Global Optical Character Recognition Market – Industry Trends and Forecast to 2029

Market Analysis and Size

The growth can be attributed to factors similar as rising position of digitization among enterprises, rise in use of artificial intelligence for document scanning and recognition purposes which has increased delicacy situations, increase in demand for OCR systems with multi-language support capabilities, etc.

Data Bridge Market Research analyses that the optical character recognition market value, which was USD 9.44 billion in 2021, is expected to reach the value of USD 35.48 billion by 2029, at a CAGR of 18% during the forecast period 2022-2029.The optical character recognition market report also covers pricing analysis, patent analysis, and technological advancements in depth.   

Market Definition

Optical character recognition (OCR) technology is a business result for automating data birth from published or written textbook from a scrutinized document or image train and also converting the textbook into a machine-readable form to be used for data processing like editing or searching. It's also known as textbook recognition. In short, optic character recognition software helps convert images or physical documents into a searchable form.

Report Scope and Market Segmentation

Global Optical Character Recognition Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers:

• Wide range of applications in transforming transport and logistics industry

Adding operations of OCR (optical character recognition)  system in transportation and logistics industry is a crucial factor that has started the growth of the OCR(optical character recognition)    request. The storages and motorists are decreasingly using mobile- grounded OCR (optical character recognition)    systems to prize and read the incoming parcel canons, indicators, checks, product canons, goods bills, lading/ transport, goods return among others. The trucking, rail freight, ocean freight and air freight companies, along with courier, express, and parcel companies are roping in the grounded services to institute data operation results.

• Rise in adoption of the OCR technology in the transportation and logistics industry is propelling the global market

Enterprises from varied trade verticals are that specialize in conversion for his or her business processes so as to spice up their work potency. Hence, several corporations are seen increasing investments within the optical character recognition (OCR) technology for digitalizing their work and fast their productivity. Therefore, rising adoption of the OCR technology by startups is generating sizable business prospects within the optical character recognition market. Mobile OCR is being more and more utilised by supplying and transportation so as to scan invoices and bills supposed for the delivery of products at completely different locations. Enterprises are growing investments in next-gen technologies therefore on decrease the expenses needed for data management as well as data extraction of key information.

Opportunities:

• Advanced technologies to present many opportunities

Rising urbanization, modernization, and globalization drive market value growth. In other words, surging demand for requirements such as privacy, security, authenticity, legality, trust, universality and scalability in organizational operations and quality monitoring and strengthening IT industry in developing economies such as India and China will present very many opportunities for the growth of the market.

Restrictions/ challenges:

• Growing concerns to limit the scope of growth in the long run

Lack of technical expertise in the underdeveloped and backward economies will create hindrances for the growth of the market. Also, existence of the technology is unaware to many industries which will narrow down the scope of growth for the market. Further, suspension of business activity on account of the coronavirus pandemic will yet again create hindrances.    

• Complexities will pose a threat to the unprecedentedly growing market demand

Complexities associated with the deployment of cloud based deployment models will challenge the market growth rate. Further, penetration of cloud based deployment model is confined to large enterprises which will further derail the market growth rate. 

Also, dearth of awareness in underdeveloped regions, concerns related to the cyber threats associated with digital transactions and high costs associated with deployment will act as growth restraints for the market. Lack of strong infrastructural facilities in the backward economies, regulatory issues and lack of standardization and data management efficiency will also challenge the market growth rate.

This optical character recognition market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the optical character recognition market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Optical Character Recognition Market

Global Request has been significantly impacted by the COVID-19 outbreak. New systems throughout the world have stalled which in turn have significant demand for the optic character recognition systems.

 The global manufactories have plodded to integrate new optic character recognition systems as workers have stayed in their homes and which in turn has disintegrated the global force chains.

 The impact of COVID-19 on this request is temporary as just the product and force chain is stalled. Once the situation improves, product, force chains and demand for these optic character recognition systems are gradationally going to increase.

 This COVID-19 lockdown would help companies suppose about more advanced optic character recognition systems to enhance effectiveness.

Global Optical Character Recognition Market Scope

The Optical Character Recognition market is segmented on the basis of product and application . enterprise size,mode of operation.The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product  

• Solution
• Services

Application

• Media and Entertainment
• IT and Telecom
• BFSI
• Transport and Logistics
• Retail and Manufacturing
• Others

Enterprise Size

• Small and Medium Enterprises
• Large Enterprises

Mode of Operation

• Business-to-Business (B2B)
• Business-to-Consumer (B2C

 Global Optical Character Recognition Market Regional Analysis/Insights

The optical character recognition market is analysed and market size insights and trends are provided by country, product , application , enterprise size, and mode of operation as referenced above.

The countries covered in the optical character recognition market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

The North America optical character recognition market is projected to keep up its leading position, to rise in adoption of advanced technologies within the region

The optical character recognition market in Asia Pacific is prognosticated to register growth at a CAGR of 17.9% throughout the forecast amount. This market growth will be ascribed to a surge within the penetration of economic OCR solutions and sensible solutions in Asia Pacific.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Optical Character Recognition Market Share Analysis

The optical character recognition market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to optical character recognition market.

Some of the major players operating in the optical character recognition market are:

• IBM(US)
• Google Inc.(US)
• Microsoft Corporation (US)
• NTT DATA Corporation (Japan)
• Adobe Inc.(US)
• Crunchbase inc.(US)
• Prime Recognition (US)
• IntSig Information Co.,Ltd. Corporation (China)
• NICE (UK)
• Genesys (US)
• Cisco Systems Inc (US)
• Avaya Inc(US)
• Five9 Inc (US)
• Talkdesk (US)
• Vonage (US)
• 8x8 Inc (US)
• Amazon Web Services, Inc. (US)
• Atos SE (France)
• ALE International (France)
• SAP SE (Sweden)
• Oracle (US)

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