Global Optical Character Recognition market was valued at USD 6.75 billion in 2021 and is expected to reach USD 19.61 billion by the year 2028, at a CAGR of 16.45%. The Analysis Period 2023-2030.
An Optical Character Recognition technology is able to recognize and distinguish between written as well as printed characters from documents using any digital device. Optical Character Recognition systems are developed and manufactured using a combination of software solutions that enables the conversion of the document into machine learning languages. Optical Character Recognition comprises various elements like software solution, scanner, location segmentation, and so on.
Top Key Players Covered in The Optical Character Recognition (OCR) Market
IBM, Google, Adobe, Nuance Communications, Canon Inc., Lead Technologies Inc., Microsoft, ABBYY, Seal Systems and other major players.
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For the Purpose Of This Report, Reports And Data Has Segmented The Global Optical Character Recognition (OCR) Market On The Basis Of Type, By Source, By Product, And Region:
By Offerings
· Software
· Services
By End Use Industry
· Retail
· BFSI
· Government
· Education
· Healthcare
· IT & Telecom
· Others
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Regional Analysis
Optical Character Recognition Market is growing with the urgent need for advanced and virtual technology for a large number of structured data stored in MNC’s. North-America dominates the market with a market share of 45.26% and is estimated to have a market size of USD 10.02 billion in the year 2020. Due to the various industrial and commercial use of the product in the education and BFSI industry, the United States is expected to have a significant contribution in leading the Optical Character Recognition market of North-America during the forecast period.
By Region
· North America (US, Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
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