Increasing OCR Implementation Drives Global Optical Character Recognition Market

A recent study by Triton Market Research titled 'Global Optical Character Recognition Market' comprises the Global Analysis and Forecasts by Vertical (Healthcare, Education, IT & Telecom, Manufacturing, Retail, Transport & Logistics, BFSI, Government, Others), Product (Software, Service), Operation (B2C, B2B), and Geography (Latin America, Asia-Pacific, North America, Europe, and Middle East and Africa).

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According to Triton's Market Research, the global optical character recognition market is expected to grow at a CAGR of 16.04% during the forecasted years 2022-2028, attaining revenue worth $27663.91 million by 2028.

Optical character recognition is a technology that helps distinguish the printed or handwritten text characters within digital images of physical documents, such as scanned paper.

The growing implementation of OCR solutions in advanced technology is accelerating the growth of this market. With the increasing risk of online fraud, automating business processes helps cut operating expenses and increase revenue. Besides, large enterprises dealing in big data face difficulty shifting to digital data input methods. But with the help of OCRs technologies, businesses can digitize data entering procedures conveniently. Thus, such advancements in technologies are augmenting the growth of the optical character recognition market.

On the other hand, the lack of accuracy in recognition of handwritten material and the limitations of OCR in delivering accurate output are hindering the market's growth.

The optical character recognition market is segmented into vertical, product, and operation. Based on the vertical segment, it is categorized into healthcare, education, IT & telecom, manufacturing, retail, transport & logistics, BFSI, government, and others. Moreover, the product segment is divided into software and service. The operation segment is sectioned into B2C and B2B.

Globally, the Asia-Pacific is anticipated to witness the fastest growth over the forecasted period. The increasing investment by market players and governments in AI and associated technologies has significantly escalated the demand for OCR in the region. For instance, Microsoft commits significant resources to R&D facilities in developing tools, technologies, cloud computing, etc. Besides, the technology sector of various countries such as China, India, Japan, etc., are evolving, resulting in boosted demand for products with OCR capabilities.

The notable companies in the optical character recognition market are IBM, Iris Group SA, Lead Technologies, Creaceed, Adobe Systems Inc, Nuance Communications Inc, Anyline GmbH, Microsoft Corporation, Abbyy, Captricity Inc (Acquired by SS&C), Expervision Inc, Google LLC, Foxit Software Inc, and IntSig Information Co Ltd.

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Question & Answer: Optical Character Recognition Market

Question 1: What factors are augmenting the growth of the optical character recognition market?

Answer: The growing implementation of OCR solutions in advanced technology is accelerating the growth of this market. With the increasing risk of online fraud, automating business processes helps cut operating expenses and increase revenue. Besides, large enterprises dealing in big data face difficulty shifting to digital data input methods. But with the help of OCRs technologies, businesses can digitize data entering procedures conveniently. Thus, such advancements in technologies are augmenting the growth of the optical character recognition market.

Question 2: What factors are hindering the growth of the optical character recognition market?

Answer: The lack of accuracy in recognition of handwritten material and the limitations of OCR in delivering accurate output are hindering the market's growth.

Question 3: What region is anticipated to witness the fastest growth in the optical character recognition market?

Answer: Globally, the Asia-Pacific is anticipated to witness the fastest growth over the forecasted period. The increasing investment by market players and governments in AI and associated technologies has significantly escalated the demand for OCR in the region. For instance, Microsoft commits significant resources to R&D facilities in developing tools, technologies, cloud computing, etc. Besides, the technology sector of various countries such as China, India, Japan, etc., are evolving, resulting in boosted demand for products with OCR capabilities.

Question 4: What are the notable companies in the optical character recognition market?

Answer: The notable companies in the optical character recognition market are IBM, Iris Group SA, Lead Technologies, Creaceed, Adobe Systems Inc, Nuance Communications Inc, Anyline GmbH, Microsoft Corporation, Abbyy, Captricity Inc (Acquired by SS&C), Expervision Inc, Google LLC, Foxit Software Inc, and IntSig Information Co Ltd.

Related Report

Global Automotive Robotics Market

The global automotive robotics market is expected to advance at a CAGR of 11.63% over the forecast period 2021-2028 while garnering $12655.25 million by 2028.

Robotics is the study of robots that are replacing human beings for dangerous or repetitive tasks. Automotive robots are computer-programmed machines designed to promptly make a series of complex actions automatically.

The automotive robotics market is driven by several factors, such as the rising need for robots, the requirement for more safety features at the workplace, and the rising production of automobiles owing to the increasing demand.

However, the lack of skilled personnel has proven to be a serious barrier to robotics development. Thus, this factor is hindering the market's growth. Nevertheless, the rising production of automobiles due to increasing demand is expected to provide lucrative growth opportunities to the studied market.

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This release was published on openPR.