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North America Optical Character Recognition Market 2022-2028

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    Report

  • 115 Pages
  • July 2022
  • Region: North America
  • Triton Market Research
  • ID: 5633642

Rising investment in OCR systems to supplement the optical character recognition market’s progression

MARKET OUTLOOK


According to the publisher, the optical character recognition market in North America is expected to attain a compound annual growth rate of 15.47% in value over the forecast period from 2022 to 2028. The United States and Canada shape the market in the region.

In Canada, the government is heavily investing in the OCR market. For instance, it has incorporated OCR technology for data retrieval of railway documents. In 2019, the government released guidelines on using electronic signatures for all departmental security officers. Additionally, the Canada Border Services Agency requires commercial off-the-shelf software solutions. This solution includes licensed software, maintenance, and support services. Therefore, the rising investments in OCR systems augment the studied market’s growth across Canada.

In the US, OCR systems have gained significant traction in supporting the physically disabled population. The American Foundation for the Blind offers various technology products, including OCR systems to assist visually impaired people. Furthermore, the US-based software company Hyland Software Inc launched a solution that employs OCR technology to automate redaction processes. Thus, such developments supplement the OCR market’s overall development.

COMPETITIVE OUTLOOK


The major firms in the optical character recognition market include IBM, Microsoft Corporation, Nuance Communications Inc, Abbyy, and Iris Group SA.

Table of Contents

1. North America 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. North America Optical Character Recognition Market Outlook - by Product
3.1. Software
3.2. Service
4. North America Optical Character Recognition Market Outlook - by Operation
4.1. B2B
4.2. B2C
5. North America 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. North America Optical Character Recognition Market - Country Outlook
6.1. United States
6.2. Canada
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: North America Optical Character Recognition Market, by Country, 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: North America Optical Character Recognition Market, by Product, 2022-2028 (In $ Million)
Table 8: North America Optical Character Recognition Market, by Operation, 2022-2028 (In $ Million)
Table 9: North America Optical Character Recognition Market, by Vertical, 2022-2028 (In $ Million)
Table 10: North America Optical Character Recognition Market, by Country, 2022-2028 (In $ Million)
List of Figures
Figure 1: Market Attractiveness Index
Figure 2: Industry Components
Figure 3: North America Optical Character Recognition Market, Product Outlook, 2021 & 2028 (In %)
Figure 4: North America Optical Character Recognition Market, by Software, 2022-2028 (In $ Million)
Figure 5: North America Optical Character Recognition Market, by Service, 2022-2028 (In $ Million)
Figure 6: North America Optical Character Recognition Market, Operation Outlook, 2021 & 2028 (In %)
Figure 7: North America Optical Character Recognition Market, by B2B, 2022-2028 (In $ Million)
Figure 8: North America Optical Character Recognition Market, by B2C, 2022-2028 (In $ Million)
Figure 9: North America Optical Character Recognition Market, Vertical Outlook, 2021 & 2028 (In %)
Figure 10: North America Optical Character Recognition Market, by Bfsi, 2022-2028 (In $ Million)
Figure 11: North America Optical Character Recognition Market, by Transport & Logistics, 2022-2028 (In $ Million)
Figure 12: North America Optical Character Recognition Market, by Healthcare, 2022-2028 (In $ Million)
Figure 13: North America Optical Character Recognition Market, by Government, 2022-2028 (In $ Million)
Figure 14: North America Optical Character Recognition Market, by Education, 2022-2028 (In $ Million)
Figure 15: North America Optical Character Recognition Market, by It & Telecom, 2022-2028 (In $ Million)
Figure 16: North America Optical Character Recognition Market, by Manufacturing, 2022-2028 (In $ Million)
Figure 17: North America Optical Character Recognition Market, by Retail, 2022-2028 (In $ Million)
Figure 18: North America Optical Character Recognition Market, by Others, 2022-2028 (In $ Million)
Figure 19: North America Optical Character Recognition Market, Country 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)

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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