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Optical Character Recognition Market  Study Report Based on Size, Shares, Opportunities, Industry Tr

Author : Tech Educat | Published On : 28 Feb 2024

Optical Character Recognition Market size and growth:-

Optical Character Recognition Market Size was valued at USD 10.8 Billion in 2022. The Optical Character Recognition market industry is projected to grow from USD 12.44 Billion in 2023 to USD 38.59 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.20% during the forecast period (2023 - 2032).

 

Key players

Some of the key players in the OCR market include:

  • Anyline GmbH
  • ATAPY Software
  • Captricity Inc.
  • Creaceed S.P.R.L.
  • CVISION Technologies Inc.
  • Exper-OCR Inc.
  • Google LLC
  • International Business Machines Corporation
  • IntSig Information Co., Ltd. Corporation
  • IRIS S.A.
  • LEAD Technologies, Inc.
  • Microsoft
  • NAVER Corp.
  • Nuance Communications, Inc.
  • Open Text Corporation
  •  

 

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Market drivers

The growth of the OCR market is being driven by a number of factors, including:

  • The increasing need for digitization: Businesses and organizations are increasingly looking to digitize their documents in order to improve efficiency and accessibility. OCR technology can be used to convert physical documents into digital formats, such as PDF or Word files.
  • The rising adoption of cloud-based OCR solutions: Cloud-based OCR solutions are becoming increasingly popular, as they offer a number of advantages over traditional on-premises solutions, such as scalability, flexibility, and ease of use.
  • The growing demand for mobile OCR applications: The demand for mobile OCR applications is growing, as they allow users to scan and digitize documents using their smartphones or tablets.
  • The development of more accurate and efficient OCR technologies: OCR technologies are becoming more accurate and efficient, which is making them more attractive to a wider range of users.

Market segmentation

The OCR market can be segmented by a number of factors, including:

  • Type: The market can be segmented into software and services. The software segment is expected to grow at a faster rate than the services segment during the forecast period.

Vertical: The market can be segmented into a number of verticals, such as BFSI, healthcare, IT & telecom, education, and government. The BFSI segment is expected to hold the largest market share during the forecast period.

  • End-use: The market can be segmented into a number of end-uses, such as document management, data extraction, and content creation. The document management segment is expected to hold the largest market share during the forecast period.
  • Region: The market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share during the forecast period.

 

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