Optical Character Recognition Market Growth Worth $36.73 Billion By 2032 | CAGR: 13.2%

Optical Character Recognition Market Size Worth $36.73 Billion By 2032 | CAGR: 13.2%

The global optical character recognition market size is expected to reach USD 36.73 billion by 2032, according to a new study by Polaris Market Research. The report “Optical Character Recognition Market Share, Size, Trends, Industry Analysis Report, By Type (Software, Services); by Vertical; By End-use; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing use of mobile devices for capturing and processing text-based data is driving the growth of the mobile OCR segment. Mobile OCR enables organizations to digitize and process text-based data on the go, improving efficiency and productivity. For instance, in August 2022, Tata Power Central Odisha Distribution Limited (TPCODL) announced cooperation with Anyline, to cut down on non-technical losses and assist with spot billing procedures for consumers and field personnel. The new scanning technology is incorporated into field employees' mobile devices to collect meter readings on-site by combining mobile data collection and AI-powered anti-spoofing features.

The easily usable OCR technology makes it simple for food & beverage manufacturers to read expiry dates to ensure their products are fresh and avoid customer recalls. To assure vaccination effectiveness and adherence to medical standards, pharmaceutical and medical device businesses can verify dates & lot codes. Electric car makers may easily find and read the alphanumeric text laser engraved on the bottom surfaces of EV batteries to enhance traceability. Thus, OCR technology is finding applications in numerous industries, and the market is anticipated to grow in the upcoming years.

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Advancements in machine learning and artificial intelligence are driving growth, as these technologies are used to improve the accuracy and speed of OCR systems. For instance, in October 2022, a new version of Microsoft's Computer Vision Image Analysis API was made available through a single endpoint, enabling all visual image characteristics, including OCR and object recognition. The most recent version, 4.0, introduces a new feature with OCR, tailored for picture scenarios that make OCR simple for user interfaces and close to real-time experiences. It also supports 164 languages, including Hindi, Arabic, and Cyrillic.

The surge in digital documents is driving the growth of the OCR market, as OCR technology enables organizations to digitize and automate various document management tasks. The growing demand for multi-language OCR solutions also bolstered market growth as organizations seek solutions that can process text in multiple languages.

Optical Character Recognition Market Report Highlights

  • Software segment held the dominant position in the global market in 2022 owing to its uses to automate various tasks.
  • Travel and Logistics segment is anticipated to exhibit the fastest CAGR during the forecast period as it gives managers accurate information and visual tracking of third parties in the supply chain.
  • Asia-Pacific registered the highest growth rate over the study period, due to increasing economic development and technological advancement.
  • Key players with a global presence including ABBYY, Adobe Inc, Microsoft Corporation, Amazon Web Services, and Google

Polaris Market Research has segmented the Optical Character Recognition Market report based on type, vertical, end-use and region:

Optical Character Recognition Market, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Software
  • Services

Optical Character Recognition Market, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)

  • Retail
  • BFSI
  • Government
  • Education
  • Transport and Logistics
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Others

Optical Character Recognition Market, End-use Outlook (Revenue - USD Billion, 2019 - 2032)

  • B2B
  • B2C

Optical Character Recognition Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa