Global Optical Character Recognition Market Report to 2030 – Rising OCR Adoption Across Diverse Industries Drives Growth – ResearchAndMarkets.com – Business Wire | Wonder Mind Kids

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The global optical character recognition market size is expected to reach USD 33.44 billion by 2030. It is expected to grow at a CAGR of 15.4% from 2022 to 2030.

Digitization plays a crucial role in changing the way companies work and has helped companies improve the efficiency of their business processes. Companies are investing heavily in technology that can help them digitize their work processes and increase productivity.

As data is a critical element for an organization, the use of technologies such as optical character recognition (OCR), which allows users to transform text data in various types of documents and images into editable or accessible formats, has increased. OCR solutions are integrated with various technologies such as robotic process automation and artificial intelligence (AI) to enhance their capabilities.

The integration of artificial intelligence with optical character recognition has helped companies leverage artificial intelligence technology capabilities like deep learning and multi-level analytics to process documents, text, and other data more efficiently, much like humans do. These advanced technologies also help eliminate inaccuracies that occur with OCR, providing streamlined error management.

This, in turn, helps reduce document processing costs and increase efficiency within the organization. In addition, the increasing penetration of optical character recognition in banks and financial institutions has boosted market growth for B2B end users. For example, Sinosecu Bank, a commercial bank in China, has developed a Sinosecu bank card, OCR SDK, an OCR recognition technology. It can meet the mobile payment needs of the financial industry. The bank card can be used in a variety of ways, including mobile SDKs and deployments.

The OCR market can be described as a highly competitive market. The market vendors are pursuing various strategic initiatives to gain a competitive advantage in the market. For example, 6Sense, an AI-driven sales and marketing platform, acquired Singapore-based Saleswhale in January 2022. This acquisition would also help B2B companies convert and manage their sales leads using AI technologies such as NLP, OCR ML and other AI technologies. It would scale their business and improve the products.

Highlights of the Optical Character Recognition market report

  • A significant increase in investments to further develop OCR in startup companies is expected to remain one of the most important drivers.

  • The emergence of new technologies such as computer vision, machine learning and artificial intelligence opens up new opportunities for industry growth.

  • The integration of advanced technology in OCR technology has greatly contributed to the improvement of data management and data collection. Furthermore, continuous advances in OCR technology are expected to contribute positively to the growth of the OCR market.

  • Factors such as the rapid economic growth of countries like China and India, increasing adoption of smartphones and the developing e-commerce sector are expected to further fuel the growth of the Asia-Pacific market.

market dynamics

driver

  • Increasing adoption of OCR in various industries

  • Increasing acceptance of OCR due to the integration of advanced features

  • Increasing investment in OCR startup companies

limitations

  • Limitations in providing accurate output

companies mentioned

  • ABBYY

  • Adobe

  • Anyline GmbH

  • Atapy software

  • Captricity Inc.

  • Creaceed SPRL

  • Cvision Technologies, Inc.

  • Exper-Ocr, Inc.

  • Google LLC

  • International Business Machines Corporation

  • Intsig Information Co.Ltd. Corporation

  • Iris SA

  • Lead Technologies, Inc.

  • Microsoft

  • Naver Corp.

  • Nuance Communications, Inc.

  • OpenText Corporation

For more information about this report, visit https://www.researchandmarkets.com/r/any2f3

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