According to the latest report by IMARC Group, titled “Optical Character Recognition (OCR) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the during 2015-2020. Optical character recognition (OCR) is an electronic process of converting different documents, such as scanned images, PDF files, and handwritten characters, into a digital format. It is extensively used in airport terminals to check passports and identity cards and ease cross-border banking transactions. OCR technology also facilitates data entry automation and indexing documents for search engines. Presently, several companies from different industry verticals are adopting OCR services for applications, including reading the numbers printed on the inner side of a bottle cap or voucher codes that can be redeemed.
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Market Trends:
With the rising digitalization, several enterprises worldwide are integrating advanced technologies like OCR to digitize business processes and increase productivity. OCR technology helps save time and effort while creating, processing and repurposing various documents. Moreover, the rising international air traffic is catalyzing the demand for OCR technology to scan the International Bank Account Number (IBAN) and speed up identifying and registering passengers. Furthermore, several companies are utilizing OCR technology to provide hassle-free online registration and improve customer engagement. Besides this, the rapid integration of artificial intelligence (AI) and robot process automation is anticipated to expand the application of OCR for automatic number plate recognition, assisting blind and visually impaired persons, and scanning paper invoices. Looking forward, IMARC Group expects the global optical character recognition (OCR) market to grow at a CAGR of around 14% during the forecast period (2021-2026).
Market Analysis and Segmentation:
Breakup by Type:
- Software
- Desktop-based OCR
- Mobile-based OCR
- Cloud-based OCR
- Others
- Services
- Consulting
- Outsourcing
- Implementation and Integration
Breakup by Mode of Operation:
- B2B
- B2C
Breakup by Vertical:
- Retail
- BFSI
- Government
- Education
- Transport and Logistics
- Healthcare
- IT and Telecom
- Others
Competitive Landscape with key players:
- ABBYY
- Accusoft Corporation
- Adlib Software
- Adobe Inc.
- Anyline GmbH
- Creaceed S.P.R.L.
- CVISION Technologies Inc. (Foxit Software Incorporated)
- Google LLC (Alphabet Inc.)
- International Business Machines Corporation
- LEAD Technologies Inc.
- Microsoft Corporation
- NTT Data Corporation (The Nippon Telegraph and Telephone Corporation)
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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