Market Outlook

According to Future Market Consulting analysis, Global Optical Character Market size was valued at USD 11.45 Billion in 2021 and is projected to reach USD 73.63 Billion by 2030, growing at a CAGR of 13.74 % from 2022 to 2030.

This is an useful approach for processing printed documents so that they can be technologically edited, searched, compressed, presented over web, and utilized in computer operations like translation software, text-to-speech service, key data retrieval, and text mining. It is also employed to recognize and search text in electronic documents, as well as to post text on websites. It is also used in airports for passport-visa recognition and information extraction, as well as for automatic key information extraction from insurance papers. It is also used to manage a device and assistive devices for visually disabled users by transforming handwriting in real time.

OCR technology is also frequently used to convert text-based information in to the voice speech using text-to-speech methods, making it accessible to the blind and visually impaired. Arranging alphanumeric data and papers at offices, preserving cultural and historical writings, identifying information, and computation bills, purchases, and other documents are some of the other uses of the technology.

Key Players

• Microsoft Corporation
• IBM
• NTT DATA Corporation
• Adobe Inc.
• CVISION Technologies, Inc.
• LEAD Technologies, Inc.
• Anyline GmbH
• Creaceed
• IntSig Information Co. Ltd
• Prime Recognition Corporation.

 Segmentation

By Type

• Software
• Desktop-based OCR
• Mobile-based OCR
• Cloud-based OCR
• Private
• Public
• Others
• Services
• Consulting
• Outsourcing
• Implementation & Integration

By Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

 By Mode of Operation

• B2B
• B2C

 By Industry

• Retail
• BFSI
• Government
• Education
• Transport And Logistics
• Healthcare
• IT & Telecom
• Manufacturing
• Others

By Region

South America (Brazil, Argentina, Rest of South America);
North America (US, Canada, Mexico);
Europe (UK, Germany, France, Italy, Spain, Rest of Europe);
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific);
Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa);