Global Optical Character Recognition Market Forecast 2022-2030

Global Optical Character Recognition Market Forecast 2022-2030

KEY FINDINGS

The global optical character recognition market is expected to progress with a CAGR of 15.74% during the forecast years of 2022 to 2030. The market growth is primarily attributable to the rise in implementation of OCR across diversified verticals, the increasing adoption of OCR solution developers in advanced technology, and improved customer support as well as higher document protection.

MARKET INSIGHTS

Optical character recognition technology is utilized for the detection of handwritten or printed text characters of physical documents or digital pictures. The technology examines a document’s text, subsequently converting characters into code that can be used for data processing.

Improved customer support by app developers leads the OCR market on a global scale. For instance, applications such as CamScanner, Primo, and others offer 4+ star customer support for users within the OCR market. Also, the growing need for paperless work adds to the demand from customers, thus encouraging app developers to attend to their queries. Moreover, these concerns can also be quickly resolved if the developer’s software is updated regularly with new versions available on phones as well as other electronic devices. As a result, improved customer support plays an essential role in propelling the global optical character recognition market’s growth.

REGIONAL INSIGHTS

The global optical character recognition market growth evaluation encompasses the assessment of North America, Asia-Pacific, Europe, and Rest of World. North America is set to capture the highest market share during the forecast period. The regional market’s growth is accredited to technological advancements, the rise in AI technology to power OCR applications, and the increase in digitization across various sectors.

COMPETITIVE INSIGHTS

The global optical character recognition market has a moderate growth rate. The presence of various small and large vendors, in addition to higher investment funding in OCR startups, is likely to result in increased competition within the global market.

Some of the leading players operating in the market include Adobe Systems, IBM, Google LLC, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments