Optical character recognition refers to the technology capable of recognizing and distinguishing between written as well as printed text characters from the scanned documents using a computer. Optical character recognition systems are developed using a mix of software solutions and hardware, which enables the conversion of physically scanned documents into machine-readable language. An OCR comprises of multiple elements like processing, optical scanning, feature extraction, location segmentation, and recognition post-processing. The optical character recognition system fist scans the text, then does a thorough analysis of it, and converts it into machine-readable codes. OCR systems have facilitated the smooth functioning of various industries by removing language barriers and making work efficient by saving time and cost. They have made data sharing, access, and storage extremely easy. Optical character recognition has brought a revolution in the document handling segment and is being adopted across the globe by various industries, firms, and businesses.
Optical character recognition has one major restraint in its growth, and that is a lack of recognition of human handwritten material. Different writing patterns and languages increase the complexity of the written document to be accurately scanned. OCR systems often end up feeding wrong data, which is somewhat similar in the design of original handwritten data. Further regions with poor technological infrastructure either don’t have the facility to support OCR systems or don’t have enough funds to acquire them.
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Optical character recognition has one major restraint in its growth, and that is a lack of recognition of human handwritten material. Different writing patterns and languages increase the complexity of the written document to be accurately scanned. OCR systems often end up feeding wrong data, which is somewhat similar in the design of original handwritten data. Further regions with poor technological infrastructure either don’t have the facility to support OCR systems or don’t have enough funds to acquire them.
Global Optical Character Recognition (OCR) Market, : Segmentation :
1.By Product Type :
- Software
- Desktop-Based OCR
- Mobile Based OCR
- Cloud-Based OCR
- Services
- Consulting
- Outsourcing
- Implementation & Integration
2.By Vertical :
- Retail
- BFSI
- Government
- Education
- Transport & Logistics
- Healthcare
- IT & Telecom
- Manufacturing
- Others
3.By Companies Profiled :
- IBM
- Adobe
- Nuance Communications, Inc.
- Canon Inc.
- LEAD Technologies, Inc.
- Microsoft
- ABBYY
- SEAL SYSTEMS
- Prime Recognition
Key Reasons to Purchase Optical Character Recognition (OCR) Market Report :
- The report analysis by geography highlights the consumption of the product/service within the region also as indicating the factors that are affecting the market within each region.
- Growing digitalization, increasing automation, and rising investments in technology are the key factors driving the market growth
- The report indicates the region and segment that’s expected to witness the fastest growth.
- Lack of accuracy and poor technological infrastructure are hampering the market growth
- Competitive landscape which includes the market ranking of the main players, along with new product launches, partnerships, business expansions, and acquisitions.
- Development and incorporation of new technologies to create lucrative opportunities for market growth
- The report provides extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the main market players.
- Software segment will be the most lucrative till 2027
- The report gives the present as well as the future market outlook of the industry regarding recent developments, growth opportunities, drivers, challenges, and restraints of both emerging also as developed regions.
- Banking, financial services and insurances (BFSI) sector to hold the largest market share.
- Transport and logistics sector to grow at a fast pace
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Further, it has facilitated the easy management of activities and decreased the transforming price of official papers into digital documents. This has helped organizations around the world to offer better customer service and ensured that all the data is safe. Also, digitalization has become necessary in modern times, owing to a vast quantity of data, and managing paper documents is excessively complex. All these factors
have contributed to the growth of the optical character recognition market.
Regional-level analysis of the top geographies:
North America (United States, Canada, and Mexico), Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe), Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia), South America (Brazil, Argentina, Colombia, and Rest of South America), Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of the Middle East & Africa).
Reasons to Purchase Optical Character Recognition (OCR) Market
- The trendy developments, market shares, and strategies that are employed by means of the essential market players.
- The cloud segment will grow exponentially, during the forecast period.
- The segment that is anticipated to dominate the market as properly as the segment which holds the highest CAGR in the forecast period
- Current and future of outlook in the developed and rising markets.
- Regions/countries that are anticipated to witness the quickest growth rates at some stage in the forecast period
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