Optical Character Recognition (OCR) Systems Market

Optical Character Recognition (OCR) Systems Market Outlook – 2027 

Optical character recognition is an electronic translation of computer-typed, handwritten images into machine-encoded text, whether from scanned paper, a paper picture, a scene picture. It uses several techniques to convert texts and images handwritten into pdf, text, or other editable formats. 

Various advantages of optical character recognition technology have helped businesses save time by manually inserting data into a device, improving job management, reducing the cost of translating documents into digital form, and, among others, minimizing manual errors. In addition, it offers other benefits such as improved customer support and increased document protection, significantly boosting demand across industries like BFSI and retail.

The global optical character recognition (OCR) systems market is segmented on the basis of offering, industry vertical, and region. Based on offering, the optical character recognition (OCR) systems market is divided into software, services, and others. The software segment is further categorized into desktop-based OCR, mobile-based OCR, and cloud-based OCR. The cloud-based OCR sub-segment is further bifurcated into multi-tenant cloud and private cloud. The services segment is also further divided into consulting, outsourcing, implementation, and integration. 

In terms of industry vertical, the market is categorized into retail, BFSI, government, education, healthcare, transport & logistics, media & entertainment, IT & telecommunication, and manufacturing. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Top Impacting Factors

Increasing emphasis of OCR solution developers on integrating advanced technology to enhance precision is also anticipated to propel the growth of the OCR market in the near future significantly. The high demand for OCR technology and rising need for ID-verification services is expected to provide growth opportunities for optical character recognition (OCR) systems market. The use of optical character recognition technology can save also considerable amount of time in the process of ID verification.

OCR Anticipated to Find a Wide Range of Applications in Transport and Logistics Industry

OCR can scan the tracking numbers of parcels and delivery location postal codes rather than requiring them to be physically noted down in the transport and logistics industry, thereby speeding up the overall processing, tracking, and shipping of packages and thereafter reducing costs. These benefits drive the growth of the optical character recognition (OCR) systems market.

Asia Pacific Anticipated to Witness a Remarkable CAGR during the Forecast Period

Asia Pacific is expected to witness a remarkable CAGR. Various organizations operating in the region's manufacturing and government sectors integrate OCR software into their business processes to enhance their business effectiveness. Factors such as the rapid economic growth of countries such as China and India, rising smartphone incorporation and the developing e-commerce sector are estimated to accelerate regional market growth further.

Demand For Mobile OCR Anticipated to Increase Substantially during the Forecast Period

Mobile-based OCR demand is expected to rise dramatically during the forecast period, due to the fact that mobile-based OCR tools improve user versatility by allowing them to capture any invoice, bills, or other documents at any time and location. It also enables users to extract unstructured knowledge from a range of documents and to create a future-use database. Growing application of mobile-based OCRs for
applications such as scanning invoices for proof of goods delivery will spur the growth of the market.

Implementation of optical character recognition system is gaining increased application for creating digital copies of checks, invoices, and other documents in BFSI and the healthcare sectors. Digitalization has made all the processes faster and more accessible within business organizations. When businesses experience advancements in technology, data is becoming a critical element for growth of the optical character recognition (OCR) systems market.

Key Benefits of the Report

• This study presents the analytical depiction of the global optical character recognition (OCR) systems market forecast 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 (OCR) systems market share.
• The current market is quantitatively analyzed to highlight the global optical character recognition (OCR) systems 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 (OCR) systems market analysis based on competitive intensity and how the competition will take shape in coming years. 

COVID-19 Scenario Analysis

• Global market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled which in turn have significant demand for the optical character recognition systems. 
• The global factories have struggled to integrate new optical character recognition systems as workers have stayed in their homes and which in turn has disrupted the global supply chains. 
• The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains and demand for these optical character recognition systems are gradually going to increase. 
• This COVID-19 lockdown would help companies think about more advanced optical character recognition systems to enhance efficiency.  

Questions Answered in the Optical Character Recognition (OCR) Systems Market Research Report

• What are the leading market players active in the optical character recognition (OCR) systems market?
• What would be the detailed impact of COVID-19 on the optical character recognition (OCR) systems market size?
• How the current optical character recognition (OCR) systems market trends will influence the industry in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Optical Character Recognition (OCR) Systems Market Report Highlights