Global Optical Character Recognition Market
The GMI Research forecasts that the Optical Character Recognition Market is witnessing an upsurge in demand over the forecast period. This is mainly due to their acquisition by the government, banking, retail, healthcare, and manufacturing sector.
Introduction of the Optical Character Recognition Market
The optical character recognition technology is used to convert content on physical documents into digital form. It helps users to convert different types of images and documents into an editable format. Furthermore, it is used in various industries, such as the logistics and transportation industry and BFSI.
Key Players of the Global Optical Character Recognition Market:
- Anyline GmbH
- Creaceed S.P.R.L.
- CVISION Technologies, Inc.
- International Business Machines Corporation
- ATAPY Software
- Captricity Inc.
- Exper-OCR, Inc.
- Google LLC
Optical Character Recognition Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Optical Character Recognition forms an extensive part of various verticals for automated processing of forms wherein an excessive amount of data is available in printed form. The technology is primarily used to modify information available in text form into the image and other documents with text-to-speech technologies that make it accessible for visually impaired individuals. Furthermore, the increasing implementation of technology in BFSI and the healthcare sectors to generate digital copies of checks, invoices further adds to the market growth. Standard Chartered Bank, in May 2019, introduced an augmented intelligence document processing solution, known as Trade AI Engine, launched in partnership with IBM to tackle the time-consuming process of unstructured traditional documentary review. Moreover, various technology applications include sorting out letters at post offices and documents in law firms and courts coupled with saving historical and cultural texts, personal identification, and processing invoices and orders. For instance, Jobvite, Inc., an end-to-end talent acquisition suite, in July 2020, procured the data science and AI team at Predictive Partner. This possession of AI through natural language processing, machine learning, predictive analytics, and optical character recognition will stimulate the Optical Character Recognition market share. In addition, the surging digitalization across business organizations has enlarged the Optical Character Recognition market size. However, handwritten identification of character is very challenging for the industry, which will hamper market growth.
Optical Character Recognition Market Segmentation:
Segmentation by Type
Segmentation by Vertical
- Transport and Logistics
- IT & Telecom
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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