United States Optical Character Recognition Market Forecast 2022-2028

United States Optical Character Recognition Market Forecast 2022-2028

KEY FINDINGS

The United States optical character recognition market is estimated to grow with a CAGR of 15.16% during the forecasting years. The base year considered for the studied market is 2021, and the projected period is 2022 to 2028. The rapid rates of digitization across numerous industries, in addition to new product launches, are among the top drivers reinforcing the market growth of the country.

MARKET INSIGHTS

Optical character recognition in the United States has numerous applications for physically disabled individuals. In this regard, the American Foundation for the Blind, a United States-based non-profit organization, offers various assistive technology products, such as optical character recognition systems, for the visually impaired. Moreover, in July 2020, Hyland Software Inc, a software company headquartered in the United States, launched a PII Compliance Solution. It primarily employs optical character recognition technology while utilizing intelligent document redaction functionality in order to automate the processes of redaction.

On the other hand, in May 2020, DataGrand, a Chinese AI startup, closed its B+ funding round worth $38 million in order to scale up its business. The company concentrates on the development of optical character recognition as well as NLP, in addition to other artificial intelligence technologies. As a result, these factors are expected to propel the United States optical character recognition market growth during the forecasting years.

COMPETITIVE INSIGHTS

Leading companies operating in the market are Google LLC, Microsoft Corp, Foxit Software Inc, 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