Optical Character Recognition (OCR) Market Overview

Global Optical Character Recognition market was valued at USD 6.75 billion in 2021 and is expected to reach USD 19.61 billion by the year 2028, at a CAGR of 16.45%.

An Optical Character Recognition technology is able to recognize and distinguish between written as well as printed characters from documents using any digital device. Optical Character Recognition systems are developed and manufactured using a combination of software solutions that enables the conversion of the document into machine learning languages. Optical Character Recognition comprises various elements like software solution, scanner, location segmentation, and so on.  

Optical Character Recognition has a growing need because of the digitization, and increased investment in advanced technology. Industries across the globe are now digitalizing and with that, the market of Optical Character Recognition is flourishing rapidly. Digitalization is helping companies achieve increased efficiency and accuracy which is boosting the market growth.

By the end of 2027, the Optical Character Recognition Market size is estimated to be at USD 24.46 billion due to the industry's key players investing in the advanced technology of Optical Character Recognition which is helping them achieve accuracy and facilitate other management activities in minimal time

Optical Character Recognition Market is growing at a rapid pace because of the increasing demand from the BFSI sector and IT & Telecom industry. The Optical Character Recognition market is segmented by software, services, verticals, and regional market size according to the analyst of Introspective market research.

Key market players and manufacturers are investing in the Optical Character Recognition market due to the technological advancements and upgraded features that focus on Artificial Intelligence, Intelligent character recognition, etc. which is boosting the CAGR and market size.

Impact of COVID-19 on Optical Character Recognition Market

Optical Character Recognition systems help the retail industry. It allows companies to scan and extract data from a Bill of Lading, Packing List, Invoices, Purchase Orders, and many more.

Due to the impact of COVID-19, the market of Optical Character Recognition has been hit positively with the technology, and all the industry now being digitalized the market has not been decreased in terms of supply-chain market.

Artificial Intelligence, Virtual and Augmented Reality are expected to substantially contribute during the forecast period as they had boosted exponentially during the pandemic because of the high demand from the Education and Commercial sector. Also, the public sector has contributed marginally during the lockdown period because of the high consumption rates for the best Optical Character Recognition software.  

Market Segmentation

Segmentation Analysis of Optical Character Recognition Market:

Component Insights:

By Component, the Optical Character Recognition market is bifurcated into Software and Services. From which, the services segment has dominated the market with the largest market share of 57.65%. The market size in the year 2020 for the services segment was estimated to be USD 5.72 billion making the significant growth in the base year and is estimate to reach the market size of USD 13.30 billion in the year 2027. The software segment is also expected to have increased growth in the forecast period because of the high storage of data for the cloud-based Optical Character Recognition.

Verticals Type Insights:

Based on verticals, the Optical Character Recognition market is divided into Retail, BFSI, Government, Education, Transport & Logistics, Healthcare, and Public Sector. The segment Banking, finance, and investment (BFSI) segment held a market share of 35.16% and is dominating the Optical Character Recognition market with the largest market size of USD 1.28 billion in the year 2020. The Transport & Logistics segment is the second largest segment with a market share of 16.35%.

Regional Insights:

Optical Character Recognition Market is growing with the urgent need for advanced and virtual technology for a large number of structured data stored in MNC’s. North-America dominates the market with a market share of 45.26% and is estimated to have a market size of USD 10.02 billion in the year 2020. Due to the various industrial and commercial use of the product in the education and BFSI industry, the United States is expected to have a significant contribution in leading the Optical Character Recognition market of North-America during the forecast period.

Major Key Players Considered in the Market

• IBM
• Google
• Adobe
• Nuance Communications
• Canon Inc.
• Lead Technologies Inc.
• Microsoft
• ABBYY
• Seal Systems and other major players.

Salient Features of the Optical Character Recognition Market

Global Optical Character Recognition market was valued at USD 6.75 billion in 2021 and is expected to reach USD 19.61 billion by the year 2028, at a CAGR of 16.45%.

• The market for Optical Character Recognition is also very much trending due to the high technology attached with it that is used in various sectors such as to have a zoomed and accurate version of accessing the database with the help of Artificial Intelligence and Big data analytics. Also, due to the high-tech savvy technology and the increasing need from the public & corporate sector is increasing the production of the Optical Character Recognition market.
• In the services segment, the implementation and integration segment hold the largest market share of 45% in the market.
• Asia-Pacific holds the market size for the Optical Character Recognition market with a CAGR of 26.35% and a market size of USD 7.13 billion in the year 2027.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Offerings
 3.2 By End Use Industry

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Optical Character Recognition Market by Offerings
 5.1 Optical Character Recognition Market Overview Snapshot and Growth Engine
 5.2 Optical Character Recognition Market Overview
 5.3 Software
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Software: Grographic Segmentation
 5.4 Services
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Services: Grographic Segmentation

Chapter 6: Optical Character Recognition Market by End Use Industry
 6.1 Optical Character Recognition Market Overview Snapshot and Growth Engine
 6.2 Optical Character Recognition Market Overview
 6.3 Retail
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Retail: Grographic Segmentation
 6.4 BFSI
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 BFSI: Grographic Segmentation
 6.5 Government
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Government: Grographic Segmentation
 6.6 Education
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size (2016-2028F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Education: Grographic Segmentation
 6.7 Healthcare
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size (2016-2028F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Healthcare: Grographic Segmentation
 6.8 IT & Telecom
  6.8.1 Introduction and Market Overview
  6.8.2 Historic and Forecasted Market Size (2016-2028F)
  6.8.3 Key Market Trends, Growth Factors and Opportunities
  6.8.4 IT & Telecom: Grographic Segmentation
 6.9 Others
  6.9.1 Introduction and Market Overview
  6.9.2 Historic and Forecasted Market Size (2016-2028F)
  6.9.3 Key Market Trends, Growth Factors and Opportunities
  6.9.4 Others: Grographic Segmentation

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Positioning
  7.1.2 Optical Character Recognition Sales and Market Share By Players
  7.1.3 Industry BCG Matrix
  7.1.4 Ansoff Matrix
  7.1.5 Optical Character Recognition Industry Concentration Ratio (CR5 and HHI)
  7.1.6 Top 5 Optical Character Recognition Players Market Share
  7.1.7 Mergers and Acquisitions
  7.1.8 Business Strategies By Top Players
 7.2 IBM
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Operating Business Segments
  7.2.5 Product Portfolio
  7.2.6 Business Performance
  7.2.7 Key Strategic Moves and Recent Developments
  7.2.8 SWOT Analysis
 7.3 GOOGLE
 7.4 ADOBE
 7.5 NUANCE COMMUNICATIONS
 7.6 CANON INC.
 7.7 LEAD TECHNOLOGIES INC.
 7.8 MICROSOFT
 7.9 ABBYY
 7.10 SEAL SYSTEMS
 7.11 OTHER MAJOR PLAYERS

Chapter 8: Global Optical Character Recognition Market Analysis, Insights and Forecast, 2016-2028
 8.1 Market Overview
 8.2 Historic and Forecasted Market Size By Offerings
  8.2.1 Software
  8.2.2 Services
 8.3 Historic and Forecasted Market Size By End Use Industry
  8.3.1 Retail
  8.3.2 BFSI
  8.3.3 Government
  8.3.4 Education
  8.3.5 Healthcare
  8.3.6 IT & Telecom
  8.3.7 Others

Chapter 9: North America Optical Character Recognition Market Analysis, Insights and Forecast, 2016-2028
 9.1 Key Market Trends, Growth Factors and Opportunities
 9.2 Impact of Covid-19
 9.3 Key Players
 9.4 Key Market Trends, Growth Factors and Opportunities
 9.4 Historic and Forecasted Market Size By Offerings
  9.4.1 Software
  9.4.2 Services
 9.5 Historic and Forecasted Market Size By End Use Industry
  9.5.1 Retail
  9.5.2 BFSI
  9.5.3 Government
  9.5.4 Education
  9.5.5 Healthcare
  9.5.6 IT & Telecom
  9.5.7 Others
 9.6 Historic and Forecast Market Size by Country
  9.6.1 U.S.
  9.6.2 Canada
  9.6.3 Mexico

Chapter 10: Europe Optical Character Recognition Market Analysis, Insights and Forecast, 2016-2028
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Offerings
  10.4.1 Software
  10.4.2 Services
 10.5 Historic and Forecasted Market Size By End Use Industry
  10.5.1 Retail
  10.5.2 BFSI
  10.5.3 Government
  10.5.4 Education
  10.5.5 Healthcare
  10.5.6 IT & Telecom
  10.5.7 Others
 10.6 Historic and Forecast Market Size by Country
  10.6.1 Germany
  10.6.2 U.K.
  10.6.3 France
  10.6.4 Italy
  10.6.5 Russia
  10.6.6 Spain
  10.6.7 Rest of Europe

Chapter 11: Asia-Pacific Optical Character Recognition Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Offerings
  11.4.1 Software
  11.4.2 Services
 11.5 Historic and Forecasted Market Size By End Use Industry
  11.5.1 Retail
  11.5.2 BFSI
  11.5.3 Government
  11.5.4 Education
  11.5.5 Healthcare
  11.5.6 IT & Telecom
  11.5.7 Others
 11.6 Historic and Forecast Market Size by Country
  11.6.1 China
  11.6.2 India
  11.6.3 Japan
  11.6.4 Singapore
  11.6.5 Australia
  11.6.6 New Zealand
  11.6.7 Rest of APAC

Chapter 12: Middle East & Africa Optical Character Recognition Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Offerings
  12.4.1 Software
  12.4.2 Services
 12.5 Historic and Forecasted Market Size By End Use Industry
  12.5.1 Retail
  12.5.2 BFSI
  12.5.3 Government
  12.5.4 Education
  12.5.5 Healthcare
  12.5.6 IT & Telecom
  12.5.7 Others
 12.6 Historic and Forecast Market Size by Country
  12.6.1 Turkey
  12.6.2 Saudi Arabia
  12.6.3 Iran
  12.6.4 UAE
  12.6.5 Africa
  12.6.6 Rest of MEA

Chapter 13: South America Optical Character Recognition Market Analysis, Insights and Forecast, 2016-2028
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Offerings
  13.4.1 Software
  13.4.2 Services
 13.5 Historic and Forecasted Market Size By End Use Industry
  13.5.1 Retail
  13.5.2 BFSI
  13.5.3 Government
  13.5.4 Education
  13.5.5 Healthcare
  13.5.6 IT & Telecom
  13.5.7 Others
 13.6 Historic and Forecast Market Size by Country
  13.6.1 Brazil
  13.6.2 Argentina
  13.6.3 Rest of SA

Chapter 14 Investment Analysis

Chapter 15 Analyst Viewpoint and Conclusion

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. OPTICAL CHARACTER RECOGNITION MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. OPTICAL CHARACTER RECOGNITION MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. OPTICAL CHARACTER RECOGNITION MARKET COMPETITIVE RIVALRY
TABLE 005. OPTICAL CHARACTER RECOGNITION MARKET THREAT OF NEW ENTRANTS
TABLE 006. OPTICAL CHARACTER RECOGNITION MARKET THREAT OF SUBSTITUTES
TABLE 007. OPTICAL CHARACTER RECOGNITION MARKET BY OFFERINGS
TABLE 008. SOFTWARE MARKET OVERVIEW (2016-2028)
TABLE 009. SERVICES MARKET OVERVIEW (2016-2028)
TABLE 010. OPTICAL CHARACTER RECOGNITION MARKET BY END USE INDUSTRY
TABLE 011. RETAIL MARKET OVERVIEW (2016-2028)
TABLE 012. BFSI MARKET OVERVIEW (2016-2028)
TABLE 013. GOVERNMENT MARKET OVERVIEW (2016-2028)
TABLE 014. EDUCATION MARKET OVERVIEW (2016-2028)
TABLE 015. HEALTHCARE MARKET OVERVIEW (2016-2028)
TABLE 016. IT & TELECOM MARKET OVERVIEW (2016-2028)
TABLE 017. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 018. NORTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY OFFERINGS (2016-2028)
TABLE 019. NORTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY END USE INDUSTRY (2016-2028)
TABLE 020. N OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY (2016-2028)
TABLE 021. EUROPE OPTICAL CHARACTER RECOGNITION MARKET, BY OFFERINGS (2016-2028)
TABLE 022. EUROPE OPTICAL CHARACTER RECOGNITION MARKET, BY END USE INDUSTRY (2016-2028)
TABLE 023. OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY (2016-2028)
TABLE 024. ASIA PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY OFFERINGS (2016-2028)
TABLE 025. ASIA PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY END USE INDUSTRY (2016-2028)
TABLE 026. OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY (2016-2028)
TABLE 027. MIDDLE EAST & AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY OFFERINGS (2016-2028)
TABLE 028. MIDDLE EAST & AFRICA OPTICAL CHARACTER RECOGNITION MARKET, BY END USE INDUSTRY (2016-2028)
TABLE 029. OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY (2016-2028)
TABLE 030. SOUTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY OFFERINGS (2016-2028)
TABLE 031. SOUTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY END USE INDUSTRY (2016-2028)
TABLE 032. OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY (2016-2028)
TABLE 033. IBM: SNAPSHOT
TABLE 034. IBM: BUSINESS PERFORMANCE
TABLE 035. IBM: PRODUCT PORTFOLIO
TABLE 036. IBM: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 036. GOOGLE: SNAPSHOT
TABLE 037. GOOGLE: BUSINESS PERFORMANCE
TABLE 038. GOOGLE: PRODUCT PORTFOLIO
TABLE 039. GOOGLE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 039. ADOBE: SNAPSHOT
TABLE 040. ADOBE: BUSINESS PERFORMANCE
TABLE 041. ADOBE: PRODUCT PORTFOLIO
TABLE 042. ADOBE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 042. NUANCE COMMUNICATIONS: SNAPSHOT
TABLE 043. NUANCE COMMUNICATIONS: BUSINESS PERFORMANCE
TABLE 044. NUANCE COMMUNICATIONS: PRODUCT PORTFOLIO
TABLE 045. NUANCE COMMUNICATIONS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 045. CANON INC.: SNAPSHOT
TABLE 046. CANON INC.: BUSINESS PERFORMANCE
TABLE 047. CANON INC.: PRODUCT PORTFOLIO
TABLE 048. CANON INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 048. LEAD TECHNOLOGIES INC.: SNAPSHOT
TABLE 049. LEAD TECHNOLOGIES INC.: BUSINESS PERFORMANCE
TABLE 050. LEAD TECHNOLOGIES INC.: PRODUCT PORTFOLIO
TABLE 051. LEAD TECHNOLOGIES INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 051. MICROSOFT: SNAPSHOT
TABLE 052. MICROSOFT: BUSINESS PERFORMANCE
TABLE 053. MICROSOFT: PRODUCT PORTFOLIO
TABLE 054. MICROSOFT: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 054. ABBYY: SNAPSHOT
TABLE 055. ABBYY: BUSINESS PERFORMANCE
TABLE 056. ABBYY: PRODUCT PORTFOLIO
TABLE 057. ABBYY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 057. SEAL SYSTEMS: SNAPSHOT
TABLE 058. SEAL SYSTEMS: BUSINESS PERFORMANCE
TABLE 059. SEAL SYSTEMS: PRODUCT PORTFOLIO
TABLE 060. SEAL SYSTEMS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 060. OTHER MAJOR PLAYERS: SNAPSHOT
TABLE 061. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE
TABLE 062. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO
TABLE 063. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY OFFERINGS
FIGURE 012. SOFTWARE MARKET OVERVIEW (2016-2028)
FIGURE 013. SERVICES MARKET OVERVIEW (2016-2028)
FIGURE 014. OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY END USE INDUSTRY
FIGURE 015. RETAIL MARKET OVERVIEW (2016-2028)
FIGURE 016. BFSI MARKET OVERVIEW (2016-2028)
FIGURE 017. GOVERNMENT MARKET OVERVIEW (2016-2028)
FIGURE 018. EDUCATION MARKET OVERVIEW (2016-2028)
FIGURE 019. HEALTHCARE MARKET OVERVIEW (2016-2028)
FIGURE 020. IT & TELECOM MARKET OVERVIEW (2016-2028)
FIGURE 021. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 022. NORTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 023. EUROPE OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 024. ASIA PACIFIC OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 025. MIDDLE EAST & AFRICA OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 026. SOUTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET OVERVIEW BY COUNTRY (2016-2028)