The optical character recognition market is estimated to grow from USD 11.65 billion in 2022 to USD 27.16 billion by 2028 at a CAGR of 15.10% during the forecast period.
What is optical character recognition?
Optical character recognition (OCR) also referred to as Optical Character Reader, is a system that offers a full alphanumeric recognition of handwritten or printed characters at electronic speed by simply scanning the form. The OCR technology offers a complete form processing and document capture solution. In general, OCR utilizes a modular architecture that is scalable, open and workflow-controlled.
Key Players
The following are the key players operating in the optical character recognition market-
- AnylineGitHub Inc. (US)
- Alibaba Group Holding Ltd (China)
- Abby Software Ltd (US)
- Adobe Systems Incorporated (US)
- CCi Intelligence Co. Ltd (China)
- CVSION Technologies Inc. (US)
- Exper-OCR Inc. (US)
Market Dynamics
The optical character recognition market is driven by a host of factors, some of which are noted below:
· The warehouses and truck drivers are increasingly using mobile-based OCR systems to extract and read the incoming indexes, parcel codes, product catalogs, invoices, loading/transport, goods receipts, and goods returns among others.
· Rising applications of OCR systems in the transportation & logistics sector.
· The rail freight, trucking, sea freight, and air freight companies, coupled with express, courier, & parcel companies are roping in the OCR-based services to institute data management solutions.
Segment Analysis
End-Use Type
The market is segmented into B2B & B2C. The B2B occupied a market share of more than 75% in 2022 & It is anticipated that the B2B segment will experience significant growth during the forecast period. The development is due to the introduction of software solutions by numerous firms that meld optical recognition technology with clever features that enable users to extract data from stored forms. It will give businesses the ability to digitally organize, store, and access their data
Regional Analysis
North America held the highest market share of more than 35% in 2022 and is projected to grow at a healthy CAGR during the forecast period. This is ascribed to the increasing penetration of AI applications among other advanced technologies in the region and increasing investments, which further bolsters the regional market growth during the review period.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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