Market by Product, Operation, Vertical, and Regional Outlook | Forecast 2022-2028
Optical character recognition is a technical process that helps detect
handwritten or printed text characters in digital images or physical documents,
including scanned papers. It enables users to edit various document types and
picture formats collected by cameras. To further its capabilities, OCR
technology is combined with various other technologies, including robotic
process automation and artificial intelligence. Businesses are investing
heavily in technologies to automate their operations and boost efficiency. In
this regard, data is essential for any organization; thus, technologies like
optical character recognition are gaining significant traction.
According to Triton Market Research’s report, the Global Optical Character Recognition market is likely to grow with a CAGR of 16.04% in the forecast period 2022-2028. The market was valued at $9702.85 million in 2021 and is expected to reach a revenue of $27663.91 million by 2028.
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MARKET PERFORMANCE – DRIVERS,
CHALLENGES, AND TRENDS
Factors such as advanced document protection and
better customer support, growing implementation of OCR solutions in advanced
technology, and rise in OCR adoption in diversified industry verticals drive
the market’s growth.
In the logistics and transportation industry, OCR helps scan the tracking
numbers and postal codes instead of the manual noting down process, thereby
speeding the processing, tracking, and shipping of packages, subsequently
reducing the costs.
However, a lack of accuracy in recognizing
handwritten material and limitations in delivering accurate output restricts
the OCR market’s progress.
The scripts of various languages are complicated to comprehend, making it
difficult for technology to identify characters and words. In addition,
handwritten material is hard to scan; hence lack of accuracy in recognizing the
handwriting becomes a challenge for the OCR market.
Furthermore, the increased demand for integrated
technology creates opportunities for the optical character recognition market. With OCR technology evolving significantly,
OCR providers have begun integrating advanced technologies, such as AI.
Integrating artificial intelligence with OCR assists companies in improving
their data capture and management process. In this regard, OCR captures the
material while AI simultaneously comprehends the content. Artificial
intelligence helps identify mistakes in scanned documents, thereby streamlining
the fault management process. The integrated technology is also used to manage
financial reports by translating reports from various languages into English.
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KEY GEOGRAPHIES COVERED:
• North America:
United States and Canada
• Europe: United
Kingdom, France, Germany, Spain, Italy, Poland, and Rest of Europe
• Asia-Pacific:
China, Japan, India, Australia, South Korea, ASEAN Countries, and Rest of
Asia-Pacific
• Latin America:
Brazil, Mexico, and Rest of Latin America
• Middle East and Africa: Saudi Arabia, Turkey, United Arab Emirates, South Africa, and Rest of
Middle East & Africa
SEGMENTATION ANALYSIS – OPTICAL CHARACTER RECOGNITION MARKET
• Market by Product:
o Software
o Service
• Market by Operation:
o B2B
The B2B segment leads the market in terms of
revenue.
Business-to-Business (B2B) apps are typically created to ease complicated
business procedures, expedite business operations, or meet industry-specific requirements.
Business activities, such as gathering customer information, can utilize OCR
technology to input the identity document into the system and quickly extract
all the customer information. This is known as a B2B end-user use of OCR.
Besides, errors that result from human data entry can be reduced for businesses. While
correcting these mistakes, OCR systems may extract consumer information.
o B2C
• Market by Vertical:
o BFSI
BFSI is estimated to progress with the highest
CAGR during the forecast period. Banks and other financial institutions frequently create new customer
records or transactions, generating a high volume of paper records. This may
lead to serious concerns about the mounting piles of documents. Here, OCR helps
banks track customer spending patterns, examine bank statements, and assess
customers’ creditworthiness. Accounts payable departments utilize OCR to speed
up client onboarding and off-boarding procedures, minimize human data entry,
and improve corporate operations.
o Transport & Logistics
o Healthcare
o Government
o Education
o IT & Telecom
o Manufacturing
o Retail
o Others
COMPETITIVE LANDSCAPE:
The competitive landscape helps dive into data about the key players in
the optical character recognition market. The strategic initiatives for each of
the companies considered have been covered in detail
Merger (October 2021): Abbyy
and Atapy Software
Atapy Software, a leading provider of specialized data capture, data
imaging, and document processing solutions, was acquired by Abby. To help
clients save time and money on software development, the company provides media
monitoring software and a variety of custom software advance services in the
fields of optical character recognition (OCR), data capture, computer
linguistics, and document management. It also provides data services such as
markup, proofreading, retrospective conversion, indexing, and formatting.
Partnership (April 2020):
Lead Technologies and Paliscope
Lead Technologies Inc partnered with Paliscope, the Safer Society
Group’s member, to help researchers and scientists combat coronavirus
(COVID-19). Paliscope provides its product YOSE’s free temporary licenses by
utilizing the recognition capabilities of LEADTOOLS to anyone researching
projects related to COVID-19.
Key Benefits of the Report:
● Triton Market Research has a collective experience of 25-30 years
in the industry, with its analysts and experts encompassing the most infallible
research methodology for its market intelligence and industry analysis.
● Our research methodology helps in achieving a broader consensus of
the market size, shape, and industry trends within each industry segment.
● The strategy adopted in designing the research methodology
includes the amalgamation of the information assembled from primary and
secondary sources, with the assistance of analytical tools to construct the
forecast and predictive models.
● The scope of the market report comprises the current scenario of
the global application security market, along with the detailed overview of the
industry outlook, market dynamics, segmentation analysis, regional outlook, and
competitive landscape for the period 2022-2028.
FAQ:
Which is the fastest growing
segment in the Optical Character Recognition market?
BFSI is the fastest-growing segment in the optical character recognition
market.
What is OCR technology?
OCR (optical character recognition) is the use of technology to
distinguish printed or handwritten text characters inside digital images of
physical documents, such as scanned paper documents.
What is the forecast period
for the Optical Character Recognition market report?
The forecast period for the optical character recognition market report
is 2022-2028.
Market by Security Testing Typ ..
VIEW REPORT1. GLOBAL
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. GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET OUTLOOK - BY PRODUCT
3.1. SOFTWARE
3.2. SERVICE
4. GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET OUTLOOK - BY OPERATION
4.1. B2B
4.2. B2C
5. GLOBAL
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. GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET – REGIONAL OUTLOOK
6.1. NORTH
AMERICA
6.1.1. MARKET
BY PRODUCT
6.1.2. MARKET
BY OPERATION
6.1.3. MARKET
BY VERTICAL
6.1.4. COUNTRY
ANALYSIS
6.1.4.1. UNITED
STATES
6.1.4.2. CANADA
6.2. EUROPE
6.2.1. MARKET
BY PRODUCT
6.2.2. MARKET
BY OPERATION
6.2.3. MARKET
BY VERTICAL
6.2.4. COUNTRY
ANALYSIS
6.2.4.1. UNITED
KINGDOM
6.2.4.2. GERMANY
6.2.4.3. FRANCE
6.2.4.4. SPAIN
6.2.4.5. ITALY
6.2.4.6. POLAND
6.2.4.7. REST
OF EUROPE
6.3. ASIA-PACIFIC
6.3.1. MARKET
BY PRODUCT
6.3.2. MARKET
BY OPERATION
6.3.3. MARKET
BY VERTICAL
6.3.4. COUNTRY
ANALYSIS
6.3.4.1. CHINA
6.3.4.2. JAPAN
6.3.4.3. INDIA
6.3.4.4. AUSTRALIA
6.3.4.5. SOUTH
KOREA
6.3.4.6. ASEAN
COUNTRIES
6.3.4.7. REST
OF ASIA-PACIFIC
6.4. LATIN
AMERICA
6.4.1. MARKET
BY PRODUCT
6.4.2. MARKET
BY OPERATION
6.4.3. MARKET
BY VERTICAL
6.4.4. COUNTRY
ANALYSIS
6.4.4.1. BRAZIL
6.4.4.2. MEXICO
6.4.4.3. REST
OF LATIN AMERICA
6.5. MIDDLE
EAST AND AFRICA
6.5.1. MARKET
BY PRODUCT
6.5.2. MARKET
BY OPERATION
6.5.3. MARKET
BY VERTICAL
6.5.4. COUNTRY
ANALYSIS
6.5.4.1. UNITED
ARAB EMIRATES
6.5.4.2. SAUDI
ARABIA
6.5.4.3. TURKEY
6.5.4.4. SOUTH
AFRICA
6.5.4.5. 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
TABLE 1: GLOBAL OPTICAL
CHARACTER RECOGNITION MARKET, BY REGIONAL OUTLOOK, 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: GLOBAL OPTICAL
CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $ MILLION)
TABLE 8: GLOBAL OPTICAL
CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $ MILLION)
TABLE 9: GLOBAL OPTICAL
CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 10: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $
MILLION)
TABLE 11: NORTH AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 12: NORTH AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $ MILLION)
TABLE 13: NORTH AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $ MILLION)
TABLE 14: NORTH AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 15: EUROPE
OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 16: EUROPE
OPTICAL CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $ MILLION)
TABLE 17: EUROPE
OPTICAL CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $ MILLION)
TABLE 18: EUROPE
OPTICAL CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 19: ASIA-PACIFIC
OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 20: ASIA-PACIFIC
OPTICAL CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $ MILLION)
TABLE 21: ASIA-PACIFIC
OPTICAL CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $ MILLION)
TABLE 22: ASIA-PACIFIC
OPTICAL CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 23: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $ MILLION)
TABLE 24: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $ MILLION)
TABLE 25: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $ MILLION)
TABLE 26: LATIN AMERICA
OPTICAL CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $ MILLION)
TABLE 27: MIDDLE EAST AND
AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, 2022-2028 (IN $
MILLION)
TABLE 28: MIDDLE EAST AND
AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY PRODUCT, 2022-2028 (IN $
MILLION)
TABLE 29: MIDDLE EAST AND
AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY OPERATION, 2022-2028 (IN $
MILLION)
TABLE 30: MIDDLE EAST AND
AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY VERTICAL, 2022-2028 (IN $
MILLION)
FIGURE 1: MARKET
ATTRACTIVENESS INDEX
FIGURE 2: INDUSTRY
COMPONENTS
FIGURE 3: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, PRODUCT OUTLOOK, 2021 & 2028 (IN %)
FIGURE 4: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY SOFTWARE, 2022-2028 (IN $ MILLION)
FIGURE 5: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY SERVICE, 2022-2028 (IN $ MILLION)
FIGURE 6: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, OPERATION OUTLOOK, 2021 & 2028 (IN %)
FIGURE 7: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY B2B, 2022-2028 (IN $ MILLION)
FIGURE 8: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY B2C, 2022-2028 (IN $ MILLION)
FIGURE 9: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, VERTICAL OUTLOOK, 2021 & 2028 (IN %)
FIGURE 10: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY BFSI, 2022-2028 (IN $ MILLION)
FIGURE 11: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY TRANSPORT & LOGISTICS, 2022-2028
(IN $ MILLION)
FIGURE 12: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY HEALTHCARE, 2022-2028 (IN $ MILLION)
FIGURE 13: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY GOVERNMENT, 2022-2028 (IN $ MILLION)
FIGURE 14: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY EDUCATION, 2022-2028 (IN $ MILLION)
FIGURE 15: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY IT & TELECOM, 2022-2028 (IN $
MILLION)
FIGURE 16: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY MANUFACTURING, 2022-2028 (IN $
MILLION)
FIGURE 17: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY RETAIL, 2022-2028 (IN $ MILLION)
FIGURE 18: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, BY OTHERS, 2022-2028 (IN $ MILLION)
FIGURE 19: GLOBAL
OPTICAL CHARACTER RECOGNITION MARKET, REGIONAL OUTLOOK, 2021 & 2028 (IN %)
FIGURE 20: UNITED
STATES OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 21: CANADA
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 22: UNITED
KINGDOM OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 23: GERMANY
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 24: FRANCE OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 25: SPAIN OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 26: ITALY
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 27: POLAND OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 28: REST OF
EUROPE OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 29: CHINA
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 30: JAPAN OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 31: INDIA OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 32: AUSTRALIA
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 33: SOUTH KOREA
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 34: ASEAN
COUNTRIES OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 35: REST OF
ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 36: BRAZIL OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 37: MEXICO OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 38: REST OF
LATIN AMERICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 39: UNITED ARAB
EMIRATES OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 40: SAUDI ARABIA
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 41: TURKEY OPTICAL
CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 42: SOUTH AFRICA
OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $ MILLION)
FIGURE 43: REST OF
MIDDLE EAST & AFRICA OPTICAL CHARACTER RECOGNITION MARKET 2022-2028 (IN $
MILLION)