New York, United States, May 31, 2022 (GLOBE NEWSWIRE) -- Optical character recognition (OCR) is the mechanical or electronic conversion of images of printed, typed, or handwritten text into machine-encoded text, either from a scanned document, a picture of a document, a scene photo, or subtitle text superimposed on an image. It's a standard method of digitizing printed texts to be electronically edited, searched, stored more compactly, displayed online, and used in machine processes like cognitive computing, machine translation, and (extracted) text-to-spreadsheet conversion. OCR is an area of research in computer vision, artificial intelligence, and pattern recognition.
Increasing Adoption of OCR Across Diversified Verticals to Drive the Optical Character Recognition Market
OCR technology is widely employed in the BFSI, healthcare, retail, tourism, logistics, transportation, government, manufacturing, and other industries. Increased productivity and automated recognition technologies are driving the OCR market forward. Digitization has made all procedures in business companies faster and more accessible. As companies advance technologically, data is becoming a critical component of success.
When data is converted to digital format, computers and other computing devices can process it, making it easier to disseminate, access, and store. Companies created before digitalization became the industry standard have begun to employ OCR to convert their physical data into digital format. In the BFSI and healthcare industries, the technology is also being utilized to produce digital copies of cheques, invoices, and other documents.
For example, customers must give their photo ID to some ATMs, which the computer scans for the person's name and face. Chinese banks use OCR software in conjunction with facial recognition software to protect ATMs. They also use OCR technologies to examine paper applications and other documents provided by consumers to establish responsibility or creditworthiness. As a result, increased OCR use across various verticals is expected to drive market growth throughout the forecast period.
Optical character recognition technology has many benefits, including decreasing time spent physically entering data into computers, enhancing work management, cutting the cost of digitizing documents, and eliminating manual errors. Other uses, such as better customer service and document security, are propelling demand in industries like BFSI and retail. Cognitive solution makers' more significant attention to integrating new technologies to improve accuracy is anticipated to drive the market in the near future.
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Online Free Services as an Emerging Business Model Trend
Companies in the optical character recognition business benefit from online reviews of OCR software apps. Established companies like Microsoft and Google, on the other hand, are exerting pressure on emerging market players. Emerging software companies can either sell their products on the Microsoft Store or improve their marketing capabilities through Google Play and digital advertising to gain market supremacy.
Several websites have provided direct online OCR services to meet the demands of individuals. The majority of users choose free online services. Another prominent opponent in the fight is Adobe Acrobat Pro DC. As a result, newcomers to the optical character recognition market can use direct online free services to evaluate their business concepts.
Impact of COVID-19
COVID-19 had a significant impact on the global economy and all enterprises worldwide. Governments throughout the world implemented lockdowns to prevent the pandemic from spreading. During the initial phases of the outbreak, the total global lockdown significantly impacted people's livelihoods and quality of life in various countries. As a result, there were supply chain disruptions all around the world. A significant decline in product demand has affected the world's economies.
The pandemic slowed manufacturing across the board, resulting in a scarcity of primary resources. Supply chain disruptions and a drop in exports were the primary causes of the reduction in production. During this period, businesses' primary goal was to stay afloat, and intelligent manufacturing played a crucial role in assisting companies in operating efficiently with limited resources and people.
The post-pandemic period will be significant for the global optical character recognition market. Supply chain interruptions might hamper recovery, affecting market dynamics and product prices. The global market will also be challenged by distribution and transportation capacity constraints, adverse financial conditions, and rising costs. Limited manufacturing, support operations, labor shortages, and limits for other end-user industries, suppliers, and vendors may also prevent consumers from getting what they want. Overall, the global optical character recognition market's recovery will be challenging.
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Regional Insights
North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa make up the market's five regions. North America and the Asia Pacific are the two most important markets for optical character recognition. Owing to the presence of significant market participants in the US and the early adoption of new technologies by businesses, all of which contribute to regional market growth.
For example, in October 2021, AlphaSense Inc., a market intelligence organization based in the United States, raised a USD 180 million Series C investment round, bringing its total capital to USD 263 million.
Asia Pacific is expected to be the second-largest market for optical character recognition with a market value of USD 9,584 by 2030, registering a CAGR of 16%. The rise can be attributed to the massive increase in investments in AI and associated technologies. In Asia-Pacific's emerging economies, the growing technology industry pushes the adoption of products with OCR capabilities.
Business digitization in Latin America, the Middle East, and Africa, among other things, has far-reaching implications for regional economies, education, and employment. The Gulf Cooperation Council (GCC) countries are pioneering the way for regional technological adoption and digital transformation. Saudi Arabia, for example, prioritizes digital shift in its 2030 Strategy and National Transformation Program (NTP) 2020 to create private-sector jobs and encourage partnerships. Such a rapidly growing economy will almost certainly present unrivaled market potential during the forecast period.
Key Highlights
- The global optical character recognition market was valued at USD 10,346 million in 2021 and is anticipated to register a CAGR of 16% by 2030.
- By type, the software type segment is expected to reach USD 28,013 million by 2030.
- By vertical, the BFSI vertical segment is expected to reach USD 7,865 million by 2030.
- By end-use, the B2B end-user segment is expected to reach USD 29,062 million by 2030.
- Geographically, the global optical character recognition market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. Asia-Pacific and North America were the two significant regional markets in 2021.
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Competitive Players in the Global Optical Character Recognition Market
Abbyy, Adobe, Anyline GmbH, Atapy Software, Captricity Inc., Creaceed SPRL, Cvision Technologies, Inc., Exper-OCR, Inc., Google LLC, International Business Machines Corporation, IntSig Information Co., Ltd. Corporation, IRIS SA, Lead Technologies, Inc., Microsoft, Naver Corp., Nuance Communications, Inc., and Open Text Corporation.
Global Optical Character Recognition Market: Segmentation
By Type
- Software
- Desktop-based OCR
- Mobile-based OCR
- Cloud-based OCR
- Others
- Services
- Consulting
- Outsourcing
- Implementation
- Integration
By Vertical
- Retail
- BFSI
- Government
- Education
- Transport and Logistics
- Healthcare
- IT & Telecom
- Manufacturing
- Others
By End-Use
- B2B
- B2C
By Region
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Optical Character Recognition Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Software
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Services
5.3.1 Market Size & Forecast (Value & Volume)
6 Vertical Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Retail
6.2.1 Market Size & Forecast (Value & Volume)
6.3 BFSI
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Government
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Education
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Transport and Logistics
6.6.1 Market Size & Forecast (Value & Volume)
6.7 Healthcare
6.7.1 Market Size & Forecast (Value & Volume)
6.8 IT & Telecom
6.8.1 Market Size & Forecast (Value & Volume)
6.9 Manufacturing
6.9.1 Market Size & Forecast (Value & Volume)
6.10 Others
6.10.1 Market Size & Forecast (Value & Volume)
7 End User Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 B2B
7.2.1 Market Size & Forecast (Value & Volume)
7.3 B2C
7.3.1 Market Size & Forecast (Value & Volume)
8 Regional Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 North America
8.2.1 Economic Overview
8.2.2 Market Scenario
8.2.3 U.S.
8.2.4 Canada
8.2.5 Mexico
8.3 Central and South America and the Caribbean
8.3.1 Economic Overview
8.3.2 Market Scenario
8.3.3 Brazil
8.3.4 Argentina
8.3.5 Colombia
8.3.6 Rest of Central and South America and the Caribbean
8.4 Europe
8.4.1 Economic Overview
8.4.2 Market Scenario
8.4.3 Germany
8.4.4 France
8.4.5 The U.K.
8.4.6 Italy
8.4.7 The Rest Of Europe
8.5 Asia-Pacific (APAC)
8.5.1 Economic Overview
8.5.2 Market Scenario
8.5.3 China
8.5.4 Japan
8.5.5 India
8.5.6 Australia
8.5.7 South Korea
8.5.8 Rest Of APAC
8.6 Middle East
8.6.1 Economic Overview
8.6.2 Market Scenario
8.6.3 South Arabia
8.6.4 The UAE
8.6.5 Qatar
8.6.6 Oman
8.6.7 Turkey
8.6.8 The Rest Of Middle East
8.7 Africa
8.7.1 Economic Overview
8.7.2 Market Scenario
8.7.3 Nigeria
8.7.4 South Africa
8.7.5 The Rest Of Africa
9 Competitive Landscape — Manufacturers & Suppliers
9.1 Competition Dashboard
9.2 Industry Structure
9.3 Abbyy
9.3.1 Business Overview
9.3.2 Financial Performance
9.3.3 Recent Developments
9.3.4 Portfolio
9.4 Adobe
9.5 Anyline GmbH
9.6 Atapy Software
9.7 Captricity Inc.
9.8 Creaceed SPR
9.9 Cvision Technologies, Inc.
9.10 Exper-OCR, Inc.
9.11 Google LLC
9.12 International Business Machines Corporation
9.13 IntSig Information Co., Ltd Corporation
9.14 IRIS SA
9.15 Lead Technologies, Inc.
9.16 Microsoft
9.17 Naver Corp.
9.18 Nuance Communications, Inc.
9.19 Open Text Corporation.
10 Conclusion & Recommendation
11 Acronyms & Abbreviations
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Market News
- In January 2022, AIMMO, a Korean AI firm, raised USD 12 million in a Series A funding round to enhance its technology and expand its business globally in the data labelling space. The company is primarily focused on self-driving cars and smart cities.
- In January 2022, Axera Tech, a Chinese AI startup, raised USD 125.9 million in a Series A++ fundraising round to grow its operations and create AI vision processor chips. Smart retail, smart cities, smart homes, and smart communities all benefit from the company's primary offering.
- In October 2021, AlphaSense Inc., a market intelligence firm based in the United States, raised USD 180 million in a Series C fundraising round, increasing its total capital to USD 263 million.
- In July 2021, Cortex Fabric 6, a low-code development platform for the transformation, automation, and augmentation of digital experiences, was released by CognitiveScale, an AI-powered digital system. This technology would allow organizations to create more cost-effective and speedier AI applications.
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