The global optical character recognition market was valued at US$ 15.1 Bn in 2019 and is expected to expand at a CAGR of ~15% from 2024 to 2030, reaching US$ 70 Bn and volume of 58,166 thousand units by the end of the forecast period. The global optical character recognition market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Asia Pacific will continue to be at the forefront of global demand, with the market in the region projected to expand at a higher rate during the forecast period. All businesses are affected by the increasing lockdown situation due to COVID-19. Hence, most manufacturing and retail companies halted all business operations due to lack of workforce and low return on investment during the lockdown.
Increasing Adoption of Digitization Process among Enterprises Driving Optical Character Recognition Market
Companies are adopting digitization for different business processes that helps to increase efficiency. Most companies are taking interest and investing in optical character recognition technology to digitalize their work and increase productivity. The optical character recognition market is majorly driven by increasing adoption of the OCR technology among startup businesses to maximize the return on investment.
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Solution providers of OCR are integrating and providing advanced software solutions with new innovative technology to drive the demand for OCR services and solutions among BFSI and media & entertainment companies. Innovative technologies, such as machine learning, computer vision, and artificial intelligence help to enhance the performance of solutions. OCR helps in improving data accuracy in digital form, minimizes operational cost, and simplifies the different data-related operational processes.
Mobile OCR is majorly adopted by transportation and logistics for scanning bills and invoices for the delivery of goods at various locations. Companies are investing in advanced technologies to reduce the expenses on data management and for data extraction of important information. The latest OCR software comes with advanced features that overcome typical problems related to typographical (misprints, spelling mistakes) and formatting complexities. This advancement has lowered the cost of data capturing and increased the demand for the OCR technology.
Optical Character Recognition Market: Competitive Dynamics
The global optical character recognition market comprises large as well as mid-sized manufacturers and suppliers. Vendors in the optical character recognition market are currently focusing on introducing advanced software and integrating new capabilities within the hardware and software to enable optical character recognition across company boundaries and meet the need to manage OCR operations. Moreover, vendors are adopting partnerships and acquisition strategies to proficiently compete in the regional market.
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Some of the significant players in the global optical character recognition market include ABBYY Software Ltd., Accusoft Corporation, Adlib Software, Adobe Systems, Inc., Amazon Web Services, Inc., Anyline GmbH, ATAPY Software, Beijing Wintone Science & Technology Co. Ltd., Black Ice Software LLC, Captricity (Vidado Inc.), CC Intelligence Corporation, Creaceed SPRL, CVSION Technologies Inc., Exper-OCR Inc., Google Inc., Hyland Software, Inc., IBM Corporation, Infrrd Inc., IRIS SA (Canon), LEAD Technologies Inc., Microsoft Corporation, NTT DATA Corporation, Nuance Communications, Oki Europe Ltd, Open Text Corporation, Paradatec, Inc., Prime Recognition Corporation, Ricoh Group, Ripcord Inc., SEAL Systems Inc., Smart Engines, Transym Computer Services Ltd, and Xerox Corp.
