Market Overview:
The global optical character recognition (OCR) systems market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for OCR systems from various end-use industries, such as IT & telecom, media & entertainment, BFSI, transport and logistics, retail & manufacturing, healthcare and government & education. Additionally, the growing adoption of cloud-based OCR solutions is also contributing to the growth of this market. However, factors such as high implementation costs and lack of awareness about optical character recognition technology are restraining the growth of this market.
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Product Definition:
An Optical Character Recognition (OCR) system is a computer system that is used to read text from images. OCR systems are important because they allow businesses and individuals to digitize text from paper documents. This allows for the storage and retrieval of information in a digital format, which can be searched and sorted more easily than paper documents.
Software:
Software is used in OCR systems to convert the image of printed text into computerized text. The optical character recognition process involves scanning the printed page and converting it into a series of digital characters.
OCR software is widely used for extracting data from images, scanned documents, or emails and for entering data in forms that can be processed by a computer. It's also used by companies to create their company logo and other designs using various graphics programs.
Services:
The global services and it's usage in optical character recognition (OCR) systems market size was valued at USD 1.5 billion in 2016. The growing demand for automation of processes involved in document processing is expected to drive the growth of this industry over the forecast period.
The increasing use of OCR technology across various industries such as education, healthcare, BFSI, government & defense is anticipated to propel the services and software industry over the next eight years.
Application Insights:
The IT and telecom application segment accounted for the largest share in 2016. The growing adoption of OCR solutions by IT companies to digitize paper documents is expected to drive the market over the forecast period. The optical character recognition technology can be implemented effectively in various applications such as e-mails, contracts, purchase orders, notes and memos, user manuals or guides, brochures or pamphlets among others.
The media & entertainment application segment is anticipated to witness a lucrative growth rate over the forecast period owing to rising demand from film producers and television channel owners for archiving their precious papers into digital form with OCR technology. Moreover, an increasing number of films shot digitally has ledto an increased need for scanning these films into computers so that they can be edited digitally without any loss of quality like footage continuity etc., which will further boost industry growth during future years.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This growth can be attributed to increasing adoption of technologies, presence of a large number of players, and high demand for automation in various applications. Asia Pacific is projected to witness significant growth over the next eight years owing to rising penetration of smartphones and increasing IT spending by companies operating across various sectors including media & entertainment, BFSI, healthcare, government & education sector among others. Moreover it has been observed that countries such as China and Japan are adopting optical character recognition technology at a faster pace compared with other countries such as U.S.
Furthermore OCR systems providers are collaborating with mobile OS developers so that their services get integrated into smartphone apps thus making them more accessible.
Growth Factors:
- Increasing demand for automated document processing and data entry across various industries
- Growing number of small and medium businesses (SMBs) that need to digitize their documents in order to improve operational efficiency
- Proliferation of mobile devices and the increasing trend of BYOD in the workplace, which is driving the demand for OCR software that can be used on mobile devices
- Rapid growth of e-commerce and online banking, which has led to an increase in the number of scanned documents containing sensitive information that needs to be protected from unauthorized access
- Advancements in OCR technology that are making it more accurate and efficient, thus resulting in wider adoption across different industries
Scope Of The Report
Report Attributes
Report Details
Report Title
Optical Character Recognition (OCR) Systems Market Research Report
By Type
Software, Services
By Application
IT & Telecom, Media & Entertainment, BFSI, Transport and Logistics, Retail & Manufacturing, Healthcare, Government & Education, Other
By Companies
Google, Microsoft, ABBYY, Adobe, Captricity, Anyline, IBM, CC Intelligence Corporation, Exper-OCR, Creaceed, LEAD Technologies
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
155
Number of Tables & Figures
109
Customization Available
Yes, the report can be customized as per your need.
Global Optical Character Recognition (OCR) Systems Market Report Segments:
The global Optical Character Recognition (OCR) Systems market is segmented on the basis of:
Types
Software, Services
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, BFSI, Transport and Logistics, Retail & Manufacturing, Healthcare, Government & Education, Other
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:
- Google
- Microsoft
- ABBYY
- Adobe
- Captricity
- Anyline
- IBM
- CC Intelligence Corporation
- Exper-OCR
- Creaceed
- LEAD Technologies
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Highlights of The Optical Character Recognition (OCR) Systems 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:
- Software
- Services
- By Application:
- IT & Telecom
- Media & Entertainment
- BFSI
- Transport and Logistics
- Retail & Manufacturing
- Healthcare
- Government & Education
- Other
- 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 (OCR) Systems 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.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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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 technology that allows computers to read and interpret text from images. OCR systems can be used to automatically extract text from scanned documents, photographs, or other images.
Some of the key players operating in the optical character recognition (ocr) systems market are Google, Microsoft, ABBYY, Adobe, Captricity, Anyline, IBM, CC Intelligence Corporation, Exper-OCR, Creaceed, LEAD Technologies.
The optical character recognition (ocr) systems 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 (OCR) Systems 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 (OCR) Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Optical Character Recognition (OCR) Systems 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 (OCR) Systems 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 (OCR) Systems Market Size & Forecast, 2018-2028
4.5.1 Optical Character Recognition (OCR) Systems Market Size and Y-o-Y Growth
4.5.2 Optical Character Recognition (OCR) Systems Market Absolute $ Opportunity
Chapter 5 Global Optical Character Recognition (OCR) Systems 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 Optical Character Recognition (OCR) Systems Market Size Forecast by Type
5.2.1 Software
5.2.2 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Optical Character Recognition (OCR) Systems 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 Optical Character Recognition (OCR) Systems Market Size Forecast by Applications
6.2.1 IT & Telecom
6.2.2 Media & Entertainment
6.2.3 BFSI
6.2.4 Transport and Logistics
6.2.5 Retail & Manufacturing
6.2.6 Healthcare
6.2.7 Government & Education
6.2.8 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Optical Character Recognition (OCR) Systems 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 (OCR) Systems 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 Optical Character Recognition (OCR) Systems Analysis and Forecast
9.1 Introduction
9.2 North America Optical Character Recognition (OCR) Systems 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 Optical Character Recognition (OCR) Systems Market Size Forecast by Type
9.6.1 Software
9.6.2 Services
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 Optical Character Recognition (OCR) Systems Market Size Forecast by Applications
9.10.1 IT & Telecom
9.10.2 Media & Entertainment
9.10.3 BFSI
9.10.4 Transport and Logistics
9.10.5 Retail & Manufacturing
9.10.6 Healthcare
9.10.7 Government & Education
9.10.8 Other
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 Optical Character Recognition (OCR) Systems Analysis and Forecast
10.1 Introduction
10.2 Europe Optical Character Recognition (OCR) Systems 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 Optical Character Recognition (OCR) Systems Market Size Forecast by Type
10.6.1 Software
10.6.2 Services
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 Optical Character Recognition (OCR) Systems Market Size Forecast by Applications
10.10.1 IT & Telecom
10.10.2 Media & Entertainment
10.10.3 BFSI
10.10.4 Transport and Logistics
10.10.5 Retail & Manufacturing
10.10.6 Healthcare
10.10.7 Government & Education
10.10.8 Other
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 Optical Character Recognition (OCR) Systems Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Optical Character Recognition (OCR) Systems 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 Optical Character Recognition (OCR) Systems Market Size Forecast by Type
11.6.1 Software
11.6.2 Services
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 Optical Character Recognition (OCR) Systems Market Size Forecast by Applications
11.10.1 IT & Telecom
11.10.2 Media & Entertainment
11.10.3 BFSI
11.10.4 Transport and Logistics
11.10.5 Retail & Manufacturing
11.10.6 Healthcare
11.10.7 Government & Education
11.10.8 Other
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 Optical Character Recognition (OCR) Systems Analysis and Forecast
12.1 Introduction
12.2 Latin America Optical Character Recognition (OCR) Systems 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 Optical Character Recognition (OCR) Systems Market Size Forecast by Type
12.6.1 Software
12.6.2 Services
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 Optical Character Recognition (OCR) Systems Market Size Forecast by Applications
12.10.1 IT & Telecom
12.10.2 Media & Entertainment
12.10.3 BFSI
12.10.4 Transport and Logistics
12.10.5 Retail & Manufacturing
12.10.6 Healthcare
12.10.7 Government & Education
12.10.8 Other
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) Optical Character Recognition (OCR) Systems Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Optical Character Recognition (OCR) Systems 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) Optical Character Recognition (OCR) Systems Market Size Forecast by Type
13.6.1 Software
13.6.2 Services
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) Optical Character Recognition (OCR) Systems Market Size Forecast by Applications
13.10.1 IT & Telecom
13.10.2 Media & Entertainment
13.10.3 BFSI
13.10.4 Transport and Logistics
13.10.5 Retail & Manufacturing
13.10.6 Healthcare
13.10.7 Government & Education
13.10.8 Other
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 (OCR) Systems Market: Competitive Dashboard
14.2 Global Optical Character Recognition (OCR) Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Google
14.3.2 Microsoft
14.3.3 ABBYY
14.3.4 Adobe
14.3.5 Captricity
14.3.6 Anyline
14.3.7 IBM
14.3.8 CC Intelligence Corporation
14.3.9 Exper-OCR
14.3.10 Creaceed
14.3.11 LEAD Technologies
