Optical Character Recognition Market

Key Highlights

• Optical character recognition (OCR) is the process of electronically converting printed or handwritten text into machine-readable text that can be edited and searched electronically. OCR software analyses the shapes and patterns of characters in an image and converts them into ASCII (American Standard Code for Information Interchange) codes or Unicode characters. The OCR technology can be used to convert printed or written documents into a digital format, allowing for easy editing, storing, and sharing of the content. OCR technology is commonly used in various applications, such as digitizing books, converting paper documents into electronic format, recognizing license plate numbers, and processing forms and invoices.
• The global optical character recognition market recorded revenues of $14.87 billion in 2024, representing a compound annual growth rate (CAGR) of 9.3% between 2019 and 2024.
• The software segment accounted for the market's largest proportion in 2024, with total revenues of $10.45 billion, equivalent to 70.2% of the market's overall value.
• In 2024, the global optical character recognition market recorded an annual growth of 10.8%. The growth is attributed to the expanding digitalization, which encourages the digital processing and management of large amounts of physical documents.

Scope

• Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the optical character recognition market in the global
• Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the global optical character recognition market
• Leading company profiles reveal details of key optical character recognition market players’ global operations and financial performance
• Add weight to presentations and pitches by understanding the future growth prospects of the Global optical character recognition market with five year forecasts

Reasons to Buy

• What was the size of the Global optical character recognition market by value in 2024?
• What will be the size of the Global optical character recognition market in 2029?
• What factors are affecting the strength of competition in the Global optical character recognition market?
• How has the market performed over the last five years?
• What are the main segments that make up the global's optical character recognition market?