North America Optical Character Recognition Market 2022-2028
MARKET OUTLOOK
According to Triton Market Research, the optical character recognition market in North America is expected to attain a compound annual growth rate of 15.47% in value over the forecast period from 2022 to 2028. The United States and Canada shape the market in the region.
In Canada, the government is heavily investing in the OCR market. For instance, it has incorporated OCR technology for data retrieval of railway documents. In 2019, the government released guidelines on using electronic signatures for all departmental security officers. Additionally, the Canada Border Services Agency requires commercial off-the-shelf software solutions. This solution includes licensed software, maintenance, and support services. Therefore, the rising investments in OCR systems augment the studied market’s growth across Canada.
In the US, OCR systems have gained significant traction in supporting the physically disabled population. The American Foundation for the Blind offers various technology products, including OCR systems to assist visually impaired people. Furthermore, the US-based software company Hyland Software Inc launched a solution that employs OCR technology to automate redaction processes. Thus, such developments supplement the OCR market’s overall development.
COMPETITIVE OUTLOOK
The major firms in the optical character recognition market include IBM, Microsoft Corporation, Nuance Communications Inc, Abbyy, and Iris Group SA.
- 1. North America 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. North America Optical Character Recognition Market Outlook - By Product
- 3.1. Software
- 3.2. Service
- 4. North America Optical Character Recognition Market Outlook - By Operation
- 4.1. B2b
- 4.2. B2c
- 5. North America 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. North America Optical Character Recognition Market – Country Outlook
- 6.1. United States
- 6.2. Canada
- 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: North America 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: North America Optical Character Recognition Market, By Product, 2022-2028 (In $ Million)
- Table 8: North America Optical Character Recognition Market, By Operation, 2022-2028 (In $ Million)
- Table 9: North America Optical Character Recognition Market, By Vertical, 2022-2028 (In $ Million)
- Table 10: North America Optical Character Recognition Market, By Country, 2022-2028 (In $ Million)
- Figure List
- Figure 1: Market Attractiveness Index
- Figure 2: Industry Components
- Figure 3: North America Optical Character Recognition Market, Product Outlook, 2021 & 2028 (In %)
- Figure 4: North America Optical Character Recognition Market, By Software, 2022-2028 (In $ Million)
- Figure 5: North America Optical Character Recognition Market, By Service, 2022-2028 (In $ Million)
- Figure 6: North America Optical Character Recognition Market, Operation Outlook, 2021 & 2028 (In %)
- Figure 7: North America Optical Character Recognition Market, By B2b, 2022-2028 (In $ Million)
- Figure 8: North America Optical Character Recognition Market, By B2c, 2022-2028 (In $ Million)
- Figure 9: North America Optical Character Recognition Market, Vertical Outlook, 2021 & 2028 (In %)
- Figure 10: North America Optical Character Recognition Market, By Bfsi, 2022-2028 (In $ Million)
- Figure 11: North America Optical Character Recognition Market, By Transport & Logistics, 2022-2028 (In $ Million)
- Figure 12: North America Optical Character Recognition Market, By Healthcare, 2022-2028 (In $ Million)
- Figure 13: North America Optical Character Recognition Market, By Government, 2022-2028 (In $ Million)
- Figure 14: North America Optical Character Recognition Market, By Education, 2022-2028 (In $ Million)
- Figure 15: North America Optical Character Recognition Market, By It & Telecom, 2022-2028 (In $ Million)
- Figure 16: North America Optical Character Recognition Market, By Manufacturing, 2022-2028 (In $ Million)
- Figure 17: North America Optical Character Recognition Market, By Retail, 2022-2028 (In $ Million)
- Figure 18: North America Optical Character Recognition Market, By Others, 2022-2028 (In $ Million)
- Figure 19: North America Optical Character Recognition Market, Country Outlook, 2021 & 2028 (In %)
- Figure 20: United States Optical Character Recognition Market 2022-2028 (In $ Million)
- Figure 21: Canada Optical Character Recognition Market 2022-2028 (In $ Million)
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