Market Research Report

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, 2021-2028

ID:VMR11215491
July 2021
Report Formats: Electronic (PDF), MS EXCEL
Global Optical Character Recognition Market Overview
 
The key driver impacting the optical character recognition market is the rapid advancement in OCR technology. The recent OCR software arrives with superior features that conquer typical problems associated with formatting and typographical (misprints, spelling mistakes) complexities. Due to such technology progression, the cost of data capturing is lowered, which in turn augmented the demand for OCR technology. Also, enterprises are constantly spending money on developing technologies to raise efficiency and productivity in work. For instance, in August 2020, an Indian multinational corporation, Infosys, in collaboration with Blue Prism Limited(a U.K.-based multinational software corporation), introduced an Artificial Intelligence-driven solution to automate help desk operations. Moreover, increasing adoption of OCR due to the integration of advanced capabilities across transportation, BFSI, and other industries contributes to optical character recognition market demand in the later years.
According to Value Market Research, the global Optical character recognition market size was valued at about USD 8 billion in 2020 and is expected to grow at a CAGR of around 17% during the forecast period 2021 to 2027. 

The growing demand for OCR apps due to rising smartphone users across the globe will likely augment the need for optical character recognition in the forecast period. In addition, OCR software apps are being designed for laptops and desktops. For instance, Capture2Text is free OCR software for Windows 10 and offers keyboard shortcuts that quickly recognize anything on the screen. However, the high resolution or high quality hampers the market in the long run. In addition, the limitations in giving accurate output are negatively impacting the market growth. Nevertheless, the industry trends, massive investment in technology might provide massive market opportunities to the market's key players.

The optical character recognition market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are 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.

Global Optical Character Recognition Market Share

In this research report, the Optical Character Recognition market is segmented by type, vertical, end-use industry, and region.

Analysis by Type:
By type, the report is segmented into software and services. The software segment dominates the type segment with the highest share of 82% in 2020. It is due to increasing requirements in data-driven organizations for converting physical documents into digital form. Moreover, the growing integration of the latest technologies to raise the accuracy of scanned data contributes to the software segment's growth in the forecast period. 

Analysis by Vertical:
By vertical, the report is segmented into retail, BFSI, government, education, transport and logistics, healthcare, IT & telecom, manufacturing, and others. The BFSI segment dominates the vertical segment with the highest share of 20% in 2020. It is due to the high penetration of OCR technology in the banking business to scan diverse types of receipts, documents, and checks to convert all the information into a form understood or recognized by a computer that contributes to the BFSI segment's growth in the forecast period. For instance, In March 2020, a Japanese commercial bank, Sony Bank Inc., had introduced a new English-language online banking service for non-Japanese residents. This app utilizes OCR technology to make the account opening process quicker and easier.

Analysis by End-Use industry: 
By end-use industry, the report is categorized into B2B and B2C. The B2B segment is the dominating segment with a market share of 76% in 2020. It is because several businesses use software solutions to unite character recognition technology with smart features, such as PDF export, to allow their clients to draw data out of archive formats. Moreover, it enables companies to systematize their data digitally and make it functional and accessible globally, contributing to the B2B segment's growth in the forecast period.

Analysis by Region:
In the regional outlook of the global Optical character recognition market, the North American region dominated with the largest market share of 40% in 2020. It is due to the rising penetration of AI applications among other advanced technologies in the region. Moreover, the growing inclination of enterprises towards cloud-based optical character recognition software due to its cost, ease of use, and cost-effective contribution to the tremendous market growth across North America.

Market Segmentation covered in the Report:
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

METHODOLOGY

This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications. 

If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.   

1 . PREFACE
       1.1. Report Description
           1.1.1. Objective
           1.1.2. Target Audience
           1.1.3. Unique Selling Proposition (USP) & offerings
       1.2. Research Scope
       1.3. Research Methodology
           1.3.1. Market Research Process
           1.3.2. Market Research Methodology
 
2 . EXECUTIVE SUMMARY
       2.1. Highlights of Market
       2.2. Global Market Snapshot
 
3 . OPTICAL CHARACTER RECOGNITION – INDUSTRY ANALYSIS
       3.1. Introduction - Market Dynamics
       3.2. Market Drivers
       3.3. Market Restraints
       3.4. Opportunities
       3.5. Industry Trends
       3.6. Porter’s Five Force Analysis
       3.7. Market Attractiveness Analysis
           3.7.1 By Type
           3.7.2 By Vertical
           3.7.3 By End-Use Industry
           3.7.4 By Region
 
4 . VALUE CHAIN ANALYSIS
       4.1. Value Chain Analysis
       4.2. Raw Material Analysis
           4.2.1. List of Raw Materials
           4.2.2. Raw Material Manufactures List
           4.2.3. Price Trend of Key Raw Materials
       4.3. List of Potential Buyers
       4.4. Marketing Channel
           4.4.1. Direct Marketing
           4.4.2. Indirect Marketing
           4.4.3. Marketing Channel Development Trend
 
5 . IMPACT ANALYSIS OF COVID-19 OUTBREAK
       5.1. Impact Analysis of Covid-19 Outbreak
           5.1.1. Direct Impact on Production
           5.1.2. Supply Chain and Market Disruption
           5.1.3. Financial Impact on Firms and Financial Markets
       5.2. COVID-19 Impact Analysis by Production, Import, Export and Demand
       5.3. Market: Pre V/S Post COVID-19
       5.4. Estimated Impact of the Coronavirus (COVID-19) Epidemic
       5.5. COVID-19: Micro and Macro Factor Analysis
 
6 . GLOBAL OPTICAL CHARACTER RECOGNITION MARKET ANALYSIS BY TYPE
       6.1 Overview by Type
       6.2 Historical and Forecast Data
       6.3 Analysis by Type
       6.4 Software Market by Regions
       6.5 Services Market by Regions
 
7 . GLOBAL OPTICAL CHARACTER RECOGNITION MARKET ANALYSIS BY VERTICAL
       7.1 Overview by Vertical
       7.2 Historical and Forecast Data
       7.3 Analysis by Vertical
       7.4 Retail Market by Regions
       7.5 BFSI Market by Regions
       7.6 Government Market by Regions
       7.7 Education Market by Regions
       7.8 Transport and Logistics Market by Regions
       7.9 Healthcare Market by Regions
       7.10. IT & Telecom Market by Regions
       7.11 Manufacturing Market by Regions
       7.12 Others Market by Regions
 
8 . GLOBAL OPTICAL CHARACTER RECOGNITION MARKET ANALYSIS BY END-USE INDUSTRY
       8.1 Overview by End-Use Industry
       8.2 Historical and Forecast Data
       8.3 Analysis by End-Use Industry
       8.4 B2B Market by Regions
       8.5 B2C Market by Regions
 
9 . GLOBAL OPTICAL CHARACTER RECOGNITION MARKET ANALYSIS BY GEOGRAPHY
       9.1. Regional Outlook
       9.2. Introduction
       9.3. North America
           9.3.1. Overview, Historic and Forecast Data
           9.3.2. North America By Segment
           9.3.3. North America By Country
           9.3.4. United State
           9.3.5. Canada
           9.3.6. Mexico
       9.4. Europe
           9.4.1. Overview, Historic and Forecast Data
           9.4.2. Europe by Segment
           9.4.3. Europe by Country
           9.4.4. United Kingdom
           9.4.5. France
           9.4.6. Germany
           9.4.7. Italy
           9.4.8. Russia
           9.4.9. Rest Of Europe
       9.5. Asia Pacific
           9.5.1. Overview, Historic and Forecast Data
           9.5.2. Asia Pacific by Segment
           9.5.3. Asia Pacific by Country
           9.5.4. China
           9.5.5. India
           9.5.6. Japan
           9.5.7. South Korea
           9.5.8. Australia
           9.5.9. Rest Of Asia Pacific
       9.6. Latin America
           9.6.1. Overview, Historic and Forecast Data
           9.6.2. Latin America by Segment
           9.6.3. Latin America by Country
           9.6.4. Brazil
           9.6.5. Argentina
           9.6.6. Peru
           9.6.7. Chile
           9.6.8. Rest of Latin America
       9.7. Middle East & Africa
           9.7.1. Overview, Historic and Forecast Data
           9.7.2. Middle East & Africa by Segment
           9.7.3. Middle East & Africa by Country
           9.7.4. Saudi Arabia
           9.7.5. UAE
           9.7.6. Israel
           9.7.7. South Africa
           9.7.8. Rest Of Middle East And Africa
 
10 . COMPETITIVE LANDSCAPE OF THE OPTICAL CHARACTER RECOGNITION COMPANIES
       10.1. Optical Character Recognition Market Competition
       10.2. Partnership/Collaboration/Agreement
       10.3. Merger And Acquisitions
       10.4. New Product Launch
       10.5. Other Developments
 
11 . COMPANY PROFILES OF OPTICAL CHARACTER RECOGNITION INDUSTRY
       11.1. Company Share Analysis
       11.2. Market Concentration Rate
       11.3. ABBYY
           11.3.1. Company Overview
           11.3.2. Financials
           11.3.3. Products
           11.3.4. Recent Developments
       11.4. ATAPY Software
           11.4.1. Company Overview
           11.4.2. Financials
           11.4.3. Products
           11.4.4. Recent Developments
       11.5. Creaceed S.P.R.L.
           11.5.1. Company Overview
           11.5.2. Financials
           11.5.3. Products
           11.5.4. Recent Developments
       11.6. Exper-OCR, Inc.
           11.6.1. Company Overview
           11.6.2. Financials
           11.6.3. Products
           11.6.4. Recent Developments
       11.7. LEAD Technologies
           11.7.1. Company Overview
           11.7.2. Financials
           11.7.3. Products
           11.7.4. Recent Developments
       11.8. International Business Machines Corporation
           11.8.1. Company Overview
           11.8.2. Financials
           11.8.3. Products
           11.8.4. Recent Developments
       11.9. NAVER Corp.
           11.9.1. Company Overview
           11.9.2. Financials
           11.9.3. Products
           11.9.4. Recent Developments
       11.10. Open Text Corporation
           11.10.1. Company Overview
           11.10.2. Financials
           11.10.3. Products
           11.10.4. Recent Developments
       11.11. Captricity Inc.
           11.11.1. Company Overview
           11.11.2. Financials
           11.11.3. Products
           11.11.4. Recent Developments
       11.12. CVISION Technologies, Inc.
           11.12.1. Company Overview
           11.12.2. Financials
           11.12.3. Products
           11.12.4. Recent Developments
       11.13. Microsoft
           11.13.1. Company Overview
           11.13.2. Financials
           11.13.3. Products
           11.13.4. Recent Developments
       11.14. Adobe
           11.14.1. Company Overview
           11.14.2. Financials
           11.14.3. Products
           11.14.4. Recent Developments
       11.15. IntSig Information Co., Ltd.
           11.15.1. Company Overview
           11.15.2. Financials
           11.15.3. Products
           11.15.4. Recent Developments
       11.16. Nuance Communications, Inc.
           11.16.1. Company Overview
           11.16.2. Financials
           11.16.3. Products
           11.16.4. Recent Developments
       11.17. Anyline GmbH
           11.17.1. Company Overview
           11.17.2. Financials
           11.17.3. Products
           11.17.4. Recent Developments
       11.18. IRIS S.A.
           11.18.1. Company Overview
           11.18.2. Financials
           11.18.3. Products
           11.18.4. Recent Developments
       11.19. Google LLC
           11.19.1. Company Overview
           11.19.2. Financials
           11.19.3. Products
           11.19.4. Recent Developments
 
 *Note - in company profiling, financial details and recent development are subject to availability or might not be covered in case of private companies
 
LIST OF TABLES
 

  •  Market Snapshot
  •  Drivers : Impact Analysis
  •  Restraints : Impact Analysis
  •  List of Raw Material
  •  List of Raw Material Manufactures
  •  List of Potential Buyers
  •  COVID-19 Impact Analysis by Production, Import, Export and Demand
  •  Pre V/S Post COVID-19
  •  Estimated Impact Of The Coronavirus (Covid-19) Epidemic
  •  COVID-19: Micro and Macro Factor Analysis
  •  Analysis by Type (USD MN)
  •  Software Market by Geography (USD MN)
  •  Services Market by Geography (USD MN)
  •  Analysis Market by Vertical (USD MN)
  •  Retail Market by Geography (USD MN)
  •  BFSI Market by Geography (USD MN)
  •  Government Market by Geography (USD MN)
  •  Education Market by Geography (USD MN)
  •  Transport and Logistics Market by Geography (USD MN)
  •  Healthcare Market by Geography (USD MN)
  •  IT & Telecom Market by Geography (USD MN)
  •  Manufacturing Market by Geography (USD MN)
  •  Others Market by Geography (USD MN)
  •  Analysis by End-Use Industry (USD MN)
  •  B2B Market by Geography (USD MN)
  •  B2C Market by Geography (USD MN)
  •  Global Optical Character Recognition Market by Geography (USD MN)
  •  North America Market Analysis (USD MN)
  •  United State Market Analysis (USD MN)
  •  Canada Market Analysis (USD MN)
  •  Mexico Market Analysis (USD MN)
  •  Europe Market Analysis (USD MN)
  •  Europe Market Estimate by Country (USD MN)
  •  United Kingdom Market Analysis (USD MN)
  •  France Market Analysis (USD MN)
  •  Germany Market Analysis (USD MN)
  •  Italy Market Analysis (USD MN)
  •  Russia Market Analysis (USD MN)
  •  Spain Market Analysis (USD MN)
  •  Rest of Europe Market Analysis (USD MN)
  •  Asia Pacific Market Analysis (USD MN)
  •  China Market Analysis (USD MN)
  •  Japan Market Analysis (USD MN)
  •  India Market Analysis (USD MN)
  •  South Korea Market Analysis (USD MN)
  •  Australia Market Analysis (USD MN)
  •  Rest of Asia Pacific Market Analysis (USD MN)
  •  Latin America Market Analysis (USD MN)
  •  Brazil Market Analysis (USD MN)
  •  Argentina Market Analysis (USD MN)
  •  Peru Market Analysis (USD MN)
  •  Chile Market Analysis (USD MN)
  •  Rest of Latin America Market Analysis (USD MN)
  •  Middle East & Africa Market Analysis (USD MN)
  •  Saudi Arabia Market Analysis (USD MN)
  •  UAE Market Analysis (USD MN)
  •  Israel Market Analysis (USD MN)
  •  South Africa Market Analysis (USD MN)
  •  Rest of Middle East and Africa Market Analysis (USD MN)
  •  Partnership/Collaboration/Agreement
  •  Mergers And Acquisiton
 
 LIST OF FIGURES
 
  •  Research Scope of Optical Character Recognition Report
  •  Market Research Process
  •  Market Research Methodology
  •  Global Optical Character Recognition Market Size, by Region (USD MN)
  •  Porters Five Forces Analysis
  •  Market Attractiveness Analysis by Type
  •  Market Attractiveness Analysis by Vertical
  •  Market Attractiveness Analysis by End-Use Industry
  •  Market Attractiveness Analysis by Region
  •  Value Chain Analysis
  •  Global Market Analysis by Type (USD MN)
  •  Software Market by Geography (USD MN)
  •  Services Market by Geography (USD MN)
  •  Global Market Analysis by Vertical (USD MN)
  •  Retail Market by Geography (USD MN)
  •  BFSI Market by Geography (USD MN)
  •  Government Market by Geography (USD MN)
  •  Education Market by Geography (USD MN)
  •  Transport and Logistics Market by Geography (USD MN)
  •  Healthcare Market by Geography (USD MN)
  •  IT & Telecom Market by Geography (USD MN)
  •  Manufacturing Market by Geography (USD MN)
  •  Others Market by Geography (USD MN)
  •  Global Market Analysis by End-Use Industry (USD MN)
  •  B2B Market by Geography (USD MN)
  •  B2C Market by Geography (USD MN)
  •  Global Market by Revenue
  •  North America Market by Revenue
  •  Europe Market by Revenue
  •  Asia Pacific Market by Revenue
  •  Latin America Market by Revenue
  •  Middle East & Africa Market by Revenue
  •  Recent Development in Industry
  •  Company Market Share Analysis
 
 * Kindly note that the above listed are the basic tables and figures of the report and are not limited to the TOC.

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