The scope of the global Optical Character Recognition (OCR) Market was appreciated at US$ 5.27 billion during 2018 and is projected to record a CAGR of 13.7% from 2019 to 2025. It is estimated to touch US$ 13.38 billion during the forecast period.
Market Overview:
The technology of Optical
Character Recognition (OCR) is put into practice to transform official content
on papers into digital system. In other words, it processes documents or images
by means of an optical character recognition apparatus and yield in typescripts
that can be further documented and studied. It utilizes a number of methods to
transform handwritten scripts and images into text, pdf or any additional
editable set-ups.
Key Players:
Iris S.A.,
Nuance Communication Inc.,
CVISION Technologies Inc.,
CC Intelligence Corporation,
Any line GmbH,
Microsoft Corporation
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Growth Drivers:
Several paybacks of the technology
of optical character recognition have assisted companies in decreasing manual
mistakes, saving time consumed on physically entering information in the
computer, increasing management of work, and decreasing the price of
transforming official papers into digital method between others. It furthermore
proposes additional benefits for example better-quality customer service and
augmented safety of official papers, considerably boosting demand through
industries, comprising retail and BFSI. Better concentration of optical
character recognition resolution developers on incorporating cutting-edge
technologies to increase correctness is furthermore projected to meaningfully
motivate the development of the optical character recognition market during the
approaching future.
Classification:
The global optical character
recognition industry can be classified by Vertical, Type, and Region. By
Vertical, it can be classified as Manufacturing, Healthcare, Education, BFSI,
IT & Telecom, Transport & Logistics, Government, Retail and others. By
Type, it can be classified as Services, Software.
Optical Character Recognition
Type Outlook (Revenue, USD Million, 2014 - 2025)
• Software
• Desktop-based OCR
• Mobile-based OCR
• Cloud-based OCR
• Others
• Services
The digitalization of business
establishments has made every procedure quicker and additionally manageable. As
companies are observing technical progressions, data is becoming a serious part
for the development. As soon as the data is transformed into digital system, it
can be treated by means of computers and a range of devices having capability
of computing. This data is easy to store, access and share. Those companies,
formed prior to the era of digitalization, turned out to be a standard in the
sector of enterprise initially. They have also started utilizing tools like
optical character recognition to transform their physical information into
alpha numeric method. The technology likewise discovers growing use in the sectors
of Healthcare and BFSI for generating digital replicas of invoices, checks and
additional documents.
The technology of optical
character recognition is likewise being extensively utilized for translating
available information in text form into speech by means of the assistance of
text-to-speech equipment, thereby making it reachable to visually impaired and
blind persons. Additional uses of the tools consist of separating documents in
law firms and courts and letters by post offices, together with maintaining
cultural and historical manuscripts, individual documentation, and handing out
orders, invoices and additional official papers.
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