Optical Character Recognition (OCR) Market Overview:
According to the latest report by IMARC Group, titled “Optical Character Recognition (OCR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global optical character recognition (OCR) market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global optical character recognition (OCR) market is expected to exhibit a strong growth during 2022-2027. Optical character recognition (OCR) is an electronic process of converting different documents, such as scanned images, PDF files, and handwritten characters, into a digital format. It is extensively used in airport terminals to check passports and identity cards and ease cross-border banking transactions. OCR technology also facilitates data entry automation and indexing documents for search engines. Presently, several companies from different industry verticals are adopting OCR services for applications, including reading the numbers printed on the inner side of a bottle cap or voucher codes that can be redeemed.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Optical Character Recognition (OCR) Market Trends:
With the rising digitalization, several enterprises worldwide are integrating advanced technologies like OCR to digitize business processes and increase productivity. OCR technology helps save time and effort while creating, processing and repurposing various documents. Moreover, the rising international air traffic is catalyzing the demand for OCR technology to scan the International Bank Account Number (IBAN) and speed up identifying and registering passengers.
Furthermore, several companies are utilizing OCR technology to provide hassle-free online registration and improve customer engagement. Besides this, the rapid integration of artificial intelligence (AI) and robot process automation is anticipated to expand the application of OCR for automatic number plate recognition, assisting blind and visually impaired persons, and scanning paper invoices.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ABBYY
- Accusoft Corporation
- Adlib Software
- Adobe Inc.
- Anyline GmbH
- Creaceed S.P.R.L.
- CVISION Technologies Inc. (Foxit Software Incorporated)
- Google LLC (Alphabet Inc.)
- International Business Machines Corporation
- LEAD Technologies Inc.
- Microsoft Corporation
- NTT Data Corporation (The Nippon Telegraph and Telephone Corporation)
Key Market Segmentation Breakup by:
Type:
- Software
- Desktop-based OCR
- Mobile-based OCR
- Cloud-based OCR
- Others
- Services
- Consulting
- Outsourcing
- Implementation and Integration
Mode of Operation:
- B2B
- B2C
Vertical:
- Retail
- BFSI
- Government
- Education
- Transport and Logistics
- Healthcare
- IT and Telecom
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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