Global Optical Character Recognition Market to Exhibit 16.04% CAGR by 2028

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

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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.

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