Optical Character Recognition Market to Surpass USD 70 Million by 2030 - Transparency Market Research Inc.

The coronavirus (COVID-19) outbreak has caused significant changes in consumer behavior, especially in the retail and food delivery industries. To adapt to the new normal and reduce the risk of exposure to the virus, companies have turned to Optical Character Recognition (OCR) technology. OCR is expected to play a crucial role in receipt recognition for retail and food deliveries, as it enables the use of email receipts and receipt recognition APIs. This article explores the impact of OCR on the retail sector, the rise of OCR software apps, challenges, and opportunities in the market, and the growing trend of online free services.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 (𝐔𝐬𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐌𝐚𝐢𝐥 𝐈𝐝 𝐟𝐨𝐫 𝐐𝐮𝐢𝐜𝐤 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=16505&utm_source=OpenPR_Mayur&utm_medium=OpenPR

OCR's Role in Reducing COVID-19 Exposure in Retail:

OCR technology offers a solution to the challenges posed by paper receipts, as the coronavirus can survive on surfaces like paper for up to 24 hours. By adopting email receipts and receipt recognition APIs, companies can minimize contact and reduce the risk of COVID-19 exposure in the retail business. The integration of OCR is expected to become an indispensable part of receipt recognition technologies for retailers and food delivery services.

Increasing Adoption of OCR Software Apps:

The widespread use of smartphones has led to a surge in demand for OCR apps. Notably, Microsoft OneNote has been gaining popularity for its advanced OCR functionality. Companies are now developing OCR apps that can recognize both handwritten notes and images, offering greater control over conversion accuracy. Text-to-speech features are also being incorporated to enhance user experience. Additionally, OCR software apps are being designed for laptops and desktops, providing further convenience to users.

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 | 𝐈𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐚𝐭 - https://www.transparencymarketresearch.com/checkout.php?rep_id=16505<ype=S&utm_source=OpenPR_Mayur&utm_medium=OpenPR

Overcoming OCR Challenges:

While OCR offers numerous benefits, challenges such as inaccuracy in scanning handwritten documents and difficulty in differentiating between characters have been observed. To address these issues, software companies are investing in R&D to improve scanners capable of reading handwritten documents and introducing special OCR fonts for efficient character differentiation. Scanning technologies are also being enhanced to recognize multiple languages, catering to diverse markets.

Emergence of Online Free Services as a Lucrative Model:

Online reviews play a vital role in building credibility for OCR software apps. Emerging companies face stiff competition from established players like Microsoft and Google. To gain market dominance, emerging software companies are exploring business models that involve offering their apps on Microsoft Store or increasing marketing efforts on Google Play and digital advertising. Additionally, direct online free OCR services are gaining popularity among users, creating a lucrative business model for emerging players.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 - https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=16505&utm_source=OpenPR_Mayur&utm_medium=OpenPR

Conclusion:

Optical Character Recognition (OCR) technology is transforming the retail and food delivery industries amid the COVID-19 pandemic. By adopting email receipts and receipt recognition APIs, retailers can reduce the risk of virus exposure and cater to customers' safety concerns. OCR software apps are gaining traction, offering convenient and accurate document scanning solutions. However, challenges like inaccuracy in scanning handwritten documents are being addressed through innovative solutions. With increasing demand and investment in OCR technology, the market is projected to grow significantly in the coming years, benefiting both established players and emerging companies alike.

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 -

𝐄𝐝𝐠𝐞 𝐂𝐨𝐦𝐩𝐮𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/07/08/2476656/0/en/Edge-Computing-Market-Bolsters-with-Rise-in-Demand-for-Connected-and-Autonomous-Vehicles-Says-TMR-Study.html

𝐑𝐞𝐭𝐚𝐢𝐥 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.einnews.com/pr_news/576051327/retail-analytics-market-to-advance-at-cagr-of-19-during-2019-2027-tmr-study

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬

Nikhil Sawlani
Transparency Market Research Inc.
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