Optical Character Recognition (OCR) Software Market Scope
Optical character recognition (OCR) additionally called Optical Character Reader, is a system that has full alphanumeric recognition of printed or handwritten characters at electronic speed by simply scanning the form. The OCR technology provides a complete type process and documents capture solution. In general, OCR uses a modular architecture that is open, scalable, and workflow-controlled. It additionally includes forms definition, scanning, image pre-processing, and recognition capabilities. Optical character recognition (OCR) is widely used as a form of data entry from a variety of original paper data sources, whether passport documents, invoices, bank statements, receipts, business cards, mail, or any number of written records. Several benefits of optical character recognition technology have helped firms to avoid wasting 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.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Key Companies Profiled | Microsoft Corporation (United States), IBM (United States), NTT DATA Corporation (Japan), Adobe Inc (United States), CVISION Technologies, Inc (United States), LEAD Technologies, Inc (United States), Anyline GmbH (United States), Creaceed (United States), IntSig Information Co. Ltd (China), Foxit (United States) and Prime Recognition Corporation (United States) |
CAGR | % |
Digitalization in business organizations has made all the processes faster and more accessible. As companies are witnessing technological advancements, data is becoming a critical element for growth. When data is converted to digital form, it can be processed by computers and a variety of devices with computing capacity. This data is easy to share, access, and store. This ease of operation is boosting the market. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Optical Character Recognition (OCR) Software market throughout the predicted period.
Microsoft Corporation (United States), IBM (United States), NTT DATA Corporation (Japan), Adobe Inc (United States), CVISION Technologies, Inc (United States), LEAD Technologies, Inc (United States), Anyline GmbH (United States), Creaceed (United States), IntSig Information Co. Ltd (China), Foxit (United States) and Prime Recognition Corporation (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Optical Character Recognition (OCR) Software market by Type , by Application (Media & Entertainment, IT & Telecom, BFSI, Transport and Logistics, Retail & Manufacturing and Others) and Region with country level break-up.
On the basis of geography, the market of Optical Character Recognition (OCR) Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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).
region held largest market share in the year 2024.
Market Leaders and their expansionary development strategies
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
In 2020, Adobe launched the ‘Adobe Scan’ Optical Character Recognition App. This new app uses Optical Character Recognition (OCR) to turn printed text into a digital document.
Influencing Trend:
Increasing Use of The System and Rising Trend for the ID-Verification Services
Market Growth Drivers:
Increasing Applications of OCR System in Transportation and Logistics Industry, The Warehouses and Drivers Are Increasingly Using Mobile-Based OCR Systems and Improved Customer Service and Increased Security of Documents
Challenges:
Lack Of Accuracy in Recognition of Handwritten Material
Restraints:
High Maintenance and Installation Cost and Lack Of Technological Knowledge Among Individuals
Opportunities:
Increasing Research and Development Activities, Rapid Technological Advancements and The Growing Adoption of The OCR System in The Education Sector
Key Target Audience
Providers of Optical Character Recognition (OCR) Software, Governmental and Regulatory bodies and End-Users