About OCR Software
OCR software is used to scan, search, and convert printed or handwritten documents like invoices, texts, images, or any other files into digital format. In recent times, OCR has been emerging as mature technology to read different types of patterns and numeric and alphanumeric characters easily and accurately. The growing need to maintain data digitally and increased environmental concern have accelerated the adoption of new technologies to convert paper-based into electronic form.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global OCR Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Adobe (United States), Rossum (United Kingdom), ABBYY (United States), IRIS S.A (Belgium), Kofax Inc. (United States), Microsoft (United States), Amazon (United States), Google (United States), Ocrolus (United States), Alfresco (Hyland Software) (United States) and ByteScout (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global OCR Software market by and Region.
On the basis of geography, the market of OCR Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Small and Medium Businesses will boost the OCR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud will boost the OCR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-user, the sub-segment i.e. BFSI will boost the OCR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Operating System, the sub-segment i.e. Windows will boost the OCR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Subscription, the sub-segment i.e. Monthly will boost the OCR Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Popularity of AI and NLP Integrated OCR Software for Data Capture
Market Growth Drivers:
Growing Use of OCR Software for Data Entry from Paper Data Records and Digital Transformation of Businesses and Increasing Preference towards the Paperless Work
Challenges:
OCR Software Doesn’t Work Efficiently With the Handwritten Text
Restraints:
High Cost of the OCR Software and Low-Quality Image
Opportunities:
Evolving Legal Industry and High Investment in Document Automation Due to Increasing Number of Clients
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, OCR Software Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.