Optical Character Recognition (OCR) Systems Global Market Is Expected To Grow At A Rate Of More Than 16% Through 2023 – 2027
20 Jul, 2023
The global optical character recognition (OCR) systems market size is expected to grow from $11.61 billion in 2022 to $13.55 billion in 2023 at a compound annual growth rate (CAGR) of 16.70%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The global optical character recognition (OCR) systems market size is expected to reach $24.97 billion in 2027 at a CAGR of 16.51%.
Global Optical Character Recognition (OCR) Systems Market Key Driver
Rising enterprise digitization is projected to drive the growth of the optical character recognition (OCR) systems market in the future. The process of digitising operations, business models, and procedures through the use of novel technologies like as big data, artificial intelligence (AI), blockchain, and data analytics is known as enterprise digitization. Optical character recognition (OCR) systems are widely used in enterprise digitization to automate the conversion of physical documents, such as an optical scanner or specialised circuit board, which is used to copy or read text, while software typically does complex processing.
Get a sample of the global optical character recognition (OCR) systems market reportGlobal Optical Character Recognition (OCR) Systems Market Segments
The global optical character recognition (OCR) systems market is segmented:
1) By Type: Software, Services
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By End-Use: B2B (Business-to-Business), B2C (Business-to-Consumer)
4) By Vertical: Retail, Banking, Financial Services and Insurance (BFSI), Government, Education, Transport And Logistics, Healthcare, IT And Telecom, Manufacturing, Other Verticles
5) By Geography: The regions covered in the optical character recognition (OCR) systems market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global optical character recognition (OCR) systems market.
Major Optical Character Recognition (OCR) Systems Industry Players
The International Business Machines Corporation, Microsoft Corporation, Google Inc., Nuance Communications Inc., Adobe Inc., Anyline GmbH, NTT Data Corporation, Lead Technologies Inc., IntSig Information Co. Ltd., Atapy software, Captricity Inc., Creaceed, CVISION Technologies Inc., Exper-OCR Inc., The Naver Corporation, OpenText Corporation, Accusoft
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Optical Character Recognition (OCR) Systems Market Overview
Optical character recognition (OCR) is a technology that allows computers to recognize text characters within digital images, such as scanned documents or photographs. An OCR system, also known as an optical character recognition system, is a tool that is commonly used to convert printed or handwritten text into machine-readable text that can be edited, searched, and analyzed.
Optical Character Recognition (OCR) Systems Global Market Report 2023 provides data on the global optical character recognition (OCR) systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The optical character recognition (OCR) systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.