Asia-pacific Optical Character Recognition Market 2022-2028
MARKET OUTLOOK
Triton’s research report on the Asia-Pacific optical character recognition market states that the market is anticipated to display a CAGR of 17.39% during the forecast period 2022-2028. Australia, Japan, ASEAN countries, China, India, South Korea, and Rest of Asia-Pacific outline the market in the region.
With a diverse culture and wide range of languages, OCRs are widely used in India. For instance, Tesseract, an open source OCR tool, is used to comprehend text in Bengali, Marathi, Hindi, Sanskrit, Tamil, Telugu, and Urdu. However, it is a good base for user automation projects, requiring work turning raw OCR capabilities into document management systems. Nevertheless, the country creates various possibilities for OCR software development. Further, OCRConverter offers a Hindi online option for free. Thus, the developments in OCR technology and the rising number of developers are expected to create new opportunities for the studied market.
In Australia, receipts comprise valuable transaction data required for numerous activities such as expense claims, accounting, and loyalty point rewards. Organizations must extract vital information from scanned receipts before processing, as most receipts are available on paper or raw digital formats. With machine learning development, OCR can instantly extract data from receipts. This process is known as automated receipt processing or receipt digitization. Therefore, the growing adoption of OCR solutions and technology developments drives the optical character recognition market.
COMPETITIVE OUTLOOK
The leading firms in the OCR market include IBM, Abbyy, Microsoft Corporation, IntSig Information Co Ltd, Google LLC, and Adobe Systems Inc.
- 1. Asia-pacific Optical Character Recognition Market - Summary
- 2. Industry Outlook
- 2.1. Impact Of Covid-19 On The Optical Character Recognition Market
- 2.2. Key Insights
- 2.2.1. Increasing Investments In Ocr Start-up Companies
- 2.2.2. Rise In Benefits Of Integrated Technologies
- 2.3. Porter’s Five Forces Analysis
- 2.3.1. Threat Of New Entrants
- 2.3.2. Threat Of Substitutes
- 2.3.3. Bargaining Power Of Buyers
- 2.3.4. Bargaining Power Of Suppliers
- 2.3.5. Threat Of Competitive Rivalry
- 2.4. Market Attractiveness Index
- 2.5. Vendor Scorecard
- 2.6. Industry Components
- 2.7. Key Market Strategies
- 2.7.1. Mergers
- 2.7.2. Product Launches
- 2.7.3. Partnerships
- 2.7.4. Business Expansions
- 2.8. Market Drivers
- 2.8.1. Advanced Document Protection And Better Customer Support
- 2.8.2. Growing Implementation Of Ocr Solutions In Advanced Technology
- 2.8.3. Rise In Ocr Adoption Across Diversified Industry Verticals
- 2.9. Market Challenges
- 2.9.1. Limitations In Delivering Accurate Output
- 2.9.2. Lack Of Accuracy In Recognizing Handwritten Material
- 2.10. Market Opportunities
- 2.10.1. Increasing Digitalization Practices Across The Globe
- 2.10.2. Rising Need For Id Verification Service
- 3. Asia-pacific Optical Character Recognition Market Outlook - By Product
- 3.1. Software
- 3.2. Service
- 4. Asia-pacific Optical Character Recognition Market Outlook - By Operation
- 4.1. B2b
- 4.2. B2c
- 5. Asia-pacific Optical Character Recognition Market Outlook - By Vertical
- 5.1. Bfsi
- 5.2. Transport & Logistics
- 5.3. Healthcare
- 5.4. Government
- 5.5. Education
- 5.6. It & Telecom
- 5.7. Manufacturing
- 5.8. Retail
- 5.9. Others
- 6. Asia-pacific Optical Character Recognition Market – Country Outlook
- 6.1. China
- 6.2. Japan
- 6.3. India
- 6.4. Australia
- 6.5. South Korea
- 6.6. Asean Countries
- 6.7. Rest Of Asia-pacific
- 7. Competitive Landscape
- 7.1. Google Llc
- 7.2. Ibm
- 7.3. Microsoft Corporation
- 7.4. Adobe Systems Inc
- 7.5. Nuance Communications Inc
- 7.6. Abbyy
- 7.7. Anyline Gmbh
- 7.8. Captricity Inc (Acquired By Ss&C)
- 7.9. Creaceed
- 7.10. Foxit Software Inc
- 7.11. Expervision Inc
- 7.12. Intsig Information Co Ltd
- 7.13. Iris Group Sa
- 7.14. Lead Technologies
- 8. Research Methodology & Scope
- 8.1. Research Scope & Deliverables
- 8.2. Sources Of Data
- 8.3. Research Methodology
- Table List
- Table 1: Asia-pacific Optical Character Recognition Market, By Country, 2022-2028 (In $ Million)
- Table 2: Vendor Scorecard
- Table 3: List Of Mergers
- Table 4: List Of Product Launches
- Table 5: List Of Partnerships
- Table 6: List Of Business Expansions
- Table 7: Asia-pacific Optical Character Recognition Market, By Product, 2022-2028 (In $ Million)
- Table 8: Asia-pacific Optical Character Recognition Market, By Operation, 2022-2028 (In $ Million)
- Table 9: Asia-pacific Optical Character Recognition Market, By Vertical, 2022-2028 (In $ Million)
- Table 10: Asia-pacific Optical Character Recognition Market, By Country, 2022-2028 (In $ Million)
- Figure List
- Figure 1: Market Attractiveness Index
- Figure 2: Industry Components
- Figure 3: Asia-pacific Optical Character Recognition Market, Product Outlook, 2021 & 2028 (In %)
- Figure 4: Asia-pacific Optical Character Recognition Market, By Software, 2022-2028 (In $ Million)
- Figure 5: Asia-pacific Optical Character Recognition Market, By Service, 2022-2028 (In $ Million)
- Figure 6: Asia-pacific Optical Character Recognition Market, Operation Outlook, 2021 & 2028 (In %)
- Figure 7: Asia-pacific Optical Character Recognition Market, By B2b, 2022-2028 (In $ Million)
- Figure 8: Asia-pacific Optical Character Recognition Market, By B2c, 2022-2028 (In $ Million)
- Figure 9: Asia-pacific Optical Character Recognition Market, Vertical Outlook, 2021 & 2028 (In %)
- Figure 10: Asia-pacific Optical Character Recognition Market, By Bfsi, 2022-2028 (In $ Million)
- Figure 11: Asia-pacific Optical Character Recognition Market, By Transport & Logistics, 2022-2028 (In $ Million)
- Figure 12: Asia-pacific Optical Character Recognition Market, By Healthcare, 2022-2028 (In $ Million)
- Figure 13: Asia-pacific Optical Character Recognition Market, By Government, 2022-2028 (In $ Million)
- Figure 14: Asia-pacific Optical Character Recognition Market, By Education, 2022-2028 (In $ Million)
- Figure 15: Asia-pacific Optical Character Recognition Market, By It & Telecom, 2022-2028 (In $ Million)
- Figure 16: Asia-pacific Optical Character Recognition Market, By Manufacturing, 2022-2028 (In $ Million)
- Figure 17: Asia-pacific Optical Character Recognition Market, By Retail, 2022-2028 (In $ Million)
- Figure 18: Asia-pacific Optical Character Recognition Market, By Others, 2022-2028 (In $ Million)
- Figure 19: Asia-pacific Optical Character Recognition Market, Country Outlook, 2021 & 2028 (In %)
- Figure 20: China Optical Character Recognition Market 2022-2028 (In $ Million)
- Figure 21: Japan Optical Character Recognition Market 2022-2028 (In $ Million)
- Figure 22: India Optical Character Recognition Market 2022-2028 (In $ Million)
- Figure 23: Australia Optical Character Recognition Market 2022-2028 (In $ Million)
- Figure 24: South Korea Optical Character Recognition Market 2022-2028 (In $ Million)
- Figure 25: Asean Countries Optical Character Recognition Market 2022-2028 (In $ Million)
- Figure 26: Rest Of Asia-pacific Optical Character Recognition Market 2022-2028 (In $ Million)
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