Optical Character Recognition (Ocr) Systems Market is Expected to Reach US$ 43.33 Bn by the End of 2031-Google, CC Intelligence Corporation, Adobe, Microsoft, IBM, ABBYY, Creaceed, Anyline, Captricity, Exper-OCR, LEAD Technologies

Optical Character Recognition (OCR) Systems Market size was valued at USD 11,900.33 Million in 2021 and is projected to reach USD 43,964.29 Million by 2032, growing at a CAGR of 11.23% from 2022 to 2032. The optical character recognition (OCR) technology is set to bring a significant change in food delivery and retail business due to the coronavirus (COVID-19) outbreak. Analysts of Transparency Market Research (TMR) says that OCR is likely to become an indivisible part of the receipt recognition technology for retail and food deliveries. Since the coronavirus survives for up to 24 hrs on paper, companies in the optical character recognition market are capitalizing on this trend to improve their software, which deploys email receipts and uses receipt recognition API (Application Programming Interface).

Key Players in the Optical Character Recognition (Ocr) Systems market:

Google, CC Intelligence Corporation, Adobe, Microsoft, IBM, ABBYY, Creaceed, Anyline, Captricity, Exper-OCR, LEAD Technologies

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Online Free Services Emerging as Lucrative Business Model for Emerging Companies
Online reviews about OCR software apps are building the credibility of companies in the optical character recognition market. However, emerging market players are facing stiff competition from established companies such as Microsoft and Google. In order to gain market dominance, emerging software companies can either list their apps under the Microsoft Store or increase their marketing capabilities via Google Play and digital advertising.

Several websites have enabled direct online OCR services to meet convenience needs of individuals. Free online services are being highly preferred by users. Another big player in the competition is the Adobe Acrobat Pro DC. Thus, emerging players in the optical character recognition market can experiment business models with direct online free services.

Analysts' Viewpoint

In order to avoid community fallout, local, national, and international retailers are investing in the OCR software that deploy receipt scanning and e-receipts. Companies in the optical character recognition market are abiding with strong privacy policies to win the faith of users. This explains why the market is projected to reach a revenue of US$ 70 Bn by the end of 2030. However, inaccuracy in handwriting recognition and outdated features in software apps are inhibiting market growth. Hence, companies should make improvements in scanning technologies to generate desirable outcomes via apps. Emerging companies should explore online free service business models to compete with established companies.

Optical Character Recognition Market: Overview
Optical character recognition (OCR) is a technology that allows conversion of different types of documents such as images captured by a digital camera, scanned paper documents, or PDF files into searchable and editable data. This involves scanning the photo of each character of the text one by one, analysis of the scanned image, and transformation of the character image into codes, such as ASCII character code, which is generally used in processing data. Thus, OCR software converts a scanned image to text. When a page is scanned, it is commonly stored as a bit-mapped file in TIF (Tag Image File) format.
The image displayed on the screen by OCR software can be easily read by the user. This saves hours of time spent in manual typing, and correcting misprints before converting a document, magazine article, or a printed contract.
The global optical character recognition market is anticipated to expand at a CAGR of ~15% during the forecast period 2020 to 2030, and was valued at ~US$ 70 Mn in 2019 with volume of 15,457 thousand units in 2019
Enterprises are seeing rising adoption of advanced mobility solutions to enhance the productivity of employees. Different industries are increasingly demanding mobile OCR technology to enhance the mobility of employees to capture bills, invoices, and other informational documents at any location at any time.

Optical Character Recognition (Ocr) Systems Market Types:

Software, Services.

Optical Character Recognition (Ocr) Systems Market Applications:

IT & Telecom, Media & Entertainment, BFSI, Transport and Logistics, Retail & Manufacturing, Healthcare, Government & Education, Other

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Optical Character Recognition Market: Regional Outlook
In terms of region, the global optical character recognition market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America
North America is estimated to dominate the global optical character recognition market and account for 41% share by the end of 2020. It is projected to maintain its dominance during the forecast period.
The market in Asia Pacific is anticipated to expand at a CAGR of 17.9% during the forecast period, due to increased penetration of smart solutions and commercial OCR solutions in the region
In APAC, increasing investment on advanced commercial business solutions and devices is expected to propel the optical character recognition market during the forecast period
The report provides in-depth segment analysis of the global optical character recognition market, thereby providing valuable insights at macro as well as micro levels
Analysis of major countries, which offer considerable opportunities or account for significant share has also been included as part of geographic analysis for the optical character recognition market
Optical Character Recognition Market: Major Players
Some significant players engaged in the optical character recognition market include
Abbyy Software Ltd.
Accusoft Corporation
Adlib Software
Adobe Systems, Inc.
Amazon Web Services, Inc.
Anyline GmbH
ATAPY Software
Beijing Wintone Science & Technology Co. Ltd.
Black Ice Software LLC
Captricity (Vidado Inc.)
CC Intelligence Corporation
Creaceed SPR
CVSION Technologies Inc.
Exper-OCR Inc.
Google Inc.
Hyland Software, Inc
IBM Corporation
Infrrd Inc.
IRIS SA (Canon)
LEAD Technologies Inc.
Microsoft Corporation
NTT DATA Corporation
Nuance Communications
Oki Europe Ltd
Open Text Corporation
Paradatec, Inc.
Prime Recognition Corporation
Ricoh Group
Ripcord Inc.
SEAL Systems Inc.
Smart Engines
Transym Computer Services Ltd
Xerox Corp.

The report focuses on the key segments and investment planning initiatives. The report primarily discusses the Optical Character Recognition (Ocr) Systems industry considering the global scenario and presents different market scenarios to get a clear understanding of the issues and dynamism of this industry. Secondary and primary sources are covered to get relevant information to the market in this report. In pursuit of reliability and relevance, government publications, official websites, news sources, and more are considered in the report.

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