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Global OCR Software market Analysis and Global Forecast (2022-2030) with COVID Impact Analysis

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Global OCR Software Market Research Report: Information By Type (Desktop-Based, Mobile-Based, Cloud-Based), By Industry (Retail, BFSI, Government, Education, Healthcare, Transport and Logistics, Media and Entertainment, IT and Telecommunication, Manufacturing), and Region — Forecast till 2030

Report Code: EB_ICT | Page: 150 | Published Date: Upcoming

Categories: Information and Communication Technology, Software and Services Tags: OCR Software Companies, OCR Software Industry, OCR Software Market Analysis, OCR Software Market Forecast, OCR Software Market Growth, OCR Software Market Restraints, OCR Software Market Share, OCR Software Market Size, OCR Software Market Trends
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Description

Market Overview

The global OCR Software market size is projected to reach approximately $78.7 billion by 2030, at a CAGR of 17.1% from 2022 to 2030. OCR software is an analytical instrument for analyzing and recording the range of sizes in a solid or liquid particulate material specimen. The user can recognize text within a digital image using Optical Character Recognition software. It can also convert a variety of media, including scanned documents and PDF files. Many OCR programs can help you convert scanned PDF files into searchable documents. Optical character recognition (OCR) software includes everything from a historic sieve to a completely automated light absorption apparatus. Particle size analysis is a useful tool for determining a wide range of final-product performance characteristics. Various particle size analytical techniques and methodologies exist, along with ongoing development. The need for OCR technology is rising as a result of the growing demand for ID verification services; these services will eliminate the time-consuming ID verification procedure by extracting credentials from official documents using OCR technology.

COVID-19 Impact Analysis

The COVID-19 pandemic had a positive impact on the market for optical character recognition Software. Before the pandemic, software was being used as a basic tool to research on. However, during the pandemic, the software was used in the field to identify symptoms and treatments. The information gathered improved patient outcomes and increased the demand for optical character recognition software in the field.

OCR Software Market Dynamics

The growth in the OCR Software market is driven by the rise in demand for optical character recognition software in the transport and logistics industry, owing to growing digitization in the industries, and rising demand for online recognition and verification facilities. Technological advancement and investment in infrastructural will create opportunities for the optical character recognition Software market.

OCR Software Market Drivers

Ø  A rise in demand for optical character recognition software in Transport and Logistics Industry

OCR software has enhanced the transportation industry by not only making data entry easier but also saving time when it comes to scanning parcels, these systems will speed up the process of processing, tracking, and shipping packages, which should help both increase efficiency and bring down costs. This leads to increased growth in the market for Optical Character Recognition (OCR) software.

OCR Software Market Restraint:

  • High initial investment

OCR software is an important component of any company’s document management process. It is used to identify and extract text from images, but the high cost of installation and maintenance has made it difficult for companies to adopt the technology. Text extraction is one of the most important applications of OCR software, as it is costly. These costs are associated with installation, which requires a well-trained workforce and expensive hardware to operate, there are ongoing costs associated with maintaining the system and information that resides in it – both during operation and after termination hamper the growth of the market.

OCR Software Market Opportunity:

  • Technological advancements

The OCR Software market is one of the fastest-growing sectors in various industries. The innovations such as mobile-based optical character recognition software will enhance user flexibility and allow users to capture any invoice, bill, or other documents at any time and from any location. Users can also extract unstructured knowledge from a variety of texts and establish a database for future use. Mobile-based OCRs are increasingly being used for tasks such as scanning invoices for proof of delivery. This will help in creating new opportunities for entrepreneurs who want to enter this industry as they can create their unique products with these technologies at a low cost, which may lead to more competition within this niche but will also increase the demand for this software as users will have a quick result. This will result in additional opportunities in the long run.

Segment Overview

By Type

Based on the Type, the OCR Software market is segmented based on Desktop-Based, Mobile-Based, and Cloud-Based. The cloud-based segment is anticipated to account for the large market share in the OCR Software market due to the increasing demand for cloud-based applications. Cloud-based applications offer a dynamic, high-speed, and secure environment to the users. These also offer flexibility and at the same time, help to simplify and reduce the operational cost for the users. Big companies such as Google and Microsoft are providing cloud-based services for their enterprise customers.

By Industry

Based on Industry, the global OCR Software market has been divided into Retail, BFSI, Government, Education, Healthcare, Transport and Logistics, Media and Entertainment, IT and Telecommunication, and Manufacturing. The BFSI sector accounted for the largest market share in the anticipated period due to the adoption of Online OCR Software services for the storage and management of client data. Factors such as flexibility, secure storage through cloud service, interoperability, and 24×7 uptime, among others had helped the BFSI sector to focus primarily on the customer-centric business strategy and the digitalization of trade and wealth.

Regional Analysis

Based on region, the global OCR Software market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the OCR Software market followed by the Asia-Pacific and Europe regions.

North America Market

North America dominated the OCR software market due to the ongoing digitization of government and business documents, which has contributed to the growth of the OCR software market. The growth of e-government initiatives and the demand for digital archiving of critical documents have driven the demand for OCR software in the region.

Asia-Pacific Market

Asia Pacific region is expected to be the fastest-growing market due to the rising need for OCR software solutions in developing countries and the continuous integration of OCR solutions in the banking, insurance, and government sectors.

Competitive Landscape

The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as IBM, Adobe, Google inc, and Docuphase lead the global OCR Software business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.

Prominent Players:

  • Google Inc
  • Microsoft
  • IBM Corporation
  • Adobe
  • ABBYY Software House
  • Hyland Software
  • Docuphase
  • Alfresco
  • ByteScout
  • OnlineOCR
  • CVISION Technologies
  • Anyline
  • CC Intelligence Corporation
  • Exper-OCR
  • Creaceed

In November 2020, IBM announced a partnership with Anyline Vienna-based tech company to develop optical character recognition (OCR) solutions.

Scope of the Report

Global OCR Software Market, by Type

  • Desktop-Based
  • Mobile-Based
  • Cloud-Based

Global OCR Software Market, by Industry

  • Retail
  • BFSI
  • Government
  • Education
  • Healthcare
  • Transport and Logistics
  • Media and Entertainment
  • IT and Telecommunication
  • Manufacturing

Global OCR Software Market, by Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Rest of Asia Pacific
  • Rest of the World

 

Parameters Indicators
Market Size 2030: $ 78.7 Billion
CAGR 17.1% CAGR (2022-2030)
Base year 2021
Forecast Period 2022-2030
Historical Data 2020
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations Type, Industry
Geographies Covered North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors Google Inc, Microsoft, IBM Corporation, Adobe, ABBYY Software House, Hyland Software, Docuphase, Alfresco, ByteScout, OnlineOCR, CVISION Technologies, Anyline, CC Intelligence Corporation, Exper-OCR, Creaceed
Key Market Opportunities Technological advancements
Key Market Drivers A rise in demand for OCR software in Transport and Logistics Industry

 

REPORT CONTENT BRIEF:

  • High-level analysis of the current and future OCR Software market trends and opportunities
  • Detailed analysis of current market drivers, restraining factors, and opportunities in the future
  • OCR Software market historical market size for the year 2020, and forecast from 2021 to 2030
  • OCR Software market share analysis at each product level
  • Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
  • Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
  • To identify and understand the various factors involved in the global OCR Software market affected by the pandemic
  • To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

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OCR Software FAQs

  1. What is the study period of this market?
    • The study period of global OCR Software market is 2020 – 2030
  2. What is the growth rate of global OCR Software market?
    • The global OCR Software market is growing at a CAGR of ~ 1% over the next 7 years
  3. Which region has highest growth rate in the global OCR Software market?
    • Asia Pacific is expected to register the highest CAGR during 2022 – 2030
  4. Which region has the largest share in global OCR Software market?
    • North America holds the largest share in 2021
  5. Who are the key players in global OCR Software market?
    • IBM, Adobe, Google inc, and Docuphase are the major companies operating in the global OCR Software market.
  6. Do you offer Post Sale Support?
    • Yes we offer 16 hours of analyst support to solve the queries
  7. Do you sell particular sections of a report?
    • Yes, we provide regional as well as country-level reports. Other than this we also provide a sectional report. Please get in contact with our sales representatives.
Table of Contents

Table of Contents

Chapter 1.   Executive Summary

Chapter 2.   Scope Of The Study

                     2.1.   Market Definition

                     2.2.   Scope Of The Study

                               2.2.1.   Objectives of Report

                               2.2.2.   Limitations

                     2.3.   Market Structure

Chapter 3.   Evolve BI Methodology

Chapter 4.   Market Insights and Trends

                     4.1.   Supply/ Value Chain Analysis

                               4.1.1.   Raw Application Providers

                               4.1.2.   Manufacturing Process

                               4.1.3.   Distributors/Retailers

                               4.1.4.   End Users

                     4.2.   Porter’s Five Forces Analysis

                               4.2.1.   Threat Of New Entrants

                               4.2.2.   Bargaining Power Of Buyers

                               4.2.3.   Bargaining Power Of Suppliers

                               4.2.4.   Threat Of Substitutes

                               4.2.5.   Industry Rivalry

                     4.3.   Impact Of COVID-19 on OCR Software Market

                               4.3.1.   Impact on Market Size

                               4.3.2.   End User Trend, Preferences, and Budget Impact

                               4.3.3.   Regulatory Framework/Government Policies

                               4.3.4.   Key Players' Strategy to Tackle Negative Impact

                               4.3.5.   Opportunity Window

                     4.4.   Technology Overview

                     4.5.   Macro factor

                     4.6.   Micro Factor

                         4.7.   Demand Supply Gap Analysis of OCR Software Market

                         4.8.   Import Analysis of OCR Software Market

                         4.9.   Export Analysis of OCR Software Market

Chapter 5.   Market Dynamics 

                     5.1.   Introduction

                     5.2.   DROC Analysis

                               5.2.1.   Drivers

                               5.2.2.   Restraints

                               5.2.3.   Opportunities

                               5.2.4.   Challenges

                     5.3.   Patent Analysis

                     5.4.   Industry Roadmap

                     5.5.   Parent/Peer Market Analysis

Chapter 6.   Global OCR Software Market, By Type

                     6.1.   Introduction

                     6.2.   Desktop-Based

                     6.3.   Mobile-Based

                     6.4.   Cloud-Based

Chapter 7.   Global OCR Software Market, By Industry

                     7.1.   Introduction

                     7.2.   Retail

                     7.3.   BFSI

                     7.4.   Government

                     7.5.   Education

                     7.6.   Healthcare

                     7.7.   Transport and Logistics

                     7.8.   Media and Entertainment

                     7.9.   IT and Telecommunication

                     7.10.   Manufacturing

Chapter 8.   Global OCR Software Market, By Region

                     8.1.   Introduction

                     8.2.   North America

                               8.2.1.   Introduction

                               8.2.2.   Driving Factors, Opportunity Analyzed and Key Trends

                               8.2.3.   Market Size and Forecast, By Country, 2020 - 2030

                               8.2.4.   Market Size and Forecast, By Type, 2020 - 2030

                               8.2.5.   Market Size and Forecast, By Application, 2020 – 2030

                               8.2.6.   US

                                               8.2.6.1.   Introduction

                                               8.2.6.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                              8.2.6.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.2.6.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.2.7.   Canada

                                              8.2.7.1.   Introduction

                                               8.2.7.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.2.7.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.2.7.4.   Market Size and Forecast, By Application, 2020 - 2030

                     8.3.   Europe

                               8.3.1.   Introduction

                               8.3.2.   Driving Factors, Opportunity Analyzed and Key Trends

                               8.3.3.   Market Size and Forecast, By Country, 2020 - 2030

                               8.3.4.   Market Size and Forecast, By Type, 2020 - 2030

                               8.3.5.   Market Size and Forecast, By Application, 2020 – 2030

                               8.3.6.   Germany

                                               8.3.6.1.   Introduction

                                               8.3.6.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.3.6.3.   Market Size and Forecast, By Type, 2020 - 2030

                                              8.3.6.4.    Market Size and Forecast, By Application, 2020 - 2030

                               8.3.7.   France

                                               8.3.7.1.   Introduction

                                               8.3.7.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.3.7.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.3.7.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.3.8.   UK

                                               8.3.8.1.   Introduction

                                               8.3.8.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                              8.3.8.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.3.8.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.3.9.   Italy

                                              8.3.9.1.   Introduction

                                               8.3.9.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.3.9.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.3.9.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.3.10.   Rest Of Europe

                                               8.3.10.1.   Introduction

                                              8.3.10.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.3.10.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.3.10.4.   Market Size and Forecast, By Application, 2020 - 2030

                     8.4.   Asia-Pacific

                               8.4.1.   Introduction

                               8.4.2.   Driving Factors, Opportunity Analyzed and Key Trends

                               8.4.3.   Market Size and Forecast, By Country, 2020 - 2030

                               8.4.4.   Market Size and Forecast, By Type, 2020 - 2030

                               8.4.5.   Market Size and Forecast, By Application, 2020 - 2030

                               8.4.6.   China

                                               8.4.6.1.   Introduction

                                              8.4.6.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.4.6.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.4.6.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.4.7.   India

                                               8.4.7.1.   Introduction

                                               8.4.7.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                              8.4.7.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.4.7.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.4.8.   Japan

                                              8.4.8.1.   Introduction

                                               8.4.8.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.4.8.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.4.8.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.4.9.   South Korea

                                               8.4.9.1.   Introduction

                                               8.4.9.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.4.9.3.   Market Size and Forecast, By Type, 2020 - 2030

                                              8.4.9.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.4.10.   Rest Of Asia-Pacific

                                               8.4.10.1.   Introduction

                                               8.4.10.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.4.10.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.4.10.4.   Market Size and Forecast, By Application, 2020 - 2030

                     8.5.   Rest Of The World (RoW)

                               8.5.1.   Introduction

                               8.5.2.   Driving Factors, Opportunity Analyzed and Key Trends

                               8.5.3.   Market Size and Forecast, By Type, 2020 - 2030

                               8.5.4.    Market Size and Forecast, By Application, 2020 - 2030

                               8.5.5.   Market Size and Forecast, By Region, 2020 - 2030

                               8.5.6.   South America

                                              8.5.6.1.    Introduction

                                               8.5.6.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.5.6.3.   Market Size and Forecast, By Type, 2020 - 2030

                                              8.5.6.4.   Market Size and Forecast, By Application, 2020 - 2030

                               8.5.7.   Middle East and Africa

                                               8.5.7.1.   Introduction

                                              8.5.7.2.   Driving Factors, Opportunity Analyzed and Key Trends

                                               8.5.7.3.   Market Size and Forecast, By Type, 2020 - 2030

                                               8.5.7.4.   Market Size and Forecast, By Application, 2020 - 2030

Chapter 9.   Competitive Landscape

                     9.1.   Introduction

                     9.2.   Vendor Share Analysis, 2021/Key Players Positioning, 2021

Chapter 10.   Company Profiles

                     10.1.   Google Inc

                               10.1.1.   Business Overview

                               10.1.2.   Financial Analysis

                               10.1.3.   Product Portfolio

                               10.1.4.   Recent Development and Strategies Adopted

                               10.1.5.   SWOT Analysis

                     10.2.   Microsoft

                               10.2.1.   Business Overview

                               10.2.2.   Financial Analysis

                               10.2.3.   Product Portfolio

                               10.2.4.   Recent Development and Strategies Adopted

                               10.2.5.   SWOT Analysis

                     10.3.   IBM Corporation

                               10.3.1.   Business Overview

                               10.3.2.   Financial Analysis

                               10.3.3.   Product Portfolio

                               10.3.4.   Recent Development and Strategies Adopted

                               10.3.5.   SWOT Analysis

                     10.4.   ABBYY Software House

                               10.4.1.   Business Overview

                               10.4.2.   Financial Analysis

                               10.4.3.   Product Portfolio

                               10.4.4.   Recent Development and Strategies Adopted

                               10.4.5.   SWOT Analysis

                     10.5.   Hyland Software

                               10.5.1.   Business Overview

                               10.5.2.   Financial Analysis

                               10.5.3.   Product Portfolio

                               10.5.4.   Recent Development and Strategies Adopted

                               10.5.5.   SWOT Analysis

                     10.6.   Docuphase

                               10.6.1.   Business Overview

                               10.6.2.   Financial Analysis

                               10.6.3.   Product Portfolio

                               10.6.4.   Recent Development and Strategies Adopted

                               10.6.5.   SWOT Analysis

                     10.7.   Alfresco

                               10.7.1.   Business Overview

                               10.7.2.   Financial Analysis

                               10.7.3.   Product Portfolio

                               10.7.4.   Recent Development and Strategies Adopted

                               10.7.5.   SWOT Analysis

                     10.8.   ByteScout

                               10.8.1.   Business Overview

                               10.8.2.   Financial Analysis

                               10.8.3.   Product Portfolio

                               10.8.4.   Recent Development and Strategies Adopted

                               10.8.5.   SWOT Analysis

                     10.9.   OnlineOCR

                               10.9.1.   Business Overview

                               10.9.2.   Financial Analysis

                               10.9.3.   Product Portfolio

                               10.9.4.   Recent Development and Strategies Adopted

                               10.9.5.   SWOT Analysis

                     10.10.   CVISION Technologies

                               10.10.1.   Business Overview

                               10.10.2.   Financial Analysis

                               10.10.3.   Product Portfolio

                               10.10.4.   Recent Development and Strategies Adopted

                               10.10.5.   SWOT Analysis

                     10.11.   Anyline

                     10.12.   CC Intelligence Corporation

                     10.13.   One10

                     10.14.   Exper-OCR

                     10.15.   Creaceed

 

Chapter 11.   Key Takeaways

Connect to Analyst

Connect to Analyst

 

 

Research Methodology

Research Methodology

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