OCR (optical character recognition) is the use of technology to distinguish printed or handwritten text characters inside digital images of physical documents, such as a scanned paper document. The basic process of OCR involves examining the text of a document and translating the characters into code that can be used for data processing. OCR is sometimes also referred to as text recognition.
The global optical character recognition market is predicted to clock an impressive 14.8% CAGR during the forecast timeframe of 2017-2024. Escalating at this rate, the market would be worth US$25.1 bn vis-à-vis revenue by the end of 2024. Based on type, software could account for a key share in the market. The segment of software comprises desktop based, cloud based, mobile based, and others. The software segment is likely to retain the dominant share buoyed particularly by the banking sector. In terms of region, North America is poised to make a mark while collecting maximum market share. However, Asia Pacific is projected to rise at a faster pace displaying 15.6% CAGR between 2017 and 2024.
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Top Key Vendors in Market: ABBY Software, Anyline, Adobe Systems, ATAPY Software, CCi Intelligence, Creaceed, Captricity, CVSION, Exper-OCR, Google, IBM, LEAD Technologies, Microsoft, Nuance Communications, NTT Data
This report comprehends the innovative approaches picked up by the vendors in the Global Optical Character Recognition Market to differentiate the products through Porter’s Five Forces Analysis. Optical Character Recognition are enabling surgeons in performing surgeries which can bring down the surgical risks faced due to complex techniques, lessen the span of anesthesia exposure and the risk of contamination. Optical Character Recognition is encouraging surgeons in enhancing the rate of success in complex operations.
On the basis of regional outlook, the global market is divided into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The market is also segmented on the basis of geography, application and type. The Optical Character Recognition Market report also mentions about the various standards of the market and studies them individually. With this, it also provides information such as the most prominent segment, the slow growing segment and sub segment of this market.
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Major highlights of the report:
- Analysis of market segmentation
- Study and analysis of global Optical Character Recognition Market
- Covering of economic trends
- Identification of global market
- Noteworthy changes in global Optical Character Recognition Market
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