Optical Character Recognition Market – Digitalization Acts as Both Limitation and Boon for OCR Market

The global optical character recognition (OCR) market has been foreseen by Transparency Market Research (TMR) to hold an exceedingly competitive and fragmented characteristic, considering the presence of an enormous count of participants. In order to move ahead in the competition, keen and well-entrenched participants could take to the adoption of multipronged strategies. Participants could also take advantage of mergers and acquisitions, partnerships, and competitive prices to attract new customers and explore untapped markets. With a view to strengthen their status in the market, participants have been anticipated to add new services to their portfolio.

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TMR has projected the global OCR market to rise at a CAGR of 14.8% during the forecast timeframe 2017-2025 to reach a revenue valuation of US$25.1 bn by the end of 2025. In terms of type, software could account for a supreme share in the market. By region, North America could make its presence known in the market while collecting a maximum share. However, Asia Pacific (APAC) has been predicted to grow at a faster pace while expanding at a 15.6% CAGR.

The world OCR market has been foretold to gain a high impetus due to the need to convert several forms of documentation, such as digital camera images, PDF files, and scanned paper documents, into searchable and editable data. The document management process on the whole has been modernized in a range of industries. OCR has been expansively accepted and implemented in business processes as the technology offers phenomenal accuracy and speed at the same time. OCR has been extensively adopted in different sectors such as government, finance, education, healthcare, legal, and banking.

The development of a more dependable OCR system has attained a strong support from the advancement of the technology to a multipurpose interactive system from a special-purpose reader. This has also helped in lowering the data capturing cost. A lead TMR analyst has explained that the OCR technology could, therefore, come out as a beneficial tool for businesses that deal with gigantic historical data or vast paper documentation that needs to be digitalized.

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The rise of the digital world could provide a good momentum to the international OCR market and also limit its growth in the coming years. Digitalization could slightly restrict market growth mainly because of the elimination of paperwork encouraged in digitally revolutionized organizations. Moreover, lack of knowledge to operate OCR technologies could create a slack in demand.

However, players have been envisaged to find favorable prospects birthing on the back of domain-specific OCR system applications such as invoice, receipt, and check OCRs. These could be engaged for assisting blind and visually-impaired users, extracting critical information, the data entry of business documents, and automatic number plate recognition. Lucrative regions such as APAC have been envisioned to witness a rapid uptake of OCR in fast-expanding economies such as India and China due to improved investments in technology. The surging prominence of cloud-based software could open up new avenues in the market.