Global Optical Character Recognition Market: Adoption of Document Management Process across Business Sectors Fuels Growth

Global Optical Character Recognition Market: Snapshot

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.

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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 Transparency Market Research, 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.

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Banking Sector Drives up Demand for OCR Software

The global optical character recognition market can be classified into two based on type – software and service. The software segment further includes desktop based OCR, mobile based OCR, cloud based OCR, and others such as batch OCR, server based OCR, etc. The service segment, on the other hand, includes consulting, outsourcing, and implementation and integration.

Between software and services, the two segments in the global optical character recognition market, software accounted for maximum share. In the years ahead too, software segment will retain its dominant share buoyed by the banking sector in particular. In terms of growth rate, however, the service segment is predicted to witness a higher CAGR in the forecast period.

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.

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