Global Optical Character Recognition Ocr Systems Market Size 2024, Forecast To 2033
6 Mar, 2024
The optical character recognition (OCR) systems market size has grown rapidly in recent years. It will grow from $13.55 billion in 2023 to $15.78 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to increased congenital heart diseases, expertise and training programs, rise in pediatric heart surgeries, awareness and early diagnosis, device innovation, pediatric cardiology centers. The optical character recognition (OCR) systems market size is expected to see rapid growth in the next few years. It will grow to $29.58 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. Major trends in the forecast period include minimally invasive approaches, patient-specific and customized solutions, collaborative research initiatives, remote monitoring and telemedicine, technological advancements in pediatric cardiac interventions.
Global Optical Character Recognition OCR Systems Market Key Driver
The rising digitization among enterprises is expected to propel the growth of the optical character recognition (OCR) systems market going forward. Enterprise digitization is the process of digitizing operations, company models, and procedures through the use of novel technologies like big data, artificial intelligence (AI), blockchain, and data analytics. In enterprise digitization, optical character recognition (OCR) systems are extensively used to automate the conversion of physical documents, such as an optical scanner or specialized circuit board, which is used to copy or read text, while software typically does complicated processing. For instance, in August 2022, according to Eurostat Highlights, a European-based intergovernmental organization, 56% of EU enterprises achieved some level of digital intensity. In 2021, 55% of small and medium-sized businesses (SMEs) attained a basic level of digital intensity, compared to 88% of large corporations. Therefore, the rising digitization among enterprises is driving the growth of the optical character recognition (OCR) systems market going forward. Market size projections indicate significant potential for expansion by 2024 and 2028.
Get A Free Sample Of The Global Optical Character Recognition OCR Systems Market ReportGlobal Optical Character Recognition OCR Systems Market Segments
The optical character recognition (ocr) systems market covered in this report is segmented –
1) By Type: Software, Services
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By Vertical: Retail, Banking, Financial Services and Insurance (BFSI), Government, Education, Transport And Logistics, Healthcare, IT And Telecom, Manufacturing, Other Verticles
By Geography:The regions covered in the optical character recognition (ocr) systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the optical character recognition (OCR) systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global optical character recognition (OCR) systems market during the forecast period. 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, Africa
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, Contact center intelligence, Image Recognition Integrated Systems, Prime Recognition Corporation, Simple Software, ABBYY Software House, Adlib Software Ltd., Alfresco Software LLC., Artsyl Technologies lnc., Axyon AI, Cognex Corporation, Hyland Software, Xerox Corporation, Zoho Corporation
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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.