6-Nov-2019: The global optical character
recognition market size is expected to reach USD 13.38
billion by 2025, according to a new report by Grand View Research, Inc. It is
anticipated to expand at a CAGR of 13.7% from 2019 to 2025. Increasing
investments in Optical Character Recognition (OCR) startup companies and
adoption of OCR across diversified industry verticals is projected to drive the
OCR market growth.
About Grand View Research
Digitalization
plays a critical role in changing the way organizations operate. It has helped
companies improve efficiency of their business processes. Enterprises are
investing large amounts in technologies that can help them digitalize their
work process and increase productivity. Since data is a critical element for an
organization, adoption of technologies such as OCR, which enables users to
convert text data in different types of documents and images into editable or
accessible formats, has increased. OCR solutions are integrated with a wide
range of technologies such as robotic process automation and Artificial
Intelligence (AI) to enhance their capabilities.
Integration of
artificial intelligence with optical character recognition has helped companies
in leveraging technological capabilities of artificial intelligence such as
deep learning and multi-level analysis for the more efficient processing of
documents, texts, and other data in a way similar to that of humans. These
advanced technologies also help to address inaccuracies that occur in OCR,
thereby providing streamlined fault management. This, in turn, helps reduce
costs of processing documents and increase efficiency within the organization.
Vendors across
diversified industry verticals, such as retail, banking, and healthcare, are
widely adopting OCR technology. In terms of vertical, BFSI accounted for the
largest OCR market share in 2018, owing to the increasing use of the technology
in business transactions and scanning checks and other critical documents. The
demand for OCR in healthcare sector is expected to grow moderately over the
forecast period.
North America
market accounted for the largest market share of 39.39% in 2018 owing to the
early and rapid adoption of advanced technologies across MNCs in the region.
Asia Pacific optical character recognition market, on the other hand, is likely
to provide promising growth opportunities and is anticipated to register the
highest CAGR of 16.7% over the forecast period.
In
depth research report on Optical Character Recognition Market
Further key findings from the report suggest:
·
Significant increase in investment for advancement of OCR in
startup companies is expected to remain one of the key driving factors
·
Emergence of new technologies such as computer vision,
machine learning, and artificial intelligence is unfolding new opportunities
for industry growth
·
North America led the global optical character recognition
market in 2018. Asia Pacific is projected to register the highest CAGR of 16.7%
from 2019 to 2025
·
Key competitors are Google LLC; Adobe; International Business
Machines Corporation; Microsoft Corporation; ABBYY; Anyline GmbH; Captricity
Inc. (Vidado); CC Intelligence Corporation; Creaceed SPRL; CVISION Technologies
Inc.; LEAD Technologies Inc.; Nuance Communication Inc.; Exper-OCR, Inc.; and
Iris S.A.
Grand View Research
has segmented the global optical character recognition market based on type,
vertical, and region:
Optical Character Recognition Type Outlook (Revenue, USD
Million, 2014 - 2025)
·
Software
·
Desktop-based OCR
·
Mobile-based OCR
·
Cloud-based OCR
·
Private
·
Public
o
Others
·
Services
·
Consulting
·
Outsourcing
·
Implementation & Integration
Optical Character Recognition Vertical Outlook (Revenue, USD
Million, 2014 - 2025)
·
Retail
·
BFSI
·
Government
·
Education
·
Transport and Logistics
·
Healthcare
·
IT & Telecom
·
Manufacturing
·
Others
Browse
more research reports of this category:
About Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
3D laser checking is the method of collecting data almost a protest utilizing the laser light. 3D laser scanning can collect the foremost precise information of a protest. this information can be utilized in 3D printing, switch building, and more pointcloud Vancouver, BC.
ReplyDelete