Optical Character Recognition Market Majors Factors for Growth

Optical character recognition is the identification of printed characters using photoelectric devices and computer software. It is the mechanical or electronic conversion of images of types, handwritten or printed text into machine-encoded text, may be from a scanned document or a scene-photo. It is used as a form of information entry medium for printed data records such as passport documents, bank statements, invoices, business cards, and so on. This report studies the current and future aspects of the optical character recognition market.

The report tracks the major market events including product launches, technological developments, mergers & acquisitions, and the innovative business strategies opted by key market players. Along with strategically analyzing the key micro markets, the report also focuses on industry-specific drivers, restraints, opportunities and challenges in the optical character recognition market. The scope of this report covers the optical character recognition market by its major segments, which include the types, applications, and the major geographic regions.

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The global optical character recognition market is divided into five major geographical segments which are North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The North America region holds the highest market share and is the largest revenue contributor of optical character recognition market. The region continues to dominate the global market during the forecasted period because of heavy investments made in technology. Next in line is the Asia Pacific region which is witnessing a rapid market growth during because of rapid infrastructure development and changing government policies and regulations.

MARKET SEGMENTATION

This report analyzes the optical character recognition market by the following segments:

Optical Character Recognition Market, by Type

1. Software
2. Service

Optical Character Recognition Market, by End-use

1. Retail
2. Government
3. BFSI
4. Education
5. Transport & Logistics
6. Healthcare
7. Media & Entertainment
8. IT & Telecom
9. Manufacturing

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