What is 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.
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
The Optical Character Recognition (OCR) Software market study is being classified by Type (Software and Services), by Application and major geographies with country level break-up.
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. Analysts at AMA predicts that Players from United States 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 profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Optical Character Recognition (OCR) Software market by Type, Application and Region.
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).
Market Influencers and their 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.
Key Target Audience
Providers of Optical Character Recognition (OCR) Software, Governmental and Regulatory bodies and End-Users
Optical Character Recognition (OCR) Software Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Optical Character Recognition (OCR) Software Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Optical Character Recognition (OCR) Software industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.