In 2024, the optical character recognition market is expected to be worth US$ 14,193.02 million. The market is anticipated to reach US$ 39,733.45 million by 2034, expanding at 14.8% CAGR throughout the forecast period.
Increasing optical character recognition (OCR) use in legal services & healthcare and rising demand for cloud-based OCR solutions are projected to create new opportunities for market players. Leading companies also integrate robotic process automation (RPA) with OCR to provide clients with highly efficient operations.
The rising need to reduce the burden of manual tasks across retail and BFSI industries is anticipated to propel demand. However, a lack of technical knowledge to operate optical character recognition software solutions is expected to hamper demand.
Apart from that, the healthcare sector is set to create new opportunities for leading companies in the field of OCR. Healthcare facilities are likely to showcase a high demand for OCR technology to ensure compliance, streamline workflows, and digitize patient information.
Key Takeaways from the Global Optical Character Recognition Market:
- The United States optical character recognition market is set to hold a share of 2%, equating to about US$ 29,013 million by 2034.
- China’s optical character recognition industry is projected to rise at a CAGR of 8% during the forecast period.
- The software segment in terms of components is set to rise at 3% CAGR through 2034.
- Based on end-use, the B2B segment is projected to witness a CAGR of 9% through 2034.
- From 2019 to 2023, the optical character recognition industry experienced a CAGR of 5%, reaching a size of US$ 9,391.34 million in 2023.
Competitive Landscape
The optical character recognition market is highly competitive, with leading players like ABBYY, Adobe Inc., Microsoft Corporation, and IBM Corporation, Anyline, CVISION Technologies, and IRIS (Canon Group) competing for high market share.
Leading companies are offering OCR solutions to meet varying demands from their clients. They are signing agreements with vendors and stakeholders to provide low-latency, high-speed connectivity to their clients. They are also focusing on joining hands with start-up companies to co-develop innovative products.
For instance,
- In February 2024, GlobalVision introduced a new feature in Verify, its unique proofreading software solution. The company launched an OCR feature based on AI. It would help users change the proofreading and compliance landscape.
- In May 2023, Xiao-I Corporation introduced its new Intelligent Document Processing solution. OCR, ML, and computer vision underpin it. It helps organize and capture information from documents.
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Segmentation Analysis of the Optical Character Recognition Market
By Component:
- Software
- Desktop-based OCR
- Mobile-based OCR
- Cloud-based OCR
- Services
- Consulting Services
- Implementation and Integration
- Outsourcing
By End-use:
- B2B
- B2C
By Industry Vertical:
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- IT & Telecom
- Retail
- Government and Public Sector
- Education
- Transportation & Logistics
- Media & Entertainment
- Hospitality
- Others (Manufacturing, Construction)
By Region:
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Western Europe
- Eastern Europe
- Middle East and Africa
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