Optical Character Recognition Market Emerging Technology Trends to 2028 - Google, IBM Corp., IRIS S.A., Microsoft Corporation, Nuance Communications

Optical character recognition (OCR) is a technology that exactly identifies written and published text characters by a computer. It involves various componentsuch as location segmentation, scanning, feature extraction, recognition post processing and preprocessing. In addition, it consists analysis of the scanned-in image, the conversion of character image to character codes and photo scanning of the text. OCR software is also used to extract data from scanned documents or camera images, allowing the user to access and edit the contents of the original document.

Optical Character Recognition Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Software, Services); End-user (BFSI, Government, IT and Telecom, Retail, Education, Healthcare, Others) and Geography

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IMPACT OF COVID-19 ON OPTICAL CHARACTER RECOGNITION MARKET:

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET SCOPE

The "Global Optical Character Recognition Market Analysis to 2028" is a specialized and in-depth study of the technology, media and telecommunication industry with a special focus on the global market trend analysis. The report aims to provide an overview of the optical character recognition market with detailed market segmentation by offering, end user and geography. The report provides key statistics on the market status of the leading optical character recognition market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

- Based on offering, the global optical character recognition market is segmented into software, services
- On the basis of end user, the market is segmented into BFSI, government, IT and telecom, retail, education, healthcare, others

MARKET DYNAMICS
Drivers:

-Increasing penetration of automatic recognition systems and increase in productivity are the major driving factor for the growth of optical character recognition market.

Restraints

- High resolution or high quality can hamper the growth of market

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The optical character recognition market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the optical character recognition market in these regions.

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