Optical Character Recognition Market Share, Size, Trends, Industry Analysis Report, By Type (Software, Services); by Vertical; By End-use; By Region; Segment Forecast, 2023- 2032

Optical Character Recognition Market Share, Size, Trends, Industry Analysis Report, By Type (Software, Services); by Vertical; By End-use; By Region; Segment Forecast, 2023- 2032



The global optical character recognition market size is expected to reach USD 36,733.45 million by 2032, according to a new study by Polaris Market Research. The report “Optical Character Recognition Market Share, Size, Trends, Industry Analysis Report, By Type (Software and Services); By Vertical; By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Integrating Optical Character Recognition (OCR) systems in the transportation and logistics industry has become a crucial factor driving its growth. Storage facilities and drivers increasingly utilize mobile-based OCR systems to accurately read and process documents such as parcel labels, indicators, checks, product codes, shipping documents, freight bills, transportation manifests, and return goods records. Trucking, rail freight, ocean freight, air freight, courier, express, and parcel companies are adopting OCR systems to streamline their data operations.

Businesses across different verticals focus on digitizing their processes to enhance work efficiency. Consequently, many companies invest in OCR technology to digitalize their workflows and boost productivity. The increasing adoption of OCR technology by startups creates significant business opportunities in the OCR market. Mobile OCR is widely employed in supply chain and transportation operations to scan invoices and bills related to the delivery of goods across different locations. Enterprises are investing in next-generation technologies to reduce expenses associated with data management and extracting key information.

The outbreak of covid 19 has affected almost all industries. During the initial stages of the pandemic, production across industries was severely hampered, resulting in material shortages and decreased exports. Businesses faced the challenging survival task, and intelligent manufacturing became essential in enabling efficient operations with limited resources and workforce.

In contrary, the COVID-19 pandemic has significantly influenced the optical character recognition (OCR) market, leading to notable transformations across industries. Amidst the pandemic, the OCR market witnessed a remarkable impact, particularly in accelerating digital transformation initiatives across industries. The widespread adoption of remote work necessitated efficient management and processing of large volumes of digital documents. OCR technology played a crucial role in automating document processing, enabling organizations to streamline operations and boost productivity.

Optical Character Recognition Market Report Highlights

OCR software, such as IBM's leveraging AI and deep learning, dominated the market, enabling efficient text recognition, data extraction, and intelligent information processing.

The BFSI segment dominated the market in 2022 as OCR technology empowers the BFSI sector to improve operations, compliance, and customer service by efficiently extracting valuable data from financial documents for a competitive advantage.

North America led the global market in 2022, with OCR technology driving document management, data extraction, and operational efficiency. Its growth is fueled by digital transformation and increasing demand across industries.

The global key market players include ABBYY, Adobe, Anyline, Microsoft, Amazon Web Services, Inc., SS&C Chorus Document Automation (SS&C Technologies Holdings, Inc.), Creaceed, Kritikal Solutions, Google LLC, Prime Recognition, NAVER Corp, Open Text Corporation, IBM Corporation, NTT DATA Corporation, LEAD Technologies, Inc., Super.AI.

Polaris Market Research has segmented the Optical Character Recognition market report based on type, vertical, end-use, and region:

Optical Character Recognition, Type Outlook (Revenue - USD Million, 2019 - 2032)

Software

Services

Optical Character Recognition, Vertical Outlook (Revenue - USD Million, 2019 - 2032)

Retail

BFSI

Government

Education

Transport & Logistics

Healthcare

IT & Telecom

Manufacturing

Others

Optical Character Recognition, End-Use Outlook (Revenue - USD Million, 2019 - 2032)

B2B

B2C

Optical Character Recognition, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa


1. Introduction
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
1.1.3. Assumptions
1.2. Stakeholders
2. Executive Summary
2.1. Market Highlights
3. Research Methodology
3.1. Overview
3.1.1. Data Mining
3.2. Data Sources
3.2.1. Primary Sources
3.2.2. Secondary Sources
4. Global Optical Character Recognition Market Insights
4.1. Optical Character Recognition Market – End-use Snapshot
4.2. Optical Character Recognition Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Growing adoption of OCR due to the integration of advanced capabilities
4.2.1.2. Rise in adoption of the OCR technology in the various industries
4.2.2. Restraints and Challenges
4.2.2.1. Security and Privacy Concerns
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (Low)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Optical Character Recognition Market End-use Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Optical Character Recognition Market, by Type
5.1. Key Findings
5.2. Introduction
5.2.1. Global Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
5.3. Software
5.3.1. Global Optical Character Recognition Market, by Software, by Region, 2019-2032 (USD Million)
5.4. Services
5.4.1. Global Optical Character Recognition Market, by Services, by Region, 2019-2032 (USD Million)
6. Global Optical Character Recognition Market, by Vertical
6.1. Key Findings
6.2. Introduction
6.2.1. Global Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
6.3. Retail
6.3.1. Global Optical Character Recognition Market, by Retail, by Region, 2019-2032 (USD Million)
6.4. BFSI
6.4.1. Global Optical Character Recognition Market, by BFSI, by Region, 2019-2032 (USD Million)
6.5. Government
6.5.1. Global Optical Character Recognition Market, by Government, by Region, 2019-2032 (USD Million)
6.6. Education
6.6.1. Global Optical Character Recognition Market, by Education, by Region, 2019-2032 (USD Million)
6.7. Transport and Logistics
6.7.1. Global Optical Character Recognition Market, by Transport and Logistics, by Region, 2019-2032 (USD Million)
6.8. Healthcare
6.8.1. Global Optical Character Recognition Market, by Healthcare, by Region, 2019-2032 (USD Million)
6.9. IT & Telecom
6.9.1. Global Optical Character Recognition Market, by IT & Telecom, by Region, 2019-2032 (USD Million)
6.10. Manufacturing
6.10.1. Global Optical Character Recognition Market, by Manufacturing, by Region, 2019-2032 (USD Million)
6.11. Others
6.11.1. Global Optical Character Recognition Market, by Others, by Region, 2019-2032 (USD Million)
7. Global Optical Character Recognition Market, by End-use
7.1. Key Findings
7.2. Introduction
7.2.1. Global Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
7.3. B2B
7.3.1. Global Optical Character Recognition Market, by B2B, By Region, 2019-2032 (USD Million)
7.4. B2C
7.4.1. Global Optical Character Recognition Market, by B2C, By Region, 2019-2032 (USD Million)
8. Global Optical Character Recognition Market, by Geography
8.1. Key findings
8.2. Introduction
8.2.1. Optical Character Recognition Market Assessment, By Geography, 2019-2032 (USD Million)
8.3. Optical Character Recognition Market – North America
8.3.1. North America: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.3.2. North America: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.3.3. North America: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.3.4. Optical Character Recognition Market – U.S.
8.3.4.1. U.S.: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.3.4.2. U.S.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.3.4.3. U.S.: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.3.5. Optical Character Recognition Market – Canada
8.3.5.1. Canada: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.3.5.2. Canada.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.3.5.3. Canada: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4. Optical Character Recognition Market – Europe
8.4.1. Europe: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.2. Europe.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.3. Europe: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4.4. Optical Character Recognition Market – UK
8.4.4.1. UK: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.4.2. UK.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.4.3. UK: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4.5. Optical Character Recognition Market – France
8.4.5.1. France: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.5.2. France.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.5.3. France: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4.6. Optical Character Recognition Market – Germany
8.4.6.1. Germany: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.6.2. Germany.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.6.3. Germany: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4.7. Optical Character Recognition Market – Italy
8.4.7.1. Italy: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.7.2. Italy.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.7.3. Italy: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4.8. Optical Character Recognition Market – Spain
8.4.8.1. Spain: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.8.2. Spain.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.8.3. Spain: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4.9. Optical Character Recognition Market – Netherlands
8.4.9.1. Netherlands: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.9.2. Netherlands.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.9.3. Netherlands: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.4.10. Optical Character Recognition Market – Russia
8.4.10.1. Russia: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.4.10.2. Russia.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.4.10.3. Russia: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.5. Optical Character Recognition Market – Asia Pacific
8.5.1. Asia Pacific: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.5.2. Asia Pacific.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.5.3. Asia Pacific: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.5.4. Optical Character Recognition Market – China
8.5.4.1. China: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.5.4.2. China.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.5.4.3. China: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.5.5. Optical Character Recognition Market – India
8.5.5.1. India: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.5.5.2. India.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.5.5.3. India: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.5.6. Optical Character Recognition Market – Malaysia
8.5.6.1. Malaysia: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.5.6.2. Malaysia.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.5.6.3. Malaysia: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.5.7. Optical Character Recognition Market – Japan
8.5.7.1. Japan: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.5.7.2. Japan.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.5.7.3. Japan: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.5.8. Optical Character Recognition Market – Indonesia
8.5.8.1. Indonesia: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.5.8.2. Indonesia.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.5.8.3. Indonesia: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.5.9. Optical Character Recognition Market – South Korea
8.5.9.1. South Korea: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.5.9.2. South Korea.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.5.9.3. South Korea: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.6. Optical Character Recognition Market – Middle East & Africa
8.6.1. Middle East & Africa: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.6.2. Middle East & Africa.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.6.3. Middle East & Africa: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.6.4. Optical Character Recognition Market – Saudi Arabia
8.6.4.1. Saudi Arabia: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.6.4.2. Saudi Arabia.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.6.4.3. Saudi Arabia: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.6.5. Optical Character Recognition Market – UAE
8.6.5.1. UAE: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.6.5.2. UAE.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.6.5.3. UAE: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.6.6. Optical Character Recognition Market – Israel
8.6.6.1. Israel: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.6.6.2. Israel.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.6.6.3. Israel: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.6.7. Optical Character Recognition Market – South Africa
8.6.7.1. South Africa: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.6.7.2. South Africa.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.6.7.3. South Africa: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.7. Optical Character Recognition Market – Latin America
8.7.1. Latin America: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.7.2. Latin America.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.7.3. Latin America: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.7.4. Optical Character Recognition Market – Mexico
8.7.4.1. Mexico: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.7.4.2. Mexico.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.7.4.3. Mexico: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.7.5. Optical Character Recognition Market – Brazil
8.7.5.1. Brazil: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.7.5.2. Brazil.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.7.5.3. Brazil: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
8.7.6. Optical Character Recognition Market – Argentina
8.7.6.1. Argentina: Optical Character Recognition Market, by Type, 2019-2032 (USD Million)
8.7.6.2. Argentina.: Optical Character Recognition Market, by End-use, 2019-2032 (USD Million)
8.7.6.3. Argentina: Optical Character Recognition Market, by Vertical, 2019-2032 (USD Million)
9. Competitive Landscape
9.1. Expansion and Acquisition Analysis
9.1.1. Expansion
9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
10.1. ABBYY
10.1.1. Company Overview
10.1.2. Financial PerVerticalance
10.1.3. Vertical Benchmarking
10.1.4. Recent Development
10.2. Adobe
10.2.1. Company Overview
10.2.2. Financial PerVerticalance
10.2.3. Vertical Benchmarking
10.2.4. Recent Development
10.3. Amazon Web Services, Inc
10.3.1. Company Overview
10.3.2. Financial PerVerticalance
10.3.3. Vertical Benchmarking
10.3.4. Recent Development
10.4. Anyline
10.4.1. Company Overview
10.4.2. Financial PerVerticalance
10.4.3. Vertical Benchmarking
10.4.4. Recent Development
10.5. Creaceed
10.5.1. Company Overview
10.5.2. Financial PerVerticalance
10.5.3. Vertical Benchmarking
10.5.4. Recent Development
10.6. Google LLC
10.6.1. Company Overview
10.6.2. Financial PerVerticalance
10.6.3. Vertical Benchmarking
10.6.4. Recent Development
10.7. IBM Corporation
10.7.1. Company Overview
10.7.2. Financial PerVerticalance
10.7.3. Vertical Benchmarking
10.7.4. Recent Development
10.8. Kritikal Solutions
10.8.1. Company Overview
10.8.2. Financial PerVerticalance
10.8.3. Vertical Benchmarking
10.8.4. Recent Development
10.9. LEAD Technologies, Inc.
10.9.1. Company Overview
10.9.2. Financial PerVerticalance
10.9.3. Vertical Benchmarking
10.9.4. Recent Development
10.10. Microsoft
10.10.1. Company Overview
10.10.2. Financial PerVerticalance
10.10.3. Vertical Benchmarking
10.10.4. Recent Development
10.11. NAVER Corp
10.11.1. Company Overview
10.11.2. Financial PerVerticalance
10.11.3. Vertical Benchmarking
10.11.4. Recent Development
10.12. NTT DATA Corporation
10.12.1. Company Overview
10.12.2. Financial PerVerticalance
10.12.3. Vertical Benchmarking
10.12.4. Recent Development
10.13. Open Text Corporation
10.13.1. Company Overview
10.13.2. Financial PerVerticalance
10.13.3. Vertical Benchmarking
10.13.4. Recent Development
10.14. Prime Recognition
10.14.1. Company Overview
10.14.2. Financial PerVerticalance
10.14.3. Vertical Benchmarking
10.14.4. Recent Development
10.15. Prime Recognition
10.15.1. Company Overview
10.15.2. Financial PerVerticalance
10.15.3. Vertical Benchmarking
10.15.4. Recent Development
10.16. SS&C Chorus Document Automation (SS&C Technologies Holdings, Inc.)
10.16.1. Company Overview
10.16.2. Financial PerVerticalance
10.16.3. Vertical Benchmarking
10.16.4. Recent Development
10.17. Super.AI
10.17.1. Company Overview
10.17.2. Financial PerVerticalance
10.17.3. Vertical Benchmarking
10.17.4. Recent Development

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