Optical Character Recognition Market Size Worth $36,733.45 Million By 2032 | CAGR: 13.2%

The global optical character recognition market size is expected to reach USD 36,733.45 million 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 and 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.

Integrating Optical Character Recognition (OCR) systems in the transportation and logistics industry has become a crucial factor driving its growth. Storage facilities and drivers increasingly utilize mobile-based OCR systems to accurately read and process documents such as parcel labels, indicators, checks, product codes, shipping documents, freight bills, transportation manifests, and return goods records. Trucking, rail freight, ocean freight, air freight, courier, express, and parcel companies are adopting OCR systems to streamline their data operations.

Businesses across different verticals focus on digitizing their processes to enhance work efficiency. Consequently, many companies invest in OCR technology to digitalize their workflows and boost productivity. The increasing adoption of OCR technology by startups creates significant business opportunities in the OCR market. Mobile OCR is widely employed in supply chain and transportation operations to scan invoices and bills related to the delivery of goods across different locations. Enterprises are investing in next-generation technologies to reduce expenses associated with data management and extracting key information.

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The outbreak of covid 19 has affected almost all industries. During the initial stages of the pandemic, production across industries was severely hampered, resulting in material shortages and decreased exports. Businesses faced the challenging survival task, and intelligent manufacturing became essential in enabling efficient operations with limited resources and workforce.

In contrary, the COVID-19 pandemic has significantly influenced the optical character recognition (OCR) market, leading to notable transformations across industries. Amidst the pandemic, the OCR market witnessed a remarkable impact, particularly in accelerating digital transformation initiatives across industries. The widespread adoption of remote work necessitated efficient management and processing of large volumes of digital documents. OCR technology played a crucial role in automating document processing, enabling organizations to streamline operations and boost productivity.

Optical Character Recognition Market Report Highlights

• OCR software, such as IBM's leveraging AI and deep learning, dominated the market, enabling efficient text recognition, data extraction, and intelligent information processing.
• The BFSI segment dominated the market in 2022 as OCR technology empowers the BFSI sector to improve operations, compliance, and customer service by efficiently extracting valuable data from financial documents for a competitive advantage.
• North America led the global market in 2022, with OCR technology driving document management, data extraction, and operational efficiency. Its growth is fueled by digital transformation and increasing demand across industries.
• The global key market players include ABBYY, Adobe, Anyline, Microsoft, Amazon Web Services, Inc., SS&C Chorus Document Automation (SS&C Technologies Holdings, Inc.), Creaceed, Kritikal Solutions, Google LLC, Prime Recognition, NAVER Corp, Open Text Corporation, IBM Corporation, NTT DATA Corporation, LEAD Technologies, Inc., Super.AI.

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

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

• Software
• Services

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

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

Optical Character Recognition, End-Use Outlook (Revenue - USD Million, 2019 - 2032)

• B2B
• B2C

Optical Character Recognition, Regional Outlook (Revenue - USD Million, 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

Optical Character Recognition Market Report Scope