Categories: Market Research

Optical Character Recognition Market Outlook 2024-2033: Key Drivers, Trends, Growth

The Optical Character Recognition Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Optical Character Recognition Global Market Report 2024, The optical character recognition market size has grown rapidly in recent years. It will grow from $12.54 billion in 2023 to $14.49 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to increasing digitization initiatives across industries, growing adoption of ocr technology in data entry and document management, demand for automation in business processes to improve efficiency, integration of ocr with enterprise content management (ecm) systems, rising need for data extraction and analysis from unstructured documents..

The optical character recognition market size is expected to see rapid growth in the next few years. It will grow to $25.59 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to expansion of e-commerce and online retail requiring efficient data processing, adoption of ocr in mobile devices for scanning and digitizing documents, need for improved accessibility to printed materials for visually impaired individuals, compliance requirements in regulated industries for document management, growth of the banking and financial sector driving demand for ocr in document processing. Major trends in the forecast period include advancements in ai technology, predictive and analytics solutions, advancements in cloud computing infrastructure, advancements in cloud computing technology, upcoming machine translation.

The increasing penetration of automatic recognition systems is expected to propel the growth of the optical character recognition market going forward. Automatic recognition system refers to a range of technologies that automatically identify objects, collect data about them, and enter them into a database. Optical Character Recognition (OCR) is used to enhance automatic recognition systems by enabling the conversion of various types of documents, such as scanned paper documents, PDF files, or images captured by a digital camera, into editable and searchable data. For instance, in February 2023, according to MyNewsDesk, a Sweden-based public relations company, in 2020, approximately 23 million individuals utilized Google Maps. Further, by 2023, this figure surged to 154.4 million monthly users of the platform. Therefore, the increasing penetration of automatic recognition systems is driving the growth of the optical character recognition market.

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The optical character recognition market covered in this report is segmented –

1) By Type: Software, Services

2) By Mode of Operation: Business-to-Business (B2B), Business-to-Consumer (B2C)

3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises

4) By Application: Media And Entertainment, Information Technology (IT) And Telecom, Banking, Financial Services And Insurance (BFSI), Transport And Logistics, Retail And Manufacturing, Other Applications

Major companies operating in the optical character recognition market are developing innovative products, such as ChARM Health’s smart navigation, to provide intuitive and streamlined navigation. ChARM Health’s smart navigation is a feature within their electronic health records (EHR) software that aims to enhance user experience and efficiency when navigating through patient records and other data within the system. For instance, in September 2022, MedicalMine Inc., a US-based company, introduced an automatic insurance card reader feature utilizing Optical Character Recognition (OCR) technology in its CharmHealth products. Optical Character Recognition (OCR) technology refers to the process of converting different types of documents, such as scanned paper documents, PDF files, or images captured by a digital camera, into editable and searchable data. It allows healthcare providers to access relevant patient information quickly and easily, ultimately improving the quality and efficiency of care delivery. Smart Navigation may include features such as contextual menus, search functionality, and customizable user interfaces to optimize the user experience within the EHR system.

The optical character recognition market report table of contents includes: