Optical Character Recognition (OCR) Market Forecast 2021-2026: Global Size, Share, Analysis and Growth – IMARC Group

According to the latest report by IMARC Group, titled “Optical Character Recognition (OCR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global optical character recognition (OCR) market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the global optical character recognition (OCR) market to grow at a CAGR of around 14% during the forecast period (2021-2026). Optical character recognition (OCR) is an electronic process of converting different documents, such as scanned images, PDF files, and handwritten characters, into a digital format. It is extensively used in airport terminals to check passports and identity cards and ease cross-border banking transactions. OCR technology also facilitates data entry automation and indexing documents for search engines. Presently, several companies from different industry verticals are adopting OCR services for applications, including reading the numbers printed on the inner side of a bottle cap or voucher codes that can be redeemed.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Market Trends:

With the rising digitalization, several enterprises worldwide are integrating advanced technologies like OCR to digitize business processes and increase productivity. OCR technology helps save time and effort while creating, processing and repurposing various documents. Moreover, the rising international air traffic is catalyzing the demand for OCR technology to scan the International Bank Account Number (IBAN) and speed up identifying and registering passengers. Furthermore, several companies are utilizing OCR technology to provide hassle-free online registration and improve customer engagement. Besides this, the rapid integration of artificial intelligence (AI) and robot process automation is anticipated to expand the application of OCR for automatic number plate recognition, assisting blind and visually impaired persons, and scanning paper invoices.

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Key Market Segmentation:                          

Competitive Landscape:                               

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • ABBYY
  • Accusoft Corporation
  • Adlib Software
  • Adobe Inc.
  • Anyline GmbH
  • Creaceed S.P.R.L.
  • CVISION Technologies Inc. (Foxit Software Incorporated)
  • Google LLC (Alphabet Inc.)
  • International Business Machines Corporation
  • LEAD Technologies Inc.
  • Microsoft Corporation
  • NTT Data Corporation (The Nippon Telegraph and Telephone Corporation)

Breakup by Type:

  • Software
    • Desktop-based OCR
    • Mobile-based OCR
    • Cloud-based OCR
    • Others
  • Services
    • Consulting
    • Outsourcing
    • Implementation and Integration

Breakup by Mode of Operation:

  • B2B
  • B2C

Breakup by Vertical:

  • Retail
  • BFSI
  • Government
  • Education
  • Transport and Logistics
  • Healthcare
  • IT and Telecom
  • Others

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2015-2020)
  • Market Outlook (2021-2026)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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Five years in chemical & material has made Ivo Smith more or less an expert in everything related to medicines, drugs, chemicals and related sectors – at least from the PR front. Through his insider access to the sector, he has gained valuable insight into the entire manufacturing process of chemical and material.
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