Optical Character Recognition Market Revenue to outshine USD 24 billion By 2027

Posted On November 10, 2021     

The Global Optical Character Recognition Market revenue is anticipated to grow to around USD 24 billion by 2027 with a CAGR of 17% during the year 2021-2027 as per the report published by Value Market Research. The rapid advancement of OCR technology is a major factor influencing the optical character recognition market. The most modern OCR software comes with enhanced tools that address common formatting and typographical (misprints, spelling mistakes) issues. The cost of data capture has decreased as a result of technological advancements, which has increased demand for OCR technology. The increased demand for OCR apps, owing to the growing number of smartphone users around the world, is expected to drive up the demand for optical character recognition over the forecast period. OCR software apps for laptops and desktops are also being developed. Furthermore, the market's expansion is being hampered by the inability to provide correct production. Nonetheless, the market's top players may benefit greatly from the industry's trends and enormous investment in technology.

The use of technology to detect printed or handwritten text characters inside digital images of physical documents, such as scanned paper documents, is known as OCR (optical character recognition). OCR is a technology that examines a document's text and converts the characters into code that may be utilized for data processing. Text recognition is a term that is sometimes used to refer to OCR. OCR systems consist of a hardware and software combination that converts physical documents into machine-readable text. Text is copied or read using hardware such as an optical scanner or dedicated circuit board, while advanced processing is usually handled by software. Artificial intelligence (AI) can also be used in software to implement more complex methods of intelligent character recognition (ICR), such as identifying languages or handwriting styles.

The elaborate study "Global Optical Character Recognition Market Report By Type (Software, Services), By Vertical (Retail, BFSI, Government, Education, Transport And Logistics, Healthcare, IT & Telecom, Manufacturing, Others), By End-Use Industry (B2B, B2C) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" poses a refreshing view of the market taking into consideration all the aspects affecting the market.
On the basis of type the market is segmented into Software, Services. By vertical the optical character recognition market is categorised as Retail, BFSI, Government, Education, Transport and Logistics, Healthcare, IT & Telecom, Manufacturing, Others. By end-use industry the optical character recognition market is categorised as B2B, B2C. The report covers North America (North America, United State and Rest of North America), Europe (United Kingdom, France , Germany, Rest of Europe), Asia Pacific (China, Japan, India, Rest of Asia Pacific), Latin America (Brazil, Rest of Latin America) and Middle East & Africa. The data tables in these chapters give the market estimates on the basis of all the segments.

The Report Segments Global Optical Character Recognition Market -
By Type

  • Software
    • Desktop-based OCR
    • Mobile-based OCR
    • Cloud-based OCR
    • Private
    • Public
    • Others
  • Services
    • Consulting
    • Outsourcing
    • Implementation & Integration

By Vertical

  • Retail
  • BFSI
  • Government
  • Education
  • Transport and Logistics
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Others

By End-Use Industry

  • B2B
  • B2C

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Players Profiled In the Report:
ABBYY, ATAPY Software, Creaceed S.P.R.L., Exper-OCR, Inc., LEAD Technologies, International Business Machines Corporation, NAVER Corp., Open Text Corporation, Captricity Inc., CVISION Technologies, Inc., Microsoft, Adobe, IntSig Information Co., Ltd., Nuance Communications, Inc., Anyline GmbH, IRIS S.A., Google LLC.

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