Global Optical Character Recognition Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: Creaceed SRL and Google Inc are key players.

The increasing demand for digitization and automation across various industries is the prime factor propelling the global optical character recognition market growth.

The global optical character recognition market will accelerate at a robust pace during the projected period.

Optical character recognition (OCR) designates software and hardware items intended to identify printed or handwritten text characters and convert them into digital formats that computers and other digital devices can utilize. The applications for OCR technology include data entry, image processing, and document management. In recent years, the rising demand for automation and digitization across numerous industries such as BFSI, government, and healthcare has positively impacted the optical character recognition OCR market growth. In addition, the market is also being driven by factors like the demand for precise and effective data capture, the expansion of e-commerce, the rising popularity of cloud-based OCR systems, and the rise in government digitization programs. Furthermore, the OCR software enables users to digitize and distribute information independently by allowing them to capture text using their mobile devices. Therefore, it also acts as an additional driving factor for the global optical character recognition market growth.

Sample request or complete report can be purchased through the link below:
https://www.knowledge-sourcing.com/report/global-optical-character-recognition-market

The global optical character recognition market has been segmented into component, end-users, and geography.

By component, the market has been segmented into software and hardware. The software will have a significant market share due to the integration of artificial intelligence with optical character recognition, which has aided companies in using artificial intelligence's related software technological capabilities such as deep learning and multi-level analysis for the efficient processing of documents, messages, and other data.

By end-use industry, the market has been segmented into BFSI, government, airports, healthcare, retail, and others. However, the BFSI will have a significant market share due to increasing digitalization in the banking process and the rising adoption of new digital solutions in the sector. For instance, in June 2021, DocVu.AI, an AI-driven Intelligent Document Processing (IDP) platform, was launched by Visionet Systems, Inc., a major supplier of digital solutions to the banking and financial services sector.
By region, North America is expected to retain a considerable market share due to the presence of significant players and the increasing application of OCR technology in numerous areas, including the healthcare sector, financial services, and retail sectors. In July 2020, Genial Technology introduced GenialAI OCR to accelerate digital transformation across industries. The GenialAI OCR's main applications are in the retail, manufacturing, logistics, and healthcare sectors for purchasing, supply chain management, and medication history management.

The major global optical character recognition market players are ABBYY, Adobe, Anyline, Creaceed SRL, Google Inc, Viso.ai, Microsoft Corporation, Industrial Vision Systems, Iris SA, and NAVER Cloud Corp.

This global optical character recognition market has been analyzed into the following segments:

• By Component

o Software
o hardware

• By End-Users

o BFSI
o Government
o Airports
o Healthcare
o Retail
o Others

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• UAE
• Israel
• Saudi Arabia
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others

Explore More Reports:

• Voice Recognition Market: https://www.knowledge-sourcing.com/report/voice-recognition-market
• Mobile Biometrics Market: https://www.knowledge-sourcing.com/report/mobile-biometrics-market
• Global Voice And Speech Recognition Market: https://www.knowledge-sourcing.com/report/global-voice-and-speech-recognition-market

Contact Us:

Knowledge Sourcing Intelligence
Phone: +1-850-250-1698
E-Mail: info@knowledge-sourcing.com

Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.

This release was published on openPR.