Product Code: GVR-3-68038-210-5
Optical Character Recognition Market Growth & Trends:
The global optical character recognition market size is expected to reach USD 32.90 billion by 2030, growing at a CAGR of 14.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Digitalization plays a critical role in changing the way organizations operate, and it has helped companies improve the efficiency of their business processes. Enterprises invest large amounts in technologies that can help them digitalize their work process and increase productivity. Since data is a critical element for an organization, adopting technologies such as optical character recognition (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 various technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities. For instance, in January 2023, Cognex Corporation, a provider of machine vision products, augmented the capabilities of its In
Sight 2800 vision system to incorporate optical character recognition (OCR). The new tool, powered by edge learning technology, interprets human-readable characters on low-contrast, reflective, and non-flat surfaces.
The integration of artificial intelligence with optical character recognition has helped companies in leveraging the technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the 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 the costs of processing documents and increases efficiency within the organization. Furthermore, increasing penetration of optical character recognition in banks and financial institutions has bolstered the OCR market growth for B2B end-users. For instance, in November 2022, Contractor Compliance Inc., a provider of software solutions for vendor and contractor compliance requirements, announced the release of its (OCR) optical character recognition module, available to business clients with both automated and assisted approval workflows.
The OCR market can be described as a highly competitive market. The market vendors are pursuing various strategic initiatives to gain a competitive edge in the market. For instance, in January 2022, 6Sense, an AI-driven sales and marketing platform, acquired Saleswhale, a Singapore-based company. This acquisition would also help B2B organizations convert and manage their sales leads with the help of AI technologies like NLP, OCR ML, and other AI technologies. It would scale their business and enhance the products.
Optical Character Recognition Market Report Highlights:
- The software segment led the market in 2022, the high share is attributed to the software's ease of availability. Most optical character recognition software is available in open source, so organizations can quickly deploy it within their workflow
- The BFSI segment led the market in 2022 and is also expected to grow at the highest CAGR of over the forecast period. For instance, ABBYY, a digital intelligence company, provides digital banking solutions for banks and financial institutions. For instance, DBS Bank, a Singapore-based banking and financial services corporation, has employed ABBYY Mobile OCR Engine to extract and fill in the relevant information in its on-the-go loan application. It enhances and simplifies the customer experience with loans
- The B2B end-use segment led the market in 2022 and is also expected to attain the highest CAGR in the forecast period
- North America dominated the market in 2022, the American Foundation for the Blind, a U.S.-based non-profit organization, provides various assistive technology products, including OCR systems, for visually impaired people
Table of Contents
Chapter 1 Methodology And Scope
- 1.1 Information Procurement And Research Scope
- 1.2 Information Analysis
- 1.3 Market Formulation & Data Visualization
- 1.4 Market Scope And Assumptions
- 1.5 List Of Data Sources
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
Chapter 2 Executive Summary
- 2.1 Market Outlook
- 2.2 Global OCR Market
- 2.2.1 Global OCR Market, 2017 - 2030
- 2.2.2 Global OCR Market, By Region, 2017 - 2030
- 2.2.2.1 Key Trends, By Region, 2022
- 2.2.3 Global OCR Market, By Type, 2017 - 2030
- 2.2.3.1 Key Trends, By Type, 2022
- 2.2.3.2 Global OCR Market, By Software, 2017 - 2030
- 2.2.3.2.1 Global OCR Market, By Cloud-Based OCR, 2017 - 2030
- 2.2.3.3 Global OCR Market, By Services, 2017 - 2030
- 2.2.4 Global OCR Market, By Vertical, 2017 - 2030
- 2.2.4.1 Key Trends, By Vertical, 2022
- 2.2.5 Global OCR Market, By End-use, 2017 - 2030
- 2.2.5.1 Key Trends, By End-Use, 2022
Chapter 3 Market Variables, Trends & Scope
- 3.1 Market Segmentation
- 3.2 Market Definition
- 3.3 Market Scope
- 3.4 Penetration & Growth Prospect Mapping, 2030
- 3.5 Optical Character Recognition - Software Ecosystem Analysis
- 3.6 Market Dynamics
- 3.6.1 Market Driver Analysis
- 3.6.1.1 Increasing Adoption Of OCR Across Diversified Verticals
- 3.6.1.2 Growing Adoption Of OCR Due To The Integration Of Advanced Capabilities
- 3.6.1.3 Increasing Investments In OCR Startup Companies
- 3.6.2 Market Restraint Analysis
- 3.6.2.1 Limitations In Delivering Accurate Output
- 3.7 Technology Overview
- 3.8 Industry Analysis - Porter's
- 3.8.1 Supplier Power: Low
- 3.8.2 Buyer Power: Moderate
- 3.8.3 Substitution Threat: Low
- 3.8.4 Threat from New Entrant: Moderate
- 3.8.5 Competitive Rivalry: High
- 3.9 PESTEL Analysis
- 3.9.1 Political Landscape
- 3.9.2 Economic Landscape
- 3.9.3 Social Landscape
- 3.9.4 Technology Landscape
- 3.9.5 Legal Landscape
- 3.10 Major Deals & Strategic Alliances Analysis
- 3.10.1 Mergers & Acquisitions and Technology Collaborations
- 3.11 Vendor Landscape - OCR Market
- 3.12 COVID-19 Impact Analysis
Chapter 4 Optical Character Recognition (OCR) Market: Type Estimates & Trend Analysis
- 4.1 Optical Character Recognition (OCR) Market: Type Movement Analysis
- 4.2 OCR Trends, By Type, 2022
- 4.3 Software
- 4.3.1 Global Software OCR Market, By Region, 2017 - 2030
- 4.3.2 Desktop-Based OCR
- 4.3.2.1 Global Desktop-Based OCR Market, By Region, 2017 - 2030
- 4.3.3 Mobile-Based OCR
- 4.3.3.1 Global Mobile-Based OCR Market, By Region, 2017 - 2030
- 4.3.4 Cloud-Based OCR
- 4.3.4.1 Global Cloud-Based OCR Market, By Region, 2017 - 2030
- 4.3.4.2 Private Cloud-Based OCR
- 4.3.4.2.1 Global Private Cloud-Based OCR Market, By Region, 2017 - 2030
- 4.3.4.3 Public Cloud-Based OCR
- 4.3.4.3.1 Global Public Cloud-Based OCR Market, By Region, 2017 - 2030
- 4.3.5 Others OCR Software
- 4.3.5.1 Global Others OCR Software Market, By Region, 2017 - 2030
- 4.4 Services
- 4.4.1 Global Services OCR Market, By Region, 2017 - 2030
- 4.4.2 consulting
- 4.4.2.1 Global Consulting Market, By Region, 2017 - 2030
- 4.4.3 Outsourcing
- 4.4.3.1 Global Outsourcing Market, By Region, 2017 - 2030
- 4.4.4 Implementation & Integration
- 4.4.4.1 Global Implementation & Integration Market, By Region, 2017 - 2030
Chapter 5 Optical Character Recognition (OCR) Market: Vertical Estimates & Trend Analysis
- 5.1 Optical Character Recognition (OCR) Market: Vertical Movement Analysis
- 5.2 OCR Trends, By Vertical, 2022
- 5.3 Retail
- 5.3.1 Global Retail OCR Market, By Region, 2017 - 2030
- 5.4 BFSI
- 5.4.1 Global BFSI OCR Market, By Region, 2017 - 2030
- 5.5 Government
- 5.5.1 Global Government OCR Market, By Region, 2017 - 2030
- 5.6 Education
- 5.6.1 Global Education OCR Market, By Region, 2017 - 2030
- 5.7 Transport And Logistics
- 5.7.1 Global Transport and Logistics OCR Market, By Region, 2017 - 2030
- 5.8 Healthcare
- 5.8.1 Global Healthcare OCR Market, By Region, 2017 - 2030
- 5.9 IT & Telecom
- 5.9.1 Global IT & Telecom OCR Market, By Region, 2017 - 2030
- 5.10 Manufacturing
- 5.10.1 Global Manufacturing OCR Market, By Region, 2017 - 2030
- 5.11 Others
- 5.11.1 Global Others OCR Market, By Region, 2017 - 2030
Chapter 6 Optical Character Recognition (OCR) Market: End-Use Estimates & Trend Analysis
- 6.1 Optical Character Recognition (OCR) Market: End-Use Movement Analysis
- 6.2 OCR Trends, By End-Use, 2022
- 6.3 B2B
- 6.3.1 Global B2B OCR Market, By Region, 2017 - 2030
- 6.4 B2C
- 6.4.1 Global B2C OCR Market, By Region, 2017 - 2030
Chapter 7 Optical Character Recognition (OCR) Market: Regional Estimates & Trend Analysis
- 7.1 Optical Character Recognition (OCR) Market: Regional Outlook
- 7.2 Optical Character Recognition (OCR) Market: Regional Movement Analysis
- 7.3 OCR Trends, By Region, 2022
- 7.4 North America
- 7.4.1 North America OCR Market, 2017 - 2030
- 7.4.2 North America OCR Market, By Type, 2017 - 2030
- 7.4.2.1 North America OCR Market, By Software, 2017 - 2030
- 7.4.2.2 North America OCR Market, By Services, 2017 - 2030
- 7.4.3 North America OCR Market, By Vertical, 2017 - 2030
- 7.4.4 North America OCR Market, By End-use, 2017 - 2030
- 7.4.5 U.S.
- 7.4.5.1 U.S. OCR Market, By Type, 2017 - 2030
- 7.4.5.1.1 U.S. OCR Market, By Software, 2017 - 2030
- 7.4.5.1.2 U.S. OCR Market, By Services, 2017 - 2030
- 7.4.5.2 U.S. OCR Market, By Vertical, 2017 - 2030
- 7.4.5.3 U.S. OCR Market, By End-Use, 2017 - 2030
- 7.4.6 Canada
- 7.4.6.1 Canada OCR Market, By Type, 2017 - 2030
- 7.4.6.1.1 Canada OCR Market, By Software, 2017 - 2030
- 7.4.6.1.2 Canada OCR Market, By Services, 2017 - 2030
- 7.4.6.2 Canada OCR Market, By Vertical, 2017 - 2030
- 7.4.6.3 Canada OCR Market, By End-Use, 2017 - 2030
- 7.4.7 Mexico
- 7.4.7.1 Mexico OCR Market, By Type, 2017 - 2030
- 7.4.7.1.1 Mexico OCR Market, By Software, 2017 - 2030
- 7.4.7.1.2 Mexico OCR Market, By Services, 2017 - 2030
- 7.4.7.2 Mexico OCR Market, By Vertical, 2017 - 2030
- 7.4.7.3 Mexico OCR Market, By End-Use, 2017 - 2030
- 7.5 Europe
- 7.5.1 Europe OCR Market, 2017 - 2030
- 7.5.2 Europe OCR Market, By Type, 2017 - 2030
- 7.5.2.1 Europe OCR Market, By Software, 2017 - 2030
- 7.5.2.2 Europe OCR Market, By Services, 2017 - 2030
- 7.5.3 Europe OCR Market, By Vertical, 2017 - 2030
- 7.5.4 Europe OCR Market, By End-use, 2017 - 2030
- 7.5.5 U.K.
- 7.5.5.1 U.K. OCR Market, By Type, 2017 - 2030
- 7.5.5.1.1 U.K. OCR Market, By Software, 2017 - 2030
- 7.5.5.1.2 U.K. OCR Market, By Services, 2017 - 2030
- 7.5.5.2 U.K. OCR Market, By Vertical, 2017 - 2030
- 7.5.5.3 U.K. OCR Market, By End-Use, 2017 - 2030
- 7.5.6 Germany
- 7.5.6.1 Germany OCR Market, By Type, 2017 - 2030
- 7.5.6.1.1 Germany OCR Market, By Software, 2017 - 2030
- 7.5.6.1.2 Germany OCR Market, By Services, 2017 - 2030
- 7.5.6.2 Germany OCR Market, By Vertical, 2017 - 2030
- 7.5.6.3 Germany OCR Market, By End-Use, 2017 - 2030
- 7.5.7 France
- 7.5.7.1 France OCR Market, By Type, 2017 - 2030
- 7.5.7.1.1 France OCR Market, By Software, 2017 - 2030
- 7.5.7.1.2 France OCR Market, By Services, 2017 - 2030
- 7.5.7.2 France OCR Market, By Vertical, 2017 - 2030
- 7.5.7.3 France OCR Market, By End-Use, 2017 - 2030
- 7.5.8 Italy
- 7.5.8.1 Italy OCR Market, By Type, 2017 - 2030
- 7.5.8.1.1 Italy OCR Market, By Software, 2017 - 2030
- 7.5.8.1.2 Italy OCR Market, By Services, 2017 - 2030
- 7.5.8.2 Italy OCR Market, By Vertical, 2017 - 2030
- 7.5.8.3 Italy OCR Market, By End-Use, 2017 - 2030
- 7.5.9 Spain
- 7.5.9.1 Spain OCR Market, By Type, 2017 - 2030
- 7.5.9.1.1 Spain OCR Market, By Software, 2017 - 2030
- 7.5.9.1.2 Spain OCR Market, By Services, 2017 - 2030
- 7.5.9.2 Spain OCR Market, By Vertical, 2017 - 2030
- 7.5.9.3 Spain OCR Market, By End-Use, 2017 - 2030
- 7.6 Asia Pacific (APAC)
- 7.6.1 APAC OCR Market, 2017 - 2030
- 7.6.2 APAC OCR Market, By Type, 2017 - 2030
- 7.6.2.1 APAC OCR Market, By Software, 2017 - 2030
- 7.6.2.2 APAC OCR Market, By Services, 2017 - 2030
- 7.6.3 APAC OCR Market, By Vertical, 2017 - 2030
- 7.6.4 APAC OCR Market, By End-use, 2017 - 2030
- 7.6.5 China
- 7.6.5.1 China OCR Market, By Type, 2017 - 2030
- 7.6.5.1.1 China OCR Market, By Software, 2017 - 2030
- 7.6.5.1.2 China OCR Market, By Services, 2017 - 2030
- 7.6.5.2 China OCR Market, By Vertical, 2017 - 2030
- 7.6.5.3 China OCR Market, By End-Use, 2017 - 2030
- 7.6.6 Japan
- 7.6.6.1 Japan OCR Market, By Type, 2017 - 2030
- 7.6.6.1.1 Japan OCR Market, By Software, 2017 - 2030
- 7.6.6.1.2 Japan OCR Market, By Services, 2017 - 2030
- 7.6.6.2 Japan OCR Market, By Vertical, 2017 - 2030
- 7.6.6.3 Japan OCR Market, By End-Use, 2017 - 2030
- 7.6.7 India
- 7.6.7.1 India OCR Market, By Type, 2017 - 2030
- 7.6.7.1.1 India OCR Market, By Software, 2017 - 2030
- 7.6.7.1.2 India OCR Market, By Services, 2017 - 2030
- 7.6.7.2 India OCR Market, By Vertical, 2017 - 2030
- 7.6.7.3 India OCR Market, By End-Use, 2017 - 2030
- 7.6.8 Australia
- 7.6.8.1 Australia OCR Market, By Type, 2017 - 2030
- 7.6.8.1.1 Australia OCR Market, By Software, 2017 - 2030
- 7.6.8.1.2 Australia OCR Market, By Services, 2017 - 2030
- 7.6.8.2 Australia OCR Market, By Vertical, 2017 - 2030
- 7.6.8.3 Australia OCR Market, By End-Use, 2017 - 2030
- 7.6.9 South Korea
- 7.6.9.1 South Korea OCR Market, By Type, 2017 - 2030
- 7.6.9.1.1 South Korea OCR Market, By Software, 2017 - 2030
- 7.6.9.1.2 South Korea OCR Market, By Services, 2017 - 2030
- 7.6.9.2 South Korea OCR Market, By Vertical, 2017 - 2030
- 7.6.9.3 South Korea OCR Market, By End-Use, 2017 - 2030
- 7.7 South America
- 7.7.1 South America OCR Market, 2017 - 2030
- 7.7.2 South America OCR Market, By Type, 2017 - 2030
- 7.7.2.1 South America OCR Market, By Software, 2017 - 2030
- 7.7.2.2 South America OCR Market, By Services, 2017 - 2030
- 7.7.3 South America OCR Market, By Vertical, 2017 - 2030
- 7.7.4 South America OCR Market, By End-use, 2017 - 2030
- 7.7.5 Brazil
- 7.7.5.1 Brazil OCR Market, By Type, 2017 - 2030
- 7.7.5.1.1 Brazil OCR Market, By Software, 2017 - 2030
- 7.7.5.1.2 Brazil OCR Market, By Services, 2017 - 2030
- 7.7.5.2 Brazil OCR Market, By Vertical, 2017 - 2030
- 7.7.5.3 Brazil OCR Market, By End-Use, 2017 - 2030
- 7.7.6 Argentina
- 7.7.6.1 Argentina OCR Market, By Type, 2017 - 2030
- 7.7.6.1.1 Argentina OCR Market, By Software, 2017 - 2030
- 7.7.6.1.2 Argentina OCR Market, By Services, 2017 - 2030
- 7.7.6.2 Argentina OCR Market, By Vertical, 2017 - 2030
- 7.7.6.3 Argentina OCR Market, By End-Use, 2017 - 2030
- 7.8 MEA
- 7.8.1 MEA OCR Market, 2017 - 2030
- 7.8.2 MEA OCR Market, By Type, 2017 - 2030
- 7.8.2.1 MEA OCR Market, By Software, 2017 - 2030
- 7.8.2.2 MEA OCR Market, By Services, 2017 - 2030
- 7.8.3 MEA OCR Market, By Vertical, 2017 - 2030
- 7.8.4 MEA OCR Market, By End-use, 2017 - 2030
- 7.8.5 Saudi Arabia
- 7.8.5.1 Saudi Arabia OCR Market, By Type, 2017 - 2030
- 7.8.5.1.1 Saudi Arabia OCR Market, By Software, 2017 - 2030
- 7.8.5.1.2 Saudi Arabia OCR Market, By Services, 2017 - 2030
- 7.8.5.2 Saudi Arabia OCR Market, By Vertical, 2017 - 2030
- 7.8.5.3 Saudi Arabia OCR Market, By End-Use, 2017 - 2030
- 7.8.6 UAE
- 7.8.6.1 UAE OCR Market, By Type, 2017 - 2030
- 7.8.6.1.1 UAE OCR Market, By Software, 2017 - 2030
- 7.8.6.1.2 UAE OCR Market, By Services, 2017 - 2030
- 7.8.6.2 UAE OCR Market, By Vertical, 2017 - 2030
- 7.8.6.3 UAE OCR Market, By End-Use, 2017 - 2030
Chapter 8 Competitive Landscape
- 8.1 ABBYY
- 8.1.1 Company Overview
- 8.1.2 Product Benchmarking
- 8.1.3 Strategic Initiatives
- 8.2 Adobe
- 8.2.1 Company Overview
- 8.2.2 Financial Performance
- 8.2.3 Product Benchmarking
- 8.2.4 Strategic Initiatives
- 8.3 Anyline Gmbh
- 8.3.1 Company Overview
- 8.3.2 Product Benchmarking
- 8.3.3 Strategic Initiatives
- 8.4 ATAPY Software
- 8.4.1 Company Overview
- 8.4.2 Product Benchmarking
- 8.4.3 Strategic Initiatives
- 8.5 Captricity Inc.
- 8.5.1 Company Overview
- 8.5.2 Product Benchmarking
- 8.5.3 Strategic Initiatives
- 8.6 Creaceed S.P.R.L.
- 8.6.1 Company Overview
- 8.6.2 Product Benchmarking
- 8.6.3 Strategic Initiatives
- 8.7 CVISION Technologies, Inc.
- 8.7.1 Company Overview
- 8.7.2 Product Benchmarking
- 8.7.3 Strategic Initiatives
- 8.8 Exper-OCR, Inc.
- 8.8.1 Company Overview
- 8.8.2 Product Benchmarking
- 8.9 Google LLC
- 8.9.1 Company Overview
- 8.9.2 Financial Performance
- 8.9.3 Product Benchmarking
- 8.9.4 Strategic Initiatives
- 8.10 International Business Machines Corporation
- 8.10.1 Company Overview
- 8.10.2 Financial Performance
- 8.10.3 Product Benchmarking
- 8.10.4 Strategic Initiatives
- 8.11 Intsig Information Co.,Ltd. Corporation
- 8.11.1 Company Overview
- 8.11.2 Product Benchmarking
- 8.11.3 Strategic Initiatives
- 8.12 IRIS S.A
- 8.12.1 Company Overview
- 8.12.2 Product Benchmarking
- 8.12.3 Strategic Initiatives
- 8.13 LEAD Technologies, Inc.
- 8.13.1 Company Overview
- 8.13.2 Product Benchmarking
- 8.13.3 Strategic Initiatives
- 8.14 Microsoft
- 8.14.1 Company Overview
- 8.14.2 Financial Performance
- 8.14.3 Product Benchmarking
- 8.14.4 Strategic Initiatives
- 8.15 NAVER Corp.
- 8.15.1 Company Overview
- 8.15.2 Financial Performance
- 8.15.3 Product Benchmarking
- 8.15.4 Strategic Initiatives
- 8.16 Nuance Communications, Inc.
- 8.16.1 Company Overview
- 8.16.2 Financial Performance
- 8.16.3 Product Benchmarking
- 8.16.4 Strategic Initiatives
- 8.17 Open Text Corporation
- 8.17.1 Company Overview
- 8.17.2 Financial Performance
- 8.17.3 Product Benchmarking
- 8.17.4 Strategic Initiatives