New York, NY, March 21, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Optical Character Recognition Market Share, Size, Trends, Industry Analysis Report, By Type (Software, Services); by Vertical; By End-use; By Region; Segment Forecast, 2023- 2032” in its research database.
“According to the latest research analysis, the global optical character recognition market size/share is anticipated to be valued at approximately USD 10.63 billion in 2022 and is projected to hit a revenue of around USD 36.73 Billion By 2032, at a CAGR of around 13.2% between 2023 and 2032.”
What is Optical Character Recognition (OCR)? How Big is Optical Character Recognition (OCR) Market Size & Share?
- Report Overview
Optical character recognition refers to technology that discerns text in a digital image. It is frequently utilized to identify text in scanned images or documents. The rapidly rising demand for the optical character recognition market can be attributed to its usage in mechanical data entry, extraction, and processing. It decodes documents into text that can be orated to the blind or visually impaired. It also restores historic instruction magazines, newspapers, or phonebooks into formats that are searchable.
Optical character recognition technology transforms printed and tangible documents into texts that are machine-readable. It pulls out scanned papers, image-only pdf, and camera images and remodels them. OCR software pulls out letters from images and interprets them into words and then sentences and permits entry to change the indigenous text.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key data covered in the market report
- Qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors.
- Provision of market value data for each segment and sub-segment.
- Indicates the region and segment that is expected to witness the fastest growth as well as dominate the market.
- Analysis by geography highlighting the consumption of products or services in the region and indicating the factors that are impacting the market within each region.
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
Some of the Top Market Players Are:
- ABBYY
- Adobe
- Anyline
- Microsoft Corporation
- ATAPY Software
- Captricity
- Creaceed.
- CVISION Technologies
- IBM
- NTT DATA
- LEAD Technologies
- Exper-OCR
- Prime Recognition
- NAVER Corp.
- Open Text Corporation
For Additional Information on Key Players, Download a PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/optical-character-recognition-market/request-for-sample
Key factors driving market growth
- Transforming physical data into digital format to push the market
Digitalization in the workplace has rendered all procedures speedier and more attainable. As technological advancements become the norm of the day, data is becoming an important factor for development. As data is transformed into digital forms, it can be fabricated by computers and several gadgets with computing capacity making the data effortless to share, access, and store. The optical character recognition market size is expanding as firms formed before digitalization have become a standard in the business sector. They have commenced using tools such as OCR to transform physical data into digital format.
The OCR technology is also being extensively utilized for transforming particulars obtainable in text form into speech with the assistance of text-to-speech technologies, thus rendering it approachable to blind and visually impaired persons. Optical character recognition market sales are soaring as alternative requisitions of this technology involve figuring out letters at post offices and papers in law firms and courts, maintaining texts that are historical and cultural, personal identification, and rectifying invoices, orders, and other documents.
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Recent trends influencing the market
Saving the time of the firms to plunge data manually into computers to drive the market
- Several advantages of OCR technology have assisted firms in saving time expended on plunging into data manually in computers, amplifying work management, lessening the price of transforming documents into digital forms, and turning down manual errors, among others.
- This technology also provides other advantages, such as enhanced customer service and escalated document security, greatly pushing demand across industries, including BFSI and retail. The growing concentration of cognitive solution developers on amalgamating progressive technologies to enhance preciseness is also anticipated to notably drive market growth in the near future.
Segmentation assessment
- The software segment is expected to hold the largest market share
Based on type, the software segment is anticipated to hold the largest market share during the forecast period. Optical character recognition market demand is on the rise as OCR software transforms a text picture into a text format that is machine-readable. This makes it feasible to automate engagements that would, in other respects, call for manual data entry, such as document search, data extraction, and text-to-speech conversion.
- The BFSI segment is expected to dominate the market
Based on vertical, the BFSI segment is anticipated to dominate the market. Optical character recognition market trends include bank automated scanning of bank statements using OCR-based solutions because of the magnitude of client data and bank statements permitting prompt faultless storage and retrieval.
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Optical Character Recognition (OCR) Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 36.73 Billion |
| Market size value in 2023 | USD 12.02 Billion |
| Expected CAGR Growth | 13.2% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | ABBYY, Adobe Inc., Anyline GmbH, Microsoft Corporation, ATAPY Software, Captricity Inc., Creaceed S.P.R.L., CVISION Technologies, Inc., IBM, NTT DATA Corporation, LEAD Technologies, Inc., Exper-OCR, Inc., Google LLC, Prime Recognition Corporation, NAVER Corp., and Open Text Corporation |
| Segments Covered | By Type, By Vertical, By End-use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Advanced level of technology acquisition by prominent players to propel the Asia Pacific market
Asia Pacific held the largest optical character recognition market share due to the existence of prominent players with an advanced level of technology acquisition and a refined infrastructure which has spearheaded notable growth in the OCR market. Firms provide plentiful OCR solutions for varied aspirations, including desktop OCR, mobile OCR, cloud OCR, and real-time OCR.
Browse the Detail Report “Optical Character Recognition Market Share, Size, Trends, Industry Analysis Report, By Type (Software, Services); by Vertical; By End-use; By Region; Segment Forecast, 2023- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/optical-character-recognition-market
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Recent Developments
In January 2023, ChimpKey initiated its resources that convert PDF files into XML and EDI formats. This resource may effortlessly transform extensive volumes of PDF data into assembled forms for business performance. With this service, clients can accurately pull out data from PDF documents and transform it to XML or EDI format utilizing advanced OCR technology.
Frequently Asked Questions
- Who are the crucial companies operating the market?
- What are the major industry norms influencing the development of the industry?
- Which is the most propelling country in the industry?
- Which application or product type will obtain progressive development possibilities during the forecast period?
- What is the expected growth rate of the market during the foreseen period?
Polaris Market Research has segmented the Optical Character Recognition Market report based on type, vertical, end-use and region:
By Type Outlook
- Software
- Services
By Vertical Outlook
- Retail
- BFSI
- Government
- Education
- Transport and Logistics
- Healthcare
- IT & Telecom
- Manufacturing
- Others
By End Use Outlook
- B2B
- B2C
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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