GLOBAL OPTICAL CHARACTER RECOGNITION MARKET 2022-2028

ICT | Media Software & Services

GLOBAL OPTICAL CHARACTER RECOGNITION MARKET 2022-2028

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

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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. 

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Table of Content

1. 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

List of Tables

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)

List of Figures

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)

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