The global Optical Character Recognition (OCR) market is anticipated to cross USD 14,457.23 million by 2026, growing at a CAGR of 16.45% from 2021 to 2026.
Optical character recognition (OCR) is a computer-based technology that correctly recognizes written and published text characters. Place segmentation, scanning, feature extraction, identification post-processing, and preprocessing are some of the components. It also includes analysis of the scanned-in file, character image conversion to character codes, and text picture scanning. OCR software collects data from scanned documents or camera files, enabling the user to view and edit the original document's contents.
The OCR technique produces images with high resolution and high quality, as well as some basic organizational properties including high-resolution picture background and text. This method of image creation is crucial in deciding the success and accuracy of OCR. OCR, which is typically used for images produced by a scanner, has a high degree of accuracy and efficiency. As a result of its improved accuracy and efficiency, increased acceptance of OCR technology is a key factor driving the global optical character recognition market.
The Optical Character Recognition (OCR) Market is segmented by Component Type (Desktop based OCR, Mobile based OCR, Cloud based OCR, Other), by Application (Retail, BFSI, Government, Education, Transport & Logistics, Healthcare and Public Sector). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest
- The software segment held the most market share. Because of the growing need for digitalization of current documents, especially in the public sector, the software is expected to grow at the fastest pace.
- The BFSI sector was one of the first to use OCR for a variety of tasks, including digitization and archiving older bank documents to create a new database. The most popular use of OCR in the BFSI sector is to catch and validate the numbers at the bottom of checks.
- North America is predicted to hold the largest market share for Optical Character Recognition, followed by Europe. Artificial intelligence and optical character recognition are increasingly used in Canada and the United States, which is expected to fuel market growth in these countries.
Key Participants like IBM, Google, Adobe, Nuance Communications, Canon Inc., Lead Technologies Inc., Microsoft, ABBYY, Seal Systems and so on.
For this report, Introspective Market Research have segmented the Optical Character Recognition (OCR) market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM