North America Optical Character Recognition Market Forecast 2022-2030

North America Optical Character Recognition Market Forecast 2022-2030

KEY FINDINGS

The North America optical character recognition market is evaluated to grow with a CAGR of 15.17% over the forecasted period of 2022 to 2030. The increasing use of AI technology to power OCR applications, economic as well as technical advancements, and the rise in the digitization of various processes are some of the top factors attributed to the regional market’s growth.

MARKET INSIGHTS

The North America optical character recognition market growth assessment covers the study of Canada and the United States. With regular applications of OCR in the country, the government of Canada is substantially investing in the region’s optical character recognition market. Aligning with this, the country’s government integrated optical character recognition technology for the purpose of data retrieval of its railway documents. Likewise, in July 2019, the Government of Canada issued guidelines regarding the usage of electronic signatures to the country’s Departmental Security Officers.

In addition, the Canada Border Services Agency (CBSA) also has a requirement for the obtainment of an Optical Character Recognition (OCR) Commercial-Off-The-Shelf (COTS) Software Solution. The solution will be installed on nearly 300 owned android based devices. It also includes perpetually licensed software, a twelve-month warranty, software maintenance and support services, documentation, as well as professional services, including training and testing. The contract’s annual duration will entail a possibility of up to nine additional 1-year option periods in order to extend the contract. As a result, these factors are set to propel the North America optical character recognition market growth during the forecast years.

COMPETITIVE INSIGHTS

Some of the prominent companies operating in the market are Adobe Systems Inc, 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