The global Optical Character Recognition Market size is expected to reach USD 33.44 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.4% from 2022 to 2030. Digitalization plays a critical role in changing the way organizations operate, and it has helped companies improve the efficiency of their business processes. Enterprises invest large amounts in technologies that can help them digitalize their work processes and increase productivity. Since data is a critical element for an organization, adopting technologies such as optical character recognition (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 various technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities.
The 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. Furthermore, increasing
penetration of optical character recognition in banks and financial
institutions has bolstered the market growth for B2B end users. For instance,
Sinosecu Bank, a commercial bank in China, developed a Sinosecu bank Card, OCR
SDK, an OCR recognition technology. It can meet the financial industry’s mobile
payment requirements. The bank card can be utilized in various ways, including
mobile SDKs and deployments.
The OCR market can be described as a highly
competitive market. The market vendors are pursuing various strategic
initiatives to gain a competitive edge in the market. For instance, in January
2022, 6Sense, an AI-driven sales and marketing platform, acquired Saleswhale, a
Singapore-based company. This acquisition would also help B2B organizations
convert and manage their sales leads with the help of AI technologies like NLP,
OCR ML, and other AI technologies. It would scale their business and enhance
the products.
Related Press Release@ Optical Character Recognition Market Report
Optical Character Recognition
Market Report Highlights
- A significant increase in investment for the advancement of OCR in
startup companies is expected to remain one of the key driving factors
- The emergence of new technologies such as computer vision, machine
learning, and artificial intelligence is unfolding new opportunities for
industry growth
- The integration of advanced technology in OCR technology has
significantly contributed to enhancing data management and data capture.
Further, continuous advancements in OCR technology are expected to
positively contribute to the growth of the OCR market
- Factors including the rapid economic growth of countries, such as
China and India, the rising adoption of smartphones, and the
developing e-commerce sector are anticipated to further fuel the
growth of the Asia Pacific market
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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