- Optical character recognition (OCR) is a technology that allows conversion of different types of documents such as images captured by a digital camera, scanned paper documents, or PDF files into searchable and editable data. This involves scanning the photo of each character of the text one by one, analysis of the scanned image, and transformation of the character image into codes, such as ASCII character code, which is generally used in processing data. Thus, OCR software converts a scanned image to text. When a page is scanned, it is commonly stored as a bit-mapped file in TIF (Tag Image File) format.
- The image displayed on the screen by OCR software can be easily read by the user. This saves hours of time spent in manual typing, and correcting misprints before converting a document, magazine article, or a printed contract.
- The global optical character recognition market is anticipated to expand at a CAGR of ~15% during the forecast period 2024 to 2030, and was valued at ~US$ 70 Mn in 2019 with volume of 15,457 thousand units in 2019
- Enterprises are seeing rising adoption of advanced mobility solutions to enhance the productivity of employees. Different industries are increasingly demanding mobile OCR technology to enhance the mobility of employees to capture bills, invoices, and other informational documents at any location at any time.
- Optical character recognition (OCR) software helps to extract unstructured data from different documents and store them in structured data formats for future use
- 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 OCR technology.
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Optical Character Recognition: Market Segmentation
- The global optical character recognition market has been segmented based on component, enterprise size, mode of operation, industry, and region
- In terms of component, the optical character recognition market has been divided into hardware, software, and services. Software includes desktop-based, mobile-based, cloud-based (multi-tenant cloud [public] and private cloud), and others (batch OCR and server-based OCR). The services segment is cross-segmented into consulting services, outsourcing, and implementation & integration.
- Based on enterprise size, the global optical character recognition market segment has been categorized into small & medium enterprises and large enterprises
- Based on mode of operation, the global optical character recognition market segment has been bifurcated into Business-to-Business (B2B) and Business-to-Consumer (B2C)
- In terms of industry, the global optical character recognition market has been categorized into retail, government, BFSI, transport & logistics, healthcare, media & entertainment, IT & telecom, manufacturing, and others
Optical Character Recognition Market: Regional Outlook
- In terms of region, the global optical character recognition market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America is estimated to dominate the global optical character recognition market and account for 41% share by the end of 2024. It is projected to maintain its dominance during the forecast period.
- The market in Asia Pacific is anticipated to expand at a CAGR of 17.9% during the forecast period, due to increased penetration of smart solutions and commercial OCR solutions in the region
- In APAC, increasing investment on advanced commercial business solutions and devices is expected to propel the optical character recognition market during the forecast period
- The report provides in-depth segment analysis of the global optical character recognition market, thereby providing valuable insights at macro as well as micro levels
- Analysis of major countries, which offer considerable opportunities or account for significant share has also been included as part of geographic analysis for the optical character recognition market
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Optical Character Recognition Market: Major Players
- Some significant players engaged in the 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 SPR
- 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
- Xerox Corp.
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