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Optical Character Recognition Market by Type (Software and Service) and Industry Vertical (BFSI, Government, IT & Telecom, Retail & Hospitality, Healthcare, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027
| A09520 | Pages: NA | Aug 2021 | 481 Views | | |
| Author(s) : Sajja Sri Parvathi | Tables: NA | Charts: NA | Formats*: | |
COVID-19
Pandemic disrupted the entire world and affected many industries.
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Optical character recognition (OCR) is a technology that exactly identifies written and published text characters by a computer. It involves various componentsuch as location segmentation,scanning,feature extraction, recognition post processing and preprocessing. In addition, it consists analysis of the scanned-in image, the conversion of character image to character codes and photo scanning of the text. OCR software is also used to extract data from scanned documents or camera images, allowing the user to access and edit the contents of the original document.OCR is unique because there is no need to control the process of generating information, but other techniques are also prevalent for automatic identification, including speech recognition, radio frequency recognition, and bar code readers. The adoption of OCR technology by industry vertical companies in their business processes has revolutionized the entire document management process.
Optical Character Recognition Market Scope and Structure Analysis:
Report Metric | Details |
Market size available for years | 2020–2027 |
Base year considered | 2019 |
Forecast period | 2021–2027 |
Forecast units | Value ($) |
Segments covered | Type, Industry Vertical, and Region |
Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa |
Companies covered | Major players analyzed include AnylineGitHub Inc., Alibaba Group Holding Ltd, Abby Software Ltd, Adobe Systems Incorporated, CCi Intelligence Co. Ltd, CVSION Technologies Inc., Exper-OCR Inc., Microsoft Corporation, NTT Data Corporation, and Paradatec Inc. |
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Impact of COVID-19 onOptical Character Recognition Market:
- Though governments have imposed lockdowns to contain spread of the virus, people are bound to sit and work from home. To convert various documents type, such as PDF files or images captured by a digital camera into editable, demand for optical character recognition technology is expected to boost the market growth.
- In addition, OCR helps businesses achieve higher productivity by facilitating quicker data recover. This benefits are expected to create demand for electronic paper display during the pandemic.Â
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increasing penetration of automatic recognition systems and increase in productivity are the major driving factor for the growth of optical character recognition market. However, high resolution or high quality can hamper the growth of market. Contrarily, massive investment in technology is opportunistic factor for the global market.
Helps organizations to Increase in productivity
OCR has greatly improved the data entry process. This software tool enables rapidtranslation of scanned papers to searchable text files. The essential for the papers to be scanned is on a constant increase as it allows these documents to be observed conveniently when essential. Â OCR allows to share scanned documents through the electronic medium. Although OCR has numerous benefits, it primarily helps businesses increase work productivity and success. Its ability to rapidly search through huge content is extremely valuable, particularly in office, which agreementhigh volume scanning and with high document flow. Therefore, increase in adoption OCR technology in numerous business.
Increase in adoption due to greater accuracy and good performance
The OCR technique provides high resolution and high quality images with some basic organizational properties such as high resolution image background and text. Â This way of imagecreateis determining and an important factor in the success and accuracy of OCR. OCR offers high accuracy and good performance, usually with images created by a scanner. Therefore, increased acceptance of OCR technology due to greater accuracy and better performance is an important factor in driving the global optical character recognition market.
Key segments covered:
Segments | Subsegments |
Type |
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End User |
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Key benefits of the report:
- This study presents the analytical depiction of the global optical character recognition industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global optical character recognition market share.
- The current market is quantitatively analyzed from 2021 to 2027 to highlight market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global optical character recognition market analysis based on competitive intensity and how the competition will take shape in coming years.
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