool in smart cities. Thus, the expansion of smart cities creates new opportunities for the optical character recognition market.

Since OCR relies on content clarity in paper documents, occasional errors are unavoidable in case of distorted texts. In this regard, OCR clean-up services ensure correcting or replacing misread characters by comparing actual text with existing data in the system. The market is segmented into product, operation, and vertical. The product section is bifurcated into service and software.

The leading companies in the market are Abbyy, Captricity Inc (Acquired by SS&C), Creaceed, Foxit Software Inc, Expervision Inc, Anyline GmbH, and Microsoft Corporation.

Expervision Inc offers optical character recognition services and software. The company provides enterprise-level optical character recognition software, including optical character recognition for document imaging, form processing, enterprise content management, and data capture. Its business segments include OCR software, OCR SDK, and OCE services. Additionally, it provides machine-learned fragment analysts that offer accurate OCR technology.

 

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 the Middle East and Africa 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 Middle East and Africa optical character recognition market’s growth during the upcoming years

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Table of Content

1. MIDDLE EAST AND AFRICA 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 SOLUTION 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. MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET OUTLOOK - BY PRODUCT

3.1. SOFTWARE

3.2. SERVICE

4. MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET OUTLOOK - BY OPERATION

4.1. B2B

4.2. B2C

5. MIDDLE EAST AND AFRICA 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. MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET – COUNTRY OUTLOOK

6.1. UNITED ARAB EMIRATES

6.2. SAUDI ARABIA

6.3. TURKEY

6.4. SOUTH AFRICA

6.5. REST OF MIDDLE EAST & AFRICA

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: MIDDLE EAST AND AFRICA 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: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $ MILLION)

TABLE 8: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $ MILLION)

TABLE 9: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $ MILLION)

TABLE 10: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)

List of Figures

FIGURE 1: MARKET ATTRACTIVENESS INDEX

FIGURE 2: INDUSTRY COMPONENTS

FIGURE 3: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, PRODUCT OUTLOOK, 2021 & 2028 (IN %)

FIGURE 4: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY SOFTWARE, 2022-2028 (IN $ MILLION)

FIGURE 5: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY SERVICE, 2022-2028 (IN $ MILLION)

FIGURE 6: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, OPERATION OUTLOOK, 2021 & 2028 (IN %)

FIGURE 7: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY B2B, 2022-2028 (IN $ MILLION)

FIGURE 8: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY B2C, 2022-2028 (IN $ MILLION)

FIGURE 9: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, VERTICAL OUTLOOK, 2021 & 2028 (IN %)

FIGURE 10: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY BFSI, 2022-2028 (IN $ MILLION)

FIGURE 11: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY TRANSPORT & LOGISTICS, 2022-2028 (IN $ MILLION)

FIGURE 12: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY HEALTHCARE, 2022-2028 (IN $ MILLION)

FIGURE 13: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY GOVERNMENT, 2022-2028 (IN $ MILLION)

FIGURE 14: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY EDUCATION, 2022-2028 (IN $ MILLION)

FIGURE 15: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY IT & TELECOM, 2022-2028 (IN $ MILLION)

FIGURE 16: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY MANUFACTURING, 2022-2028 (IN $ MILLION)

FIGURE 17: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY RETAIL, 2022-2028 (IN $ MILLION)

FIGURE 18: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY OTHERS, 2022-2028 (IN $ MILLION)

FIGURE 19: MIDDLE EAST AND AFRICA OPTICAL CHARACTER RECOGNITION MARKET, COUNTRY OUTLOOK, 2021 & 2028 (IN %)

FIGURE 20: UNITED ARAB EMIRATES OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)

FIGURE 21: SAUDI ARABIA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)

FIGURE 22: TURKEY OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)

FIGURE 23: SOUTH AFRICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)

FIGURE 24: REST OF MIDDLE EAST & AFRICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)

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