Global Optical Character Recognition (OCR) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Optical Character Recognition (OCR) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

OCR Software was formed prior to the era of digitalization in the sector of the enterprise. They have also started utilizing the tools like optical character recognition to transform thermophysical information into an alphanumeric method. OCR has progressed from being a single-purpose reader (often embedded into special hardware), to multi-purpose, interactive and device-agnostic systems, that have lowered input costs (data generation), and increased fidelity.

Market Overview:

The latest research study on the global Optical Character Recognition (OCR) Software market finds that the global Optical Character Recognition (OCR) Software market reached a value of USD 684.13 million in 2022. It’s expected that the market will achieve USD 1596.11 million by 2028, exhibiting a CAGR of 15.17% during the forecast period.

Economies, jobs, and personal lives are becoming more digital, more connected, and more automated. Waves of innovation build over time, powering the technology growth engine that appears to be on the cusp of another major step forward. In OCR Software industry, there are tremendous benefits available through technology for both business and society, the development of cloud computing and other technologies has continuously promoted the development of OCR Software industry, but there are major questions around safety, privacy, sustainability, and trust. The answers to these questions come from combining technical expertise with social awareness. By embracing responsibility for all the changes innovation can bring, the tech industry can be responsible for driving future progress.

First of all, OCR Software is expected to continue finding application across various industries during the forecast period. Technological advancement has taken in the banking industry thanks to the OCR technology. The usage of the OCR technology in banks has transformed the industry and made life easier for all. OCR technology is used in BFSI for creating digital copies of checks, invoices, and other documents. The OCR-based applications are widely used to scan different types of documents, receipts, and checks and to convert all the information into a form recognized or understood by a computer. It has made all business transactions and banking processes faster.

Outstanding advantages of the product itself

As modern OCR scanning software is now more powerful, it can work quickly, seamlessly and accurately. OCR is so important when actually trying to search through scanned documents, as poorly formatted scans mean the whole process has to be repeated, with the inevitable labor wastage in relocating the documents to scan in the first place, presuming they haven't already been recycled. The result is an easier document management strategy, with the ability to use cloud storage or specialist cloud document storage providers in order to archive important documentation in an accessible as well as retrievable way.

The powerful functions and benefits of OCR drive consumption, which is beneficial to the development of the industry

Growing opportunities in emerging markets

With the economic growth, scientific and technological progress, and the development of modern enterprises in APAC, there is a growing demand for OCR Software. Asia-pacific countries such as China and India have emerged as bright spots for global growth and an emerging market for the OCR Software industry. Asia Pacific is set to exhibit the highest CAGR in the coming years owing to the up-surging demand for OCR in countries, namely, China, Japan, and Singapore. Additionally, the number of small and medium enterprises (SMEs) is increasing day by day in these countries. It is, in turn, causing a high demand for OCR Software to agile and streamlines business operations. Furthermore, Asia-Pacific region is gradually moving towards the Internet era, which promotes the vigorous development of OCR Software in this region. The increasing dependency on cloud services and streamline office is significantly driving the demand for OCR Software across the emerging market.

Region Overview:

From 2022-2027, North America is estimated to witness robust growth prospects

Company Overview:

ABBYY Software, Adobe Systems, Kofax, Exper-OCR and Google are the five key players in the global Optical Character Recognition (OCR) Software market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Optical Character Recognition (OCR) Software market in the past 5 years.

Segmentation Overview:

Among different product types, Cloud based OCR segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the BFSI segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Optical Character Recognition (OCR) Software market covered in Chapter 3:

KlearStack
Google
Adobe Systems
SS&C
Anyline
Exper-OCR
LEAD Technologies
Microsoft
IBM
ABBYY Software
Kofax

In Chapter 4 and Chapter 14.2, on the basis of types, the Optical Character Recognition (OCR) Software market from 2018 to 2029 is primarily split into:

Desktop based OCR
Mobile based OCR
Cloud based OCR
Other

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Optical Character Recognition (OCR) Software market from 2018 to 2029 covers:

IT & Telecom
Media & Entertainment
BFSI
Transport and Logistics
Government and Public Sector
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)