The Global Optical Character Recognition Market Size is estimated to expand rapidly in coming years, at a CAGR of 13.97% from 2018 to 2025. In 2017, the global market valuation was USD 8.12 billion, and it is anticipated to be greater than USD xx.xx billion by 2025. Optical Character Recognition is a new technology for digital duplication with the process being simple and also easy to manage. Optical character recognition technology comes with hardware, software, and an along with an additional circuit in the PC to implement conversion process. This software is capable of reading the fonts and also recognize line breaks in a document.

Global Market Growth Opportunities (Revenue, Growth) By 2017-2025

This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global optical character recognition market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2025. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global optical character recognition market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.    

Market Dynamics

The optical character recognition market is majorly driven by the growing usage of image recognition applications, rising demand for security applications along with the devices enabled with image recognition functions such as smart phones, CCTV’s rapid growth of technology and adoption of optical character recognition technology by end-user industry verticals such as government, and defense among others. High cost of installation and optical character recognitions systems are inefficient in recognizing the handwritings stands to be the major restraining factors for this market that may hamper the market growth in the near future.

Optical character recognition is being widely used for information entry from printed paper data records, such as invoices, passport, documents, computerized receipts, bank statements, mail, business cards, printouts of static-data, or any documentation. This method is widely adopted by various industry sectors so that they can be searched, electronically modified, displayed on-line, stored more compactly, and utilized in machine processes such as machine translation, cognitive computing and text mining.

Market Segment

The optical character recognition market has been categorized into type, end-use industries and geography. On the basis of type the market is bifurcated into Software and Service. Based on end-use industries the market is categorized into retail, BFSI, transport & logistics, media & entertainment, manufacturing, government, education, healthcare, IT & telecom devices. Software segment is further divided into mobile based OCR, Multi-tenant cloud, desktop-based OCR, cloud-based OCR, and private cloud among others. Services segment is further categorized into outsourcing, consulting, and integration & implementation. Growing demand for security & surveillance is driving the integration of various innovative technologies such as face recognition technology and surveillance cameras with existing solutions to offer a more effective and efficient solution. BFSI segment is anticipated to hold the major chunk of the market over the forecast period due to the various uses such as scanning the documents among others.

Regional Analysis

The global optical character recognition market is divided into regions that are North America - U.S, Canada, Other; Asia-Pacific -India, Japan, China, Australia, Other; Europe - UK, Russia, France, Brazil, Other; Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players. North America dominated the global optical recognition market in 2017 owing to the growing demand from enterprises and majorly from BFSI sector. Rapid adoption by the enterprises due of its ease of use and cost effectiveness is another factor driving the North America optical character recognition market.  

Global Optical Character Recognition Market Size, Share Analysis By Region 2017

Asia-Pacific market is anticipated to grow at a highest CAGR over the forecast period 2018-2025. The growth is mainly due to increasing need from small and medium enterprises that are growing rapidly. The growing adoption of optical character recognition systems by telecom and IT industries for document management is serving as the key growth factor. Developing nations such as India, China are adopting optical character recognition system and investing huge in order to adopt this technology fast.

Global Optical Character Recognition Market Study Objective

1. To forecast the market size of optical character recognition market, along with describing and defining the market, in terms of volume and revenue as well as market opportunities for stakeholders, in order to provide a competitive landscape for global market players.

2. Market analysis and forecast of optical character recognition market on the basis of region, substrate and application or end-use industry. To profile major market players, and to analyze their market shares and essential competencies comprehensively.

3. To analyze and elaborate significant factors that will have major impact on the growth of optical character recognition market, such as drivers, restraints, challenges and opportunities.

4. Regional analysis of optical character recognition market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa and Asia Pacific.

5. Strategic analysis of micromarkets, in terms of individual prospects, opportunities, growth trends and their involvement in overall market.

6. To provide detailed analysis of competitive and strategic developments in the optical character recognition market like new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.

Key Players Landscape

The key players in optical character recognition market NEC Corporation, LTU Technologies, Catchoom Technologies S.L., Hitachi, Ltd., Wikitude GmbH, Qualcomm Incorporated, Google, Inc., Honeywell International inc., Slyce Inc., and Attrasoft, Inc. among other key players.

Global Optical Character Recognition Market Study Report Offer You!

The global market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast. The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.