Optical Character Recognition Market Size Worth $13.38 Billion By 2025
The global optical character recognition market size is expected to reach USD 13.38 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 13.7% from 2019 to 2025. Increasing investments in Optical Character Recognition (OCR) startup companies and adoption of OCR across diversified industry verticals is projected to drive the OCR market growth.
Digitalization plays a critical role in changing the way organizations operate. It has helped companies improve efficiency of their business processes. Enterprises are investing large amounts in technologies that can help them digitalize their work process and increase productivity. Since data is a critical element for an organization, adoption of technologies such as OCR, which enables users to convert text data in different types of documents and images into editable or accessible formats, has increased. OCR solutions are integrated with a wide range of technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities.
Integration of artificial intelligence with optical character recognition has helped companies in leveraging technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the more efficient processing of documents, texts, and other data in a way similar to that of humans. These advanced technologies also help to address inaccuracies that occur in OCR, thereby providing streamlined fault management. This, in turn, helps reduce costs of processing documents and increase efficiency within the organization.
Vendors across diversified industry verticals, such as retail, banking, and healthcare, are widely adopting OCR technology. In terms of vertical, BFSI accounted for the largest OCR market share in 2018, owing to the increasing use of the technology in business transactions and scanning checks and other critical documents. The demand for OCR in healthcare sector is expected to grow moderately over the forecast period.
North America market accounted for the largest market share of 39.39% in 2018 owing to the early and rapid adoption of advanced technologies across MNCs in the region. Asia Pacific optical character recognition market, on the other hand, is likely to provide promising growth opportunities and is anticipated to register the highest CAGR of 16.7% over the forecast period.
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Further key findings from the report suggest:
- Significant increase in investment for advancement of OCR in startup companies is expected to remain one of the key driving factors
- Emergence of new technologies such as computer vision, machine learning, and artificial intelligence is unfolding new opportunities for industry growth
- North America led the global optical character recognition market in 2018. Asia Pacific is projected to register the highest CAGR of 16.7% from 2019 to 2025
- Key competitors are Google LLC; Adobe; International Business Machines Corporation; Microsoft Corporation; ABBYY; Anyline GmbH; Captricity Inc. (Vidado); CC Intelligence Corporation; Creaceed SPRL; CVISION Technologies Inc.; LEAD Technologies Inc.; Nuance Communication Inc.; Exper-OCR, Inc.; and Iris S.A.