Optical Character Recognition (OCR) Systems Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033

The new report published by The Business Research Company, titled Optical Character Recognition (OCR) Systems Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the optical character recognition (ocr) systems market size has grown rapidly in recent years. It will grow from $13.55 billion in 2023 to $15.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The optical character recognition (ocr) systems market size is expected to see rapid growth in the next few years. It will grow to $29.58 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.

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Optical Character Recognition Ocr Systems Market Boom Amidst Enterprise Digital Transformation
The rising digitization among enterprises is expected to propel the growth of the optical character recognition (OCR) systems market going forward. Enterprise digitization is the process of digitizing operations, company models, and procedures through the use of novel technologies like big data, artificial intelligence (AI), blockchain, and data analytics. In enterprise digitization, optical character recognition (OCR) systems are extensively used to automate the conversion of physical documents, such as an optical scanner or specialized circuit board, which is used to copy or read text, while software typically does complicated processing. For instance, in August 2022, according to Eurostat Highlights, a European-based intergovernmental organization, 56% of EU enterprises achieved some level of digital intensity. In 2021, 55% of small and medium-sized businesses (SMEs) attained a basic level of digital intensity, compared to 88% of large corporations. Therefore, the rising digitization among enterprises is driving the growth of the optical character recognition (OCR) systems market going forward.

Ocr Systems Market Soars With Upstage's Cutting-Edge Api Series
Technological advancements are the key trends gaining popularity in the optical character recognition (OCR) systems market. Companies operating in the optical character recognition (OCR) systems market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Upstage, a Korean-based provider of customized AI services aimed at assisting enterprises in the field of machine learning, launched the API (Application Programming Interface) Series. Upstage's API Series includes OCR technology, which extracts text from images and finds desired information using Upstage's AI pack technology, and recommendation technology, which analyses user behaviour data and provides personalized recommendations.

The optical character recognition (ocr) systems market covered in this report is segmented -

1) By Type: Software, Services
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By Vertical: Retail, Banking, Financial Services and Insurance (BFSI), Government, Education, Transport And Logistics, Healthcare, IT And Telecom, Manufacturing, Other Verticles

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Major companies operating in the optical character recognition (ocr) systems market report are The International Business Machines Corporation, Microsoft Corporation, Google Inc., Nuance Communications Inc., Adobe Inc., Anyline GmbH, NTT Data Corporation, Lead Technologies Inc., IntSig Information Co. Ltd., Atapy software, Captricity Inc., Creaceed, CVISION Technologies Inc., Exper-OCR Inc., The Naver Corporation, OpenText Corporation, Accusoft, Contact center intelligence, Image Recognition Integrated Systems, Prime Recognition Corporation, Simple Software, ABBYY Software House, Adlib Software Ltd., Alfresco Software LLC., Artsyl Technologies lnc., Axyon AI, Cognex Corporation, Hyland Software, Xerox Corporation, Zoho Corporation

Contents of the report:
1. Executive Summary
2. Optical Character Recognition (OCR) Systems Market Report Structure
3. Optical Character Recognition (OCR) Systems Market Trends And Strategies
4. Optical Character Recognition (OCR) Systems Market - Macro Economic Scenario
5. Optical Character Recognition (OCR) Systems Market Size And Growth
…..
27. Optical Character Recognition (OCR) Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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