Optical Character Recognition Market to have Good Business Opportunities in the Coming Years

Presence of numerous participants makes the global market for optical character recognition (OCR) highly fragmented and competitive in nature. Well-entrenched, keen players operating in the market are leveraging multi-pronged strategies to surge ahead of their competitors. Competitive prices to entice more customers, mergers, partnerships, and acquisitions to tap into new markets, and addition of new services are some such strategies deployed by companies to bolster their positions further.

Some of the key players operating in the global market for optical character recognition are Anyline GmbH, ABBY Software Ltd., Adobe Systems Incorporated, ATAPY Software, CCi Intelligence Co. Ltd., Creaceed S.P.R.L., CVSION Technologies Inc., Exper-OCR Inc., Google Inc., LEAD Technologies Inc., I.R.I.S.S.A. (Canon), IBM Corporation, Microsoft Corporation, Nuance Communications Inc., NTT Data Corporation, Paradatec, Inc., Prime Recognition Corporation, Ripcord Inc., Transym Computer Services Ltd., Black Ice Software LLC, SEAL Systems, Ricoh Group, and Accusoft Corporation.

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A report by Transparency Market Research forecasts the global optical character recognition market to clock a robust 14.8% CAGR during the period between 2017 and 2025. Rising at this rate, the market is expected to become worth US$25.182 bn by 2025-end.

The global market for optical character recognition can be segmented based on different parameters. Depending upon type, for example, it can be segmented into software and service. Driven by the banking sector, the software segment currently rakes in maximum revenue in the market.

Geography-wise, the key segments of the global market for optical character recognition are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, among them, is slated to outshine all other segments vis-à-vis growth, powered by fast-expanding economies of China and India, which are seeing rapid uptake of optical character recognition owing to increased investments in technology in the region. The region is expected to witness 15.6% CAGR from 2017 to 2025.

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Speed and Accuracy of OCR Drive Uptake

Optical character recognition is a technology that converts various kinds of documents, such as scanned paper documents, PDF files or images by a digital camera into data that is editable and searchable. The overall document management process has been revolutionized with different industries lapping up the technology in their business processes on account of the speed and accuracy they accord.

Banking, legal, healthcare, education, finance, and government are some of the sectors that are at the forefront of driving up demand in the global optical character recognition market. “The advancement of OCR from a special purpose reader to a multi-purpose interactive system has lowered the cost of data capturing and has paved the way for the development of more reliable OCR system. Therefore, OCR technology can prove beneficial to businesses that require lot of paper documentation or have enormous historical data requiring to be digitized,” explains the lead analyst of the TMR report.

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Domain Specific Applications Prove Beneficial for Market

Another factor stoking uptake of optical character recognition is the domain specific applications of OCR system such as check OCR, receipt OCR, invoice OCR, etc. These can be used for automatic number plate recognition, data entry for business documents, extracting crucial information, and as an assistive technology for visually impaired and blind users.

A trend noticed in the global optical character recognition market is the soaring popularity of cloud based software.

This review is based on the findings of a TMR report, titled, “Optical Character Recognition Market (Type - Software (Desktop-based OCR, Mobile-based OCR, and Cloud-based OCR (Multi-tenant Cloud and Private Cloud)) and Service (Consulting, Outsourcing, and Implementation and Integration); End-use - Retail, Government, BFSI, Education, Transport and Logistics, Healthcare, Media and Entertainment, IT and Telecom, and Manufacturing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”

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