Market Overview:
The global optical character recognition (OCR) market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The increasing demand for automated document processing and scanning is one of the major factors driving the growth of this market. Additionally, the growing trend of Bring Your Own Device (BYOD) is also contributing to the growth of this market. However, lack of awareness about OCR technology and its applications may restrain the growth of this market during the forecast period. On basis on type, desktop-based OCR segment accounted for majority share in 2017 and it is projected to maintain its dominance throughout forecast period due to high adoption rate in small & medium businesses as well as enterprises across various regions globally.
Product Definition:
Optical Character Recognition is the process of identifying text in an image and converting it into a digital form that can be edited or searched. Optical Character Recognition is important because it allows us to easily edit and search text that is contained in images.
Desktop based OCR:
Desktop-based OCR is a process of converting printed text documents to editable format. It helps in improving the accuracy and efficiency of data extraction from printed page to computer screen. The technology has been around for more than two decades, but only recently has it started gaining popularity among large enterprises as well as individual users.
OCR technology was initially designed for use by newspapers for extracting stories from old newspapers.
Mobile based OCR:
Mobile based OCR (Optical Character Recognition) is a technology that enables the conversion of images of printed text into machine-encoded text. The encoded data is then decoded using an optical character recognition (OCR) software, which can recognize and interpret words or partial words from the image.
Application Insights:
The other application segment includes healthcare, education, and banking and financial services. The market for these applications is expected to witness a CAGR of XX% from 2018 to 2030 owing to the increasing demand for digital libraries in these sectors. The growing adoption of OCR technology in medical books, magazines, and journals is also expected to drive the growth over the forecast period.
The IT & telecom sector accounted for more than 30% share in 2017 owing to extensive usage of optical character recognition (OCR) solutions across various industries such as media & entertainment, banking & financial services among others. Optical Character Recognition allows users scan printed documents into digital form through optical scanners or cameras then search stored text data within a computer system or another electronic device with ease thus making it an important application segment driving growth across regions globally over the forecast period (see figure below).
Regional Analysis:
North America dominated the global market in 2017. The growth can be attributed to the presence of a large number of industry players, high adoption rate for emerging technologies, and increasing demand for automated data processing solutions. Moreover, growing use of optical character recognition in various applications such as banking & financial services (AFS), legal services (e-discovery), healthcare & medical research is expected to drive regional growth over the forecast period.
Asia Pacific is expected to witness significant growth over the next eight years owing to rising demand from developing countries such as China and India. Furthermore, increasing penetration of laptops and personal computers coupled with rise in mobile computing devices is anticipated to fuel regional OCR market growth during the forecast period.
Growth Factors:
- Increasing demand for automated data entry and document management systems across various industries is expected to drive the growth of the optical character recognition market.
- The increasing adoption of cloud-based solutions is also anticipated to fuel the growth of this market in the coming years.
- Growing demand for mobile devices has led to a rise in the number of applications that require optical character recognition, thereby propelling the growth of this market.
- Rising concerns over security and privacy are expected to create opportunities for optical character recognition vendors in the near future.
Scope Of The Report
Report Attributes
Report Details
Report Title
Optical Character Recognition Market Research Report
By Type
Desktop based OCR, Mobile based OCR, Cloud based OCR, Others
By Application
IT & Telecom, Media & Entertainment, Others
By Companies
ABBY Software, Anyline, Adobe Systems, ATAPY Software, CCi Intelligence, Creaceed, Captricity, Exper-OCR, Google, IBM, LEAD Technologies, Microsoft, Nuance Communications
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
152
Number of Tables & Figures
107
Customization Available
Yes, the report can be customized as per your need.
Global Optical Character Recognition Market Report Segments:
The global Optical Character Recognition market is segmented on the basis of:
Types
Desktop based OCR, Mobile based OCR, Cloud based OCR, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
IT & Telecom, Media & Entertainment, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABBY Software
- Anyline
- Adobe Systems
- ATAPY Software
- CCi Intelligence
- Creaceed
- Captricity
- Exper-OCR
- IBM
- LEAD Technologies
- Microsoft
- Nuance Communications
Highlights of The Optical Character Recognition Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Desktop based OCR
- Mobile based OCR
- Cloud based OCR
- Others
- By Application:
- IT & Telecom
- Media & Entertainment
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Optical Character Recognition Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Optical character recognition (OCR) is a process of automatically extracting text from images. OCR software can be used to extract text from scanned documents, photographs, and even handwritten notes.
Some of the major companies in the optical character recognition market are ABBY Software, Anyline, Adobe Systems, ATAPY Software, CCi Intelligence, Creaceed, Captricity, Exper-OCR, Google, IBM, LEAD Technologies, Microsoft, Nuance Communications.
The optical character recognition market is expected to grow at a compound annual growth rate of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Optical Character Recognition Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Optical Character Recognition Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Optical Character Recognition Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Optical Character Recognition Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Optical Character Recognition Market Size & Forecast, 2020-2028 4.5.1 Optical Character Recognition Market Size and Y-o-Y Growth 4.5.2 Optical Character Recognition Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Desktop based OCR
5.2.2 Mobile based OCR
5.2.3 Cloud based OCR
5.2.4 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 IT & Telecom
6.2.2 Media & Entertainment
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Optical Character Recognition Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Optical Character Recognition Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Desktop based OCR
9.6.2 Mobile based OCR
9.6.3 Cloud based OCR
9.6.4 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 IT & Telecom
9.10.2 Media & Entertainment
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Desktop based OCR
10.6.2 Mobile based OCR
10.6.3 Cloud based OCR
10.6.4 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 IT & Telecom
10.10.2 Media & Entertainment
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Desktop based OCR
11.6.2 Mobile based OCR
11.6.3 Cloud based OCR
11.6.4 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 IT & Telecom
11.10.2 Media & Entertainment
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Desktop based OCR
12.6.2 Mobile based OCR
12.6.3 Cloud based OCR
12.6.4 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 IT & Telecom
12.10.2 Media & Entertainment
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Desktop based OCR
13.6.2 Mobile based OCR
13.6.3 Cloud based OCR
13.6.4 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 IT & Telecom
13.10.2 Media & Entertainment
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Optical Character Recognition Market: Competitive Dashboard
14.2 Global Optical Character Recognition Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ABBY Software
14.3.2 Anyline
14.3.3 Adobe Systems
14.3.4 ATAPY Software
14.3.5 CCi Intelligence
14.3.6 Creaceed
14.3.7 Captricity
14.3.8 Exper-OCR
14.3.9 Google
14.3.10 IBM
14.3.11 LEAD Technologies
14.3.12 Microsoft
14.3.13 Nuance Communications