Global Optical Character Recognition (OCR) Systems Market Predicted to Expand Significantly by 2031

Optical Character Recognition (OCR) Systems Market Size By Product (Software and Services. ), By Application (Media & Entertainment, IT & Telecom, BFSI, Transport and Logistics, Retail & Manufacturing, and Others), By Geographic Scope And Forecast published by Verified Market Research.

Optical Character Recognition (OCR) Systems Market Size Expands at a Rapid Pace, Forecasted to Grow Significantly between 2024 and 2031

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Global Optical Character Recognition (OCR) Systems Market Size and Forecast

Optical character recognition (OCR), also known as Optical Character Reader, is a system that uses a scanner to perform comprehensive alphanumeric recognition of printed or handwritten characters at high speed. The OCR technology offers a complete solution for form processing and document capture. In general, OCR employs an open, scalable, and workflow-controlled modular architecture. It also has features for defining forms, scanning, image pre-processing, and recognition. Optical character recognition (OCR) is commonly used to enter data from original paper data sources such as passports, invoices, bank statements, receipts, business cards, mail, and a variety of other printed records.

Optical character recognition technology has aided businesses in reducing the time spent manually entering data into computers, improving work management, lowering the cost of translating documents to digital form, and minimizing human errors, among other things.

The growing use of OCR systems in the transportation and logistics industries is a major factor driving the OCR market forward. Mobile-based OCR systems are rapidly being used by warehouses and drivers to extract and read inbound package codes, indexes, invoices, product catalogues, goods receipts, loading/transport, and products return, among other things. To implement data management solutions, trucking, rail freight, sea freight, and air freight firms, as well as courier, express, and package companies, are enlisting the help of OCR-based services.

Furthermore, improved customer service and document security are two advantages that have encouraged OCR system usage across a variety of industries, including BFSI and retail. Furthermore, the growing demand for ID-verification services may provide growth prospects for the market for optical character recognition (OCR) systems. On the other hand, a lack of precision in handwritten material recognition is a major factor that could stymie industry expansion.

Global Optical Character Recognition (OCR) Systems Market Segmentation

Based on product, the market is segmented into two categories: software and services. In 2019, the highest market share was held by software. Because of the growing demand for digitalization of current documents, particularly in the public sector, software is predicted to increase at the quickest rate.

Based on application, the Global Optical Character Recognition (OCR) Systems Market is segmented into Media & Entertainment, IT & Telecom, BFSI, Transport and Logistics, Retail & Manufacturing, and Others. The BFSI industry had the largest market share in 2019. The financial services industry was one of the first to use optical character recognition (OCR) for a number of purposes, including digitalization and the preservation of older bank papers in order to develop a new database. The most prevalent application of OCR in the BFSI sector is to capture and verify the numbers at the bottom of checks.

The Global Optical Character Recognition (OCR) Systems Market is divided into four regions based on regional analysis: North America, Europe, Asia Pacific, and the Rest of the World. Over the projected period, North America is expected to hold the biggest market share in the Optical Character Recognition (OCR) Systems market, followed by Europe. Artificial intelligence and optical character recognition are increasingly being combined in Canada and the United States, which is projected to boost market expansion in the region. 

Key Players

IntSig Information Co. Ltd, IBM, NTT DATA Corporation, Adobe Inc.,  Anyline GmbH,CVISION Technologies, Inc., Microsoft Corporation, LEAD Technologies, Inc., Creaceed, and Prime Recognition Corporation.

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