Global OCR Software market Analysis and Global Forecast 2022-2030

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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