The global Optical Character Recognition Market size is expected to reach USD 13.38 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 13.7% from 2019 to 2025. Increasing investments in Optical Character Recognition (OCR) startup companies and adoption of OCR across diversified industry verticals is projected to drive the OCR market growth.
Digitalization
plays a critical role in changing the way organizations operate. It has helped
companies improve efficiency of their business processes. Enterprises are
investing large amounts in technologies that can help them digitalize their
work process and increase productivity. Since data is a critical element for an
organization, adoption of technologies such as OCR, which enables users to
convert text data in different types of documents and images into editable or
accessible formats, has increased. OCR solutions are integrated with a wide
range of technologies such as robotic process automation and Artificial Intelligence
(AI) to enhance their capabilities.
Integration
of artificial intelligence with optical character recognition has helped
companies in leveraging technological capabilities of artificial intelligence
such as deep learning and multi-level analysis for the more efficient
processing of documents, texts, and other data in a way similar to that of
humans. These advanced technologies also help to address inaccuracies that
occur in OCR, thereby providing streamlined fault management. This, in turn,
helps reduce costs of processing documents and increase efficiency within the
organization.
Vendors
across diversified industry verticals, such as retail, banking, and healthcare,
are widely adopting OCR technology. In terms of vertical, BFSI accounted for
the largest OCR market share in 2018, owing to the increasing use of the
technology in business transactions and scanning checks and other critical
documents. The demand for OCR in healthcare sector is expected to grow
moderately over the forecast period.
North
America market accounted for the largest market share of 39.39% in 2018 owing
to the early and rapid adoption of advanced technologies across MNCs in the
region. Asia Pacific optical character recognition market, on the other hand,
is likely to provide promising growth opportunities and is anticipated to
register the highest CAGR of 16.7% over the forecast period.
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Optical Character Recognition Market Report
Highlights
- Significant
increase in investment for advancement of OCR in startup companies is
expected to remain one of the key driving factors
- Emergence of
new technologies such as computer vision, machine learning, and artificial
intelligence is unfolding new opportunities for industry growth
- North
America led the global optical character recognition market in 2018. Asia
Pacific is projected to register the highest CAGR of 16.7% from 2019 to
2025
- Key
competitors are Google LLC; Adobe; International Business Machines Corporation;
Microsoft Corporation; ABBYY; Anyline GmbH; Captricity Inc. (Vidado); CC
Intelligence Corporation; Creaceed SPRL; CVISION Technologies Inc.; LEAD
Technologies Inc.; Nuance Communication Inc.; Exper-OCR, Inc.; and Iris
S.A.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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