Global Optical Character Recognition Market to Exhibit 16.04% CAGR by 2028
It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).
Triton Market Research's report states that the optical character recognition market will expand with a CAGR of 16.04% during the forecasted years 2022-2028.
Request a Free Sample Report on the Global Optical Character Recognition Market: https://www.tritonmarketresearch.com/reports/optical-character-recognition-market#request-free-sample
The integration of OCR with technologies such as robotic process automation and artificial intelligence escalates the demand for optical character recognition (OCR). OCRs allow users to convert different types of documents and images into an editable format. Moreover, the growing need for paperless documentation, along with the improved customer support by the app developers, adds to the overall demand for OCRs.
Additionally, this technology offers protection from online theft, cybercrime, and malware functioning, aiding in the growth of the optical character recognition market.
On the other hand, the market's growth is restrained due to limitations in delivering accurate output. Though technology is evolving, it still has its demerits. For instance, documents containing fuzzy, noisy, or unclear text are not scanned accurately with OCRs. Likewise, they do not produce accurate outputs from documents with creases.
The Asia-Pacific is expected to witness the fastest growth over the forecast period. The growth is attributed to the increasing investments in AI and associated technologies alongside the emerging technology sector. Additionally, many startups are contributing to the growing demand for OCRs. For instance, AIMMO, a Korean AI-based firm, obtained a $12 million Series A Fundraising round to expand its technology and business internationally in data labeling. Therefore, these factors augment the growth of the optical character recognition market.
The top players in the optical character recognition market include Anyline GmbH, IBM, Captricity Inc (Acquired by SS&C), Google LLC, Iris Group SA, Expervision Inc, Creaceed, Lead Technologies, Adobe Systems Inc, Microsoft Corporation, Abbyy, Nuance Communications Inc, Foxit Software Inc, and IntSig Information Co Ltd.
There is cut-throat competition in the market owing to the presence of several small and large vendors and heavy investment funding in OCR startups. Moreover, the threat of substitutes in the market is low because of the absence of internal and external substitutes of technology. As a result, it becomes difficult for customers to switch to other products.
Get an overview about this report @ https://www.tritonmarketresearch.com/reports/optical-character-recognition-market
Purchase this report @ https://www.tritonmarketresearch.com/reports/optical-character-recognition-market#purchase-option
Triton Market Research
196, wards wharf approach
London E16 2EQ
Phone: +44 7441 911839
We are a leading market research company with offices in the UK, providing the best online market research and data search reports to our clients.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Optical Character Recognition Market to Exhibit 16.04% CAGR by 2028 here
News-ID: 2705031 • Views: 478
More Releases from Triton Market Research
Global Food Allergen Testing Market Evaluated to Gain $1301.26 Million by 2028
According to Triton's report, the global food allergen testing market, which attained $812.79 million in 2021, is estimated to grow at 7.01% of CAGR by 2028. A recent study by Triton Market Research titled Global Food Allergen Testing Market includes Global Analysis and Forecasts by Food Tested (Convenience Foods, Processed Food [Bakery and Confectionary, Dairy Products, Meat and Seafood, Other Processed Foods], Beverages Baby Food) Technology (PCR, Immunoassay Based/Elisa, Biosensors-based,
Global Flexible Packaging Market Estimated to Gain $350.17 Billion in Revenue by …
According to Triton's report, the global flexible packaging market, which attained $255.26 billion in 2021, is expected to progress at a CAGR of 4.66% by 2028. A recent study by Triton Market Research titled Global Flexible Packaging Market discusses the Global Analysis and Forecasts by Type (Gusseted Bags, Stand-Up Pouches, Wraps, Flat Pouches, Rollstock, Wicketed Bags), Application (Cosmetics, Pharmaceuticals, Food & Beverage, Others), Printing Technology (Rotogravure, Digital Printing, Flexography, Others), Raw
Global Fitness Equipment Market Evaluated to Gain revenue at $13.61 Billion by 2 …
According to Triton's report, the global fitness equipment market, which attained $9.80 billion in 2021, is estimated to grow at 3.95% of CAGR by 2028. A recent study by Triton Market Research titled 'Global Fitness Equipment Market' consists of the Global Analysis and Forecasts by Distribution Channel (Offline, Online), Type (Cardiovascular Equipment, Strength Training Equipment, Other Equipment), End-user (Apartment, Home, Health Club/Gym, Corporate Office, Hotel, Others), and by Geography (Middle
Global ERP Market Estimated to Garner revenue at $63.13 Billion by 2028
According to Triton's report, the global enterprise resource planning market, which gained $38.84 billion in 2021, is likely to progress at 7.28% of CAGR by 2028. A recent study by Triton Market Research titled 'Global Enterprise Resource Planning Market' consists of the Global Analysis and Forecasts by Application (Manufacturing Module, Finance, Human Resource (HR), Customer Management, Supply Chain, Inventory Management, Other Applications), Enterprise Size (Medium Enterprises, Large Enterprises, Small Enterprises),
More Releases for OCR
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). Request Free Sample of the Optical Character Recognition Market Report @ https://www.tritonmarketresearch.com/reports/optical-character-recognition-market#request-free-sample According to Triton's Market Research, the
OCR Software Market Worth Observing Growth | Exper-OCR, Google, LEAD Technologie …
The latest release from HTF MI highlights the key market trends impacting the growth of the Global OCR Software market. The study highlights influencing factors that are impacting or reinforcing market environment such as Government Policy, technological changes etc along with key market drivers. The research study forecast Revenue Opportunities and Sales Volume Area taken into consideration the primaries from industry experts and includes relevant data such as (revenue, market
OCR Software Market Competitive Dynamics & Global Outlook 2025
Global OCR Software Market essentials: an introduction of the market, characterizations, types, applications and supply chain scenario; OCR Software industry approaches and designs; type details; producing forms; cost structures. It also informs global fundamental regions economic situations, including the OCR Software product value, benefit, restraints, generation, demand and supply, and OCR Software industry development rate and so on. The report presents SWOT and OCR Software PESTEL analysis, speculation plausibility, and
Optical Character Recognition (OCR) Market: OCR Revolutionizes Document Manageme …
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
Binary Classification Support for Better OCR Recognition & Enhanced OCR Operatio …
What’s new in this release? Aspose team is proud to announce the new release of Aspose.OCR for .NET 17.11.0. This is primarily a maintenance release whereby we have resolved certain issues incurring in API. Furthermore overall performance of the API has also been improved in this release. Binary Classification has been introduced for better OCR recognition. OCR network implemented in Player under our main OCR component to achieve better
Dynamsoft releases its Document Capture service for online OCR
Convert scanned images and pdf files to editable word document VANCOUVER – March 22, 2017 Dynamsoft is releasing a new online service, Dynamsoft Document Capture. It is an online OCR (optical character recognition) hosting service. Designed to automate information capture from scanned documents or existing PDFs, users are empowered to extract text for purposes of document management, records archive, etc. Input files: - Document scanning: Integrated with Dynamic Web TWAIN, you can scan documents,