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Global Optical Character Recognition Market 2022-2028

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    Report

  • 200 Pages
  • July 2022
  • Region: Global
  • Triton Market Research
  • ID: 5633636

Growing technology sector to fuel the adoption of optical character recognition solutions

MARKET OUTLOOK


As per the publisher's research report, the global optical character recognition market is anticipated to advance with a CAGR of 16.04% during the forecast period 2022-2028.

The advanced document protection and better customer support, rising integration of OCR solutions in advanced technologies, and growing OCR adoption in industries are fueling the market’s progression.

However, limitations in delivering accurate output and a lack of accuracy in recognizing handwritten material impede the studied market’s growth. Nevertheless, increasing digitalization and the growing need for ID verification services are expected to create new opportunities for the market.

REGIONAL OUTLOOK


The global optical character recognition market covers North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa regions.

Globally, the Asia-Pacific is expected to emerge as the fastest growing region in the market. The market’s robust growth can be attributed to the rising technology sector across emerging economies. Moreover, the advent of startups has increased the adoption of OCR solutions to a large extent. For instance, Korean-based AI firm AIMMO obtained significant funding to expand its business into data labeling. Besides this, the increasing focus on developing smart cities further widens the scope of the optical character recognition market.

COMPETITIVE OUTLOOK


The prominent companies in the optical character recognition market are Google LLC, IBM, Microsoft Corporation, Nuance Communications Inc, Adobe Systems Inc, Anyline GmbH, Captricity Inc (Acquired by SS&C), Abbyy, Foxit Software Inc, IntSig Information Co Ltd, Lead Technologies, Creaceed, Iris Group SA, and Expervision Inc.

Microsoft Corporation develops, licenses, and supports various software products and services. The company’s product line includes operating systems, cross-device productivity applications, business solutions, software development tools, video games, and other tools. It markets and distributes products via OEMs, distributors, resellers, online media, retail stores, and other channels. Moreover, the company provides cloud-based solutions. Microsoft has operations across the globe, with headquarters located in Washington, the United States.

Table of Contents

1. Global Optical Character Recognition Market - Summary
2. Industry Outlook
2.1. Impact of Covid-19 on the Optical Character Recognition Market
2.2. Key Insights
2.2.1. Increasing Investments in Ocr Start-Up Companies
2.2.2. Rise in Benefits of Integrated Technologies
2.3. Porter's Five Forces Analysis
2.3.1. Threat of New Entrants
2.3.2. Threat of Substitutes
2.3.3. Bargaining Power of Buyers
2.3.4. Bargaining Power of Suppliers
2.3.5. Threat of Competitive Rivalry
2.4. Market Attractiveness Index
2.5. Vendor Scorecard
2.6. Industry Components
2.7. Key Market Strategies
2.7.1. Mergers
2.7.2. Product Launches
2.7.3. Partnerships
2.7.4. Business Expansions
2.8. Market Drivers
2.8.1. Advanced Document Protection and Better Customer Support
2.8.2. Growing Implementation of Ocr Solutions in Advanced Technology
2.8.3. Rise in Ocr Adoption Across Diversified Industry Verticals
2.9. Market Challenges
2.9.1. Limitations in Delivering Accurate Output
2.9.2. Lack of Accuracy in Recognizing Handwritten Material
2.10. Market Opportunities
2.10.1. Increasing Digitalization Practices Across the Globe
2.10.2. Rising Need for Id Verification Service
3. Global Optical Character Recognition Market Outlook - by Product
3.1. Software
3.2. Service
4. Global Optical Character Recognition Market Outlook - by Operation
4.1. B2B
4.2. B2C
5. Global Optical Character Recognition Market Outlook - by Vertical
5.1. Bfsi
5.2. Transport & Logistics
5.3. Healthcare
5.4. Government
5.5. Education
5.6. It & Telecom
5.7. Manufacturing
5.8. Retail
5.9. Others
6. Global Optical Character Recognition Market - Regional Outlook
6.1. North America
6.1.1. Market by Product
6.1.2. Market by Operation
6.1.3. Market by Vertical
6.1.4. Country Analysis
6.1.4.1. United States
6.1.4.2. Canada
6.2. Europe
6.2.1. Market by Product
6.2.2. Market by Operation
6.2.3. Market by Vertical
6.2.4. Country Analysis
6.2.4.1. United Kingdom
6.2.4.2. Germany
6.2.4.3. France
6.2.4.4. Spain
6.2.4.5. Italy
6.2.4.6. Poland
6.2.4.7. Rest of Europe
6.3. Asia-Pacific
6.3.1. Market by Product
6.3.2. Market by Operation
6.3.3. Market by Vertical
6.3.4. Country Analysis
6.3.4.1. China
6.3.4.2. Japan
6.3.4.3. India
6.3.4.4. Australia
6.3.4.5. South Korea
6.3.4.6. Asean Countries
6.3.4.7. Rest of Asia-Pacific
6.4. Latin America
6.4.1. Market by Product
6.4.2. Market by Operation
6.4.3. Market by Vertical
6.4.4. Country Analysis
6.4.4.1. Brazil
6.4.4.2. Mexico
6.4.4.3. Rest of Latin America
6.5. Middle East and Africa
6.5.1. Market by Product
6.5.2. Market by Operation
6.5.3. Market by Vertical
6.5.4. Country Analysis
6.5.4.1. United Arab Emirates
6.5.4.2. Saudi Arabia
6.5.4.3. Turkey
6.5.4.4. South Africa
6.5.4.5. Rest of Middle East & Africa
7. Competitive Landscape
7.1. Google LLC
7.2. Ibm
7.3. Microsoft Corporation
7.4. Adobe Systems Inc
7.5. Nuance Communications Inc
7.6. Abbyy
7.7. Anyline GmbH
7.8. Captricity Inc (Acquired by Ss&C)
7.9. Creaceed
7.10. Foxit Software Inc
7.11. Expervision Inc
7.12. Intsig Information Co Ltd
7.13. Iris Group Sa
7.14. Lead Technologies
8. Research Methodology & Scope
8.1. Research Scope & Deliverables
8.2. Sources of Data
8.3. Research Methodology
List of Tables
Table 1: Global Optical Character Recognition Market, by Regional Outlook, 2022-2028 (In $ Million)
Table 2: Vendor Scorecard
Table 3: List of Mergers
Table 4: List of Product Launches
Table 5: List of Partnerships
Table 6: List of Business Expansions
Table 7: Global Optical Character Recognition Market, by Product, 2022-2028 (In $ Million)
Table 8: Global Optical Character Recognition Market, by Operation, 2022-2028 (In $ Million)
Table 9: Global Optical Character Recognition Market, by Vertical, 2022-2028 (In $ Million)
Table 10: Global Optical Character Recognition Market, by Regional Outlook, 2022-2028 (In $ Million)
Table 11: North America Optical Character Recognition Market, by Country, 2022-2028 (In $ Million)
Table 12: North America Optical Character Recognition Market, by Product, 2022-2028 (In $ Million)
Table 13: North America Optical Character Recognition Market, by Operation, 2022-2028 (In $ Million)
Table 14: North America Optical Character Recognition Market, by Vertical, 2022-2028 (In $ Million)
Table 15: Europe Optical Character Recognition Market, by Country, 2022-2028 (In $ Million)
Table 16: Europe Optical Character Recognition Market, by Product, 2022-2028 (In $ Million)
Table 17: Europe Optical Character Recognition Market, by Operation, 2022-2028 (In $ Million)
Table 18: Europe Optical Character Recognition Market, by Vertical, 2022-2028 (In $ Million)
Table 19: Asia-Pacific Optical Character Recognition Market, by Country, 2022-2028 (In $ Million)
Table 20: Asia-Pacific Optical Character Recognition Market, by Product, 2022-2028 (In $ Million)
Table 21: Asia-Pacific Optical Character Recognition Market, by Operation, 2022-2028 (In $ Million)
Table 22: Asia-Pacific Optical Character Recognition Market, by Vertical, 2022-2028 (In $ Million)
Table 23: Latin America Optical Character Recognition Market, by Country, 2022-2028 (In $ Million)
Table 24: Latin America Optical Character Recognition Market, by Product, 2022-2028 (In $ Million)
Table 25: Latin America Optical Character Recognition Market, by Operation, 2022-2028 (In $ Million)
Table 26: Latin America Optical Character Recognition Market, by Vertical, 2022-2028 (In $ Million)
Table 27: Middle East and Africa Optical Character Recognition Market, by Country, 2022-2028 (In $ Million)
Table 28: Middle East and Africa Optical Character Recognition Market, by Product, 2022-2028 (In $ Million)
Table 29: Middle East and Africa Optical Character Recognition Market, by Operation, 2022-2028 (In $ Million)
Table 30: Middle East and Africa Optical Character Recognition Market, by Vertical, 2022-2028 (In $ Million)
List of Figures
Figure 1: Market Attractiveness Index
Figure 2: Industry Components
Figure 3: Global Optical Character Recognition Market, Product Outlook, 2021 & 2028 (In %)
Figure 4: Global Optical Character Recognition Market, by Software, 2022-2028 (In $ Million)
Figure 5: Global Optical Character Recognition Market, by Service, 2022-2028 (In $ Million)
Figure 6: Global Optical Character Recognition Market, Operation Outlook, 2021 & 2028 (In %)
Figure 7: Global Optical Character Recognition Market, by B2B, 2022-2028 (In $ Million)
Figure 8: Global Optical Character Recognition Market, by B2C, 2022-2028 (In $ Million)
Figure 9: Global Optical Character Recognition Market, Vertical Outlook, 2021 & 2028 (In %)
Figure 10: Global Optical Character Recognition Market, by Bfsi, 2022-2028 (In $ Million)
Figure 11: Global Optical Character Recognition Market, by Transport & Logistics, 2022-2028 (In $ Million)
Figure 12: Global Optical Character Recognition Market, by Healthcare, 2022-2028 (In $ Million)
Figure 13: Global Optical Character Recognition Market, by Government, 2022-2028 (In $ Million)
Figure 14: Global Optical Character Recognition Market, by Education, 2022-2028 (In $ Million)
Figure 15: Global Optical Character Recognition Market, by It & Telecom, 2022-2028 (In $ Million)
Figure 16: Global Optical Character Recognition Market, by Manufacturing, 2022-2028 (In $ Million)
Figure 17: Global Optical Character Recognition Market, by Retail, 2022-2028 (In $ Million)
Figure 18: Global Optical Character Recognition Market, by Others, 2022-2028 (In $ Million)
Figure 19: Global Optical Character Recognition Market, Regional Outlook, 2021 & 2028 (In %)
Figure 20: United States Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 21: Canada Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 22: United Kingdom Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 23: Germany Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 24: France Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 25: Spain Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 26: Italy Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 27: Poland Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 28: Rest of Europe Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 29: China Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 30: Japan Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 31: India Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 32: Australia Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 33: South Korea Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 34: Asean Countries Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 35: Rest of Asia-Pacific Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 36: Brazil Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 37: Mexico Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 38: Rest of Latin America Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 39: United Arab Emirates Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 40: Saudi Arabia Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 41: Turkey Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 42: South Africa Optical Character Recognition Market 2022-2028 (In $ Million)
Figure 43: Rest of Middle East & Africa Optical Character Recognition Market 2022-2028 (In $ Million)

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Google LLC
  • IBM
  • Microsoft Corporation
  • Adobe Systems Inc
  • Nuance Communications Inc
  • Abbyy
  • Anyline GmbH
  • Captricity Inc (Acquired by Ss&C)
  • Creaceed
  • Foxit Software Inc
  • Expervision Inc
  • Intsig Information Co Ltd
  • Iris Group Sa
  • Lead Technologies

Methodology

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