The Global Optical Character Recognition Market size is expected to reach $12.6 billion by 2025, rising at a market growth of 13.3% CAGR during the forecast period.
Optical character recognition (OCR) is the technology used to distinguish printed or handwritten text characters within digital images of physical documents like scanned paper documents. A basic OCR process includes examination of the text of a document and translating its characters into a code which can be used to process the data. OCR systems are made up of a combination of hardware and software which is used for converting physical documents into machine-readable texts. Hardware systems like optical scanner or specialized circuit board are used for copying or reading text. While on the other hand, software systems typically handle the advanced processing. Also, software can take advantage of artificial intelligence (AI) for implementing more advanced methods of intelligent character recognition (ICR), for example, identifying languages or styles of handwriting.
Global Optical Character Recognition Market Size
The demand for OCR technology is increasing due to the emerging need for ID verification services; these services using OCR technology to read credentials from an official document can solve the issue of time-consuming ID verification process. On the other hand, Shufti Pro (an identification service) has already developed its KYC verification and ID verification services on Artificial Intelligence technology. It was simpler for Shufti Pro to give an identity verification solution based on OCR technology and it is popularly called as InstantCapture Solution. It enables customers to perform identity verification and KYC verification of their customers in a prompt and hassle-free manner.
Global Optical Character Recognition Market Share
Based on Component, the market is segmented into Software and Services. Software segment is further segmented into Desktop Based, Mobile Based, Cloud Based and Others. Services segment is further bifurcated into Integration & Deployment, Advisory & Consulting and Support & Maintenance. Based on End User, the market is segmented into BFSI, Healthcare & Life Sciences, Energy & Utilities, Education & Legal, Telecom & IT, Government & Public Sector and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
KBV Cardinal Matrix
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Google, Inc., Nuance Communications, Inc., Adobe, Inc., Accusoft Corporation, Ricoh Company Limited, Anyline GmbH, NTT Data Corporation and LEAD Technologies, Inc.
Market Segmentation:
By Component
By End User
By Geography
Companies Profiled
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