Global Optical Character Recognition Market - Banking Sector Drives up Demand for OCR Software

A new business intelligence study, titled “Optical Character Recognition Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025” has been added to the repository of Market Research Reports Search Engine (MRRSE). According to the study, the global optical character recognition market is likely to grow at a CAGR of 14.8% and reach a valuation of over US$ 25.182 Mn by the end of 2025.

Get Exclusive Sample Copy @ https://www.mrrse.com/sample/3516

In a highly fragmented and competitive global market for optical character recognition (OCR), savvy players are leveraging a multi-pronged strategy to surge ahead of their competitors. One strategy popular with them is competitive pricing which helps to draw more consumers. Besides, they are also banking upon mergers and acquisitions and carefully-considered partnerships to expand their outreach. Addition of new services is another way in which they are looking to further enhance their market shares.

Optical character recognition is a technology has literally revolutionized the document management process in various sectors, namely legal, banking, education, healthcare, finance, and government. It has helped to transform offices into a paperless ones by helping to digitize documents and communications that have remained resistant to digitization with speed and accuracy. Those include scanned paper documents and PDF files or images captured by a digital camera. 

Further, the advancement of optical character recognition from a special purpose reader to a multi-purpose interactive system has lowered the cost of data capturing and has paved the way for the development of more reliable systems. This will also have a positive impact on the market.

As per Market Research Reports Search Engine (MRRSE), the global optical character recognition market will likely become worth US$25.182 bn by 2025-end by clocking a solid 14.8% CAGR from 2017 to 2025.

Global Optical Character Recognition Market: Segmentation

The report segments the global optical character recognition market on the basis of type into software and service. Thus, the report provides in-depth cross-segment analysis of the optical character recognition market and classifies it into various levels, thereby providing valuable insights at the macro as well as micro levels. Further, the optical character recognition software market is segmented into desktop based OCR, mobile based OCR, cloud based OCR and others (batch OCR, server based OCR etc.) The optical character recognition service market is classified into consulting, outsourcing and implementation & integration. Optical character recognition is also segmented on the basis of end-use into retail, government, BFSI, education, transport & logistics, healthcare, media & entertainment, IT & Telecom and manufacturing.

Browse Full Report with Table of Content, List of Table and Figures – https://www.mrrse.com/optical-character-recognition-market

On the basis of country, North American market is divided into The U.S., Canada and Rest of North America. Similarly, Europe market is divided into The U.K., Germany, France, Italy, Spain and Rest of Europe. Asia Pacific has been segmented into China, Japan, India and Rest of Asia Pacific. Middle East and Africa covers the GCC countries, South Africa and Rest of Middle East and Africa. Similarly, South American region includes Brazil and Rest of South America.

Massive Investments in Technology Stokes Stellar Growth in Asia Pacific Market

From a geographical standpoint, North America held maximum share in the global market for optical character recognition in 2016 because of the rapid infrastructure development and changing policies and regulations framed by the government. In the upcoming years, the region is slated to hold on to its leading position. Enterprises in the region are also opting for cloud based optical character recognition software because of its ease of use and cost effectiveness.

Vis-à-vis growth rate, Asia-Pacific optical character recognition market is slated to outpace all others by registering a CAGR of 15.6% from 2017 to 2025. The growth is mainly driven by small and medium enterprises (SME) mushrooming in the region. Besides, the growing use of optical character recognition software by IT and telecom industry for document management is serving to act as a catalyst for the Asia Pacific market. Fast-expanding developing nations of China and India are at the forefront of adopting OCR in the region on account of the massive investments in technology.

About MRRSE

Market Research Reports Search Engine (MRRSE) is an industry-leading database of market intelligence reports. MRRSE is driven by a stellar team of research experts and advisors trained to offer objective advice. Our sophisticated search algorithm returns results based on the report title, geographical region, publisher, or other keywords. 

MRRSE partners exclusively with leading global publishers to provide clients single-point access to top-of-the-line market research. MRRSE’s repository is updated every day to keep its clients ahead of the next new trend in market research, be it competitive intelligence, product or service trends or strategic consulting.

Contact

State Tower
90, State Street
Suite 700
Albany, NY - 12207
United States
Telephone: +1-518-730-0559
Email: sales@mrrse.com
Website: https://www.mrrse.com/

This release was published on openPR.