Jersey City, New Jersey, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Optical Character Recognition (OCR) Systems Market” By Product (Software and Services), By Application (Media & Entertainment, IT & Telecom, BFSI, Transport and Logistics, Retail & Manufacturing, and Others), and By Geography. According to Verified Market Research, the Global Optical Character Recognition (OCR) Systems Market size was valued at USD 6,805.00 Million in 2019 and is projected to reach USD 21,466.30 Million by 2027, at a long term CAGR of 14.87% from 2020 to 2027.
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126 – Tables
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Global Optical Character Recognition (OCR) Systems Market Overview
Optical character recognition (OCR) is widely used as a form of data entry from some sort of original paper data source, whether passport documents, invoices, bank statements, receipts, business cards, mail, or any number of printed records. Several benefits of optical character recognition technology have helped companies to save time spent on entering data manually in computer, enhancing work management, reducing the cost of converting documents into digital form, and reducing manual errors, among others.
Increasing applications of OCR systems in the transportation and logistics industry is a key factor that has triggered the growth of the OCR market. The warehouses and drivers are increasingly using mobile-based OCR systems to extract and read the incoming parcel codes, indexes, invoices, product catalogs, goods receipts, loading/transport, goods return among others. On the other hand, lack of accuracy in recognition of handwritten material is a leading element that can hinder market growth.
Key Developments in Optical Character Recognition (OCR) Systems Market
• Adobe launched ‘Adobe Scan’ Optical Character Recognition App. This new app uses Optical Character Recognition (OCR) to turn printed text into a digital document.
• Foxit Software announced the acquisition of New York-based CVISION Technologies. This acquisition of CVISION builds upon Foxit’s 2015 acquisition of Luratech Software and enables Foxit to gain global leadership in the high volume, enterprise automation market for PDF compression, OCR solutions, and conversion.
The major players in the market are Microsoft Corporation, IBM, NTT DATA Corporation, Adobe Inc., CVISION Technologies, Inc., LEAD Technologies, Inc., Anyline GmbH, Creaceed, IntSig Information Co. Ltd, and Prime Recognition Corporation.
Verified Market Research has segmented the Global Optical Character Recognition (OCR) Systems Market On the basis of Product, Application, and Geography.
- Optical Character Recognition (OCR) Systems Market, By Product
- Software
- Services
- Optical Character Recognition (OCR) Systems Market, By Application
- Media & Entertainment
- IT & Telecom
- BFSI
- Transport and Logistics
- Retail & Manufacturing
- Others
- Optical Character Recognition (OCR) Systems Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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