AI-Based Optical Character Recognition - Forecasts from 2024 to 2029

AI-Based Optical Character Recognition - Forecasts from 2024 to 2029

The AI-based optical character recognition market is forecasted to witness a growth of CAGR of 18.64%, to reach US$21.039 billion by 2029, from US$8.952 billion in 2024.

Optical character recognition (OCR) is the application of AI technology and software in the conversion of visual image and digital text input into machine-readable input structure. The ability of artificial intelligence-based optical character recognition technologies to process handwritten texts. The integration of AI-based OCR software with other technologies, including machine learning algorithms, is widening the application scope of this market across various sectors, such as the BFSI, healthcare, retail, transportation, and other sectors. Hence, in view of the advancements in AI technology and the increasing AI adoption rates across all major economies of the world, it can be anticipated that the optical character recognition market will significantly expand over the forecast period.

AI-based optical character recognition market drivers
Digitalization of business processes

The digitalization of companies' business operations in different fields due to increasing demand for transparency and virtual access to information is creating opportunities for advancing the AI-enabled OCR software market. Optical Character Recognition and Intelligent Character Recognition technologies are the most commonly used devices for a company's digitalization procedures. The OCR and ICR software applications amalgamated with document scanning software help in automating the extraction of relevant data and re-entering the extracted data in digital storage spaces. The universal shift among companies and brands operating in different sectors of an economy towards digitalization is contributing majorly to the AI-based OCR tools market.

AI-based optical character recognition market
Asia Pacific is forecasted to hold a major share of the AI-based optical character recognition market.

The AI optical character recognition market in the Asia Pacific region is experiencing significant growth due to the escalating investments in the AI field and the emergence of new AI technological startup companies. Hive.ai by Hive Company, ThinkAutomation by Parker Software, Adobe PDF Library by Datalogics Inc., Invoice Extractor by Affinda, and FineReader PDF by Abbyy are a few popular AI-based OCR software used across different countries in this region. In addition to this, the AI software with OCR features released by leading technology companies such as Microsoft Azure, Google Cloud Vision, and Amazon Rekognition are experiencing growing demands from APAC countries.

Furthermore, the e-commerce retail segment’s growth in Asian countries is further increasing OCR software demand. The application of AI-based OCR software by e-commerce businesses helps in verifying online customers’ identities to prevent any theft incidents and obtain detailed information about products in a time-efficient manner. Therefore, considering such factors contributing to the growth of AI-based OCR applications, it can be anticipated that this regional market will expand over the forecast period.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The AI-Based Optical Character Recognition Market is analyzed into the following segments:

By Input Type

Image
Documents
Scanners

By End-Users

BFSI
Government
Airports
Healthcare
Retail
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Singapore
Indonesia
Others