Global Optical Character Recognition Market Size & Analysis - Forecasts To 2025
Added: (Mon Mar 02 2020)
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Optical Character Recognition: Market Insights
The demand for optical character recognition market is projected to grow at a high CAGR from 2017 to 2025. Optical character recognition software and services are projected to observe high demand due to its extensive use in the banking, financial services, insurance, healthcare, legal, and government sector. The growing adoption of paperless offices is expected to prompt demand for solutions that enable digitalization of documentation, thereby, speeding processes.
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Optical Character Recognition Market: Type Insights
On the basis of type, the optical character recognition market is segmented into software and service. The software market is segmented into desktop, mobile, cloud, and others. The software segment occupied the largest share in the market in 2016 and is projected to grow at a high CAGR from 2017 to 2025. The service industry is further broken down into consulting, outsourcing, and implementation & integration.
Optical Character Recognition Market: End-user Insights
On the basis of end-user, the optical character recognition market is segmented into retail, government, BFSI, education, transport & logistics, healthcare, media & entertainment, IT & telecom, manufacturing, and others. Large investments made in the retail sector of developing countries are projected to positively influence market demand over the coming years. The government and BFSI sector has also invested in advance technologies for documentation purposes. Documentation and authentication is a critical process in the banking sector, therefore, increasing the demand for optical character recognition systems.
Optical Character Recognition Market: Regional Insights
The North American region held the largest share in the optical character recognition market on account of the increasing preference for digital documentation in the banking, government, healthcare, and retail industry. Stringent regulations implemented by the government in the banking sector are projected to positively influence market demand over the coming years. The upcoming cloud based industry is also expected to augment market demand.
The Asia Pacific region is projected to grow at the highest CAGR over the forecast period on account of increasing demand observed from countries such as India, China, Singapore, and Malaysia. The pouring retail investments and investments in digitalizing government systems are anticipated to propel demand over the forecast period.
Optical Character Recognition Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Optical Character Recognition Market: End-Use Landscape
The report provides a detailed list of end-users operating across the world. The end-user landscape includes consumer contact details, geographical presence, revenue, product portfolio, organic and inorganic growth strategies among others. Some of the companies who are likely to use optical character recognition include Wal-Mart Stores, Inc., Costco, and Kroger Company among others.
Optical Character Recognition Market: Share & Competitor Analysis
Major companies included in the optical character recognition market include Adobe Systems Incorporated, ABBY Software Ltd., Anyline GmbH, CCi Intelligence Co. Ltd., Microsoft Corporation, IBM Corporation, Google Inc., ATAPY Software, LEAD Technologies Inc., NTT Data Corporation, and I.R.I.S.S.A. among others. Competitive pricing strategies adopted by companies in this industry are expected to propel demand for these software and services.
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