Global Optical Character Recognition Market to Reach $41.5 Billion by 2030
The global market for Optical Character Recognition estimated at US$16.3 Billion in the year 2023, is expected to reach US$41.5 Billion by 2030, growing at a CAGR of 14.3% over the period 2023-2030. Optical Character Recognition Software, one of the segments analyzed in the report, is expected to record 13.6% CAGR and reach US$30.1 Billion by the end of the analysis period. Growth in the Optical Character Recognition Services segment is estimated at 16.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $5 Billion, While China is Forecast to Grow at 13.7% CAGR
The Optical Character Recognition market in the U.S. is estimated at US$5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.2 Billion by the year 2030 trailing a CAGR of 13.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 12.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR.
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