Optical Character Recognition Market Size & Analysis – Forecasts To 2025

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GLOBAL MARKET ESTIMATES RESEARCH
CONSULTANTS Ankita Roy, Treesha Banerjee and
Liza Dsouza from Global Market Estimates throw
the spotlight on the growing Optical Character
Recognition Market. Optical Character
Recognition Market Insights The demand for
optical character recognition market is projected
to grow at a high CAGR from 2017 to 2025.
Optical character recognition software and
services are projected to observe high demand
due to its extensive use in the banking,
financial services, insurance, healthcare,
legal, and government sector. The growing
adoption of paperless offices is expected to
prompt demand for solutions that enable
digitalization of documentation, thereby,
speeding processes.
Optical Character Recognition Market Type
Insights On the basis of type, the optical
character recognition market is segmented into
software and service. The software market is
segmented into desktop, mobile, cloud, and
others. The software segment occupied the
largest share in the market in 2016 and is
projected to grow at a high CAGR from 2017 to
2025. The service industry is further broken down
into consulting, outsourcing, and implementation
integration.
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GLOBAL MARKET ESTIMATES RESEARCH
CONSULTANTS Optical Character Recognition
Market End-user Insights On the basis of
end-user, the optical character recognition
market is segmented into retail, government,
BFSI, education, transport logistics,
healthcare, media entertainment, IT telecom,
manufacturing, and others. Large investments made
in the retail sector of developing countries are
projected to positively influence market demand
over the coming years. The government and BFSI
sector has also invested in advance technologies
for documentation purposes. Documentation and
authentication is a critical process in the
banking sector, therefore, increasing the demand
for optical character recognition systems.
Optical Character Recognition Market Regional
Insights The North American region held the
largest share in the optical character
recognition market on account of the increasing
preference for digital documentation in the
banking, government, healthcare, and retail
industry. Stringent regulations implemented by
the government in the banking sector are
projected to positively influence market demand
over the coming years. The upcoming cloud based
industry is also expected to augment market
demand. The Asia Pacific region is projected to
grow at the highest CAGR over the forecast period
on account of increasing demand observed from
countries such as India, China, Singapore, and
Malaysia. The pouring retail investments and
investments in digitalizing government systems
are anticipated to propel demand over the
forecast period.
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GLOBAL MARKET ESTIMATES RESEARCH
CONSULTANTS Optical Character Recognition
Market Vendor Landscape The report contains a
chapter dedicated to vendors operating in the
market, covering raw material manufactures,
equipment developers, manufacturers, and
distributors. The report provides these insights
on a regional level. This section of the report
entails contact details, experience, products
manufactured/supplied, and geographical presence
of companies. Optical Character Recognition
Market End-Use Landscape The report provides a
detailed list of end-users operating across the
world. The end-user landscape includes consumer
contact details, geographical presence, revenue,
product portfolio, organic and inorganic growth
strategies among others. Some of the companies
who are likely to use optical character
recognition include Wal-Mart Stores, Inc.,
Costco, and Kroger Company among
others. Optical Character Recognition Market
Share Competitor Analysis Major companies
included in the optical character recognition
market include Adobe Systems Incorporated, ABBY
Software Ltd., Anyline GmbH, CCi Intelligence Co.
Ltd., Microsoft Corporation, IBM Corporation,
Google Inc., ATAPY Software, LEAD Technologies
Inc., NTT Data Corporation, and I.R.I.S.S.A.
among others. Competitive pricing strategies
adopted by companies in this industry are
expected to propel demand for these software and
services.
This article contains text from the Optical
Character Recognition Market Size Analysis
Forecasts To 2025 report prepared by Global
Market Estimates. For more information or to buy
the
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al-character-recognition-
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