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Optical Character Recognition Market: Growth, Trends, And Forecast 2030

Posted by anna in Technology on June 25th, 2020

According to a new market report published by Transparency Market Research entitled “Optical Character Recognition Market (By Type – Software (Desktop-based OCR, Mobile-based OCR, Cloud-based OCR (Multi-tenant Cloud, Private Cloud)) and others (Batch OCR, Server based OCR etc.), Service (Consulting, Outsourcing, Implementation & Integration), By End-use – Retail, Government, BFSI, Education, Transport & Logistics, Healthcare, Media & Entertainment, IT & Telecom, Manufacturing) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 – 2030,” the global optical character recognition market is expected to reach a value of US$ 51,527.0 Mn by 2030. The market is estimated to expand at a CAGR of 15.2% during the forecast period from 2020 to 2030.
 
Optical character recognition (OCR) is a technology that accurately recognizes printed and written text characters by a computer. A typical OCR system consist of several components which may include optical scanning, location segmentation, preprocessing, feature extraction and recognition post processing. This involves photo scanning of the text, analysis of the scanned-in image and the conversion of character image to character codes. OCR software is also used to extract data from scanned documents or camera images that enables the user to access and edit the content of the original document. 
 
OCR is unique as it does not require control of the process that produces the information, however other techniques are also prevalent for automatic identification that include speech recognition, radio frequency identification and bar code reader,. The entire document management process has been revolutionized as the industry verticals adopted OCR technology in their business processes. 
 
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Therefore, OCR technology may become very useful solution for businesses that require lot of paper documentation or have huge historical data that needs to be digitized. There are many domain specific applications of OCR system which include invoice OCR, check OCR, and receipt OCR etc. These can be used for automatic number plate recognition, data entry for business documents, extracting key information and as an assistive technology for visually impaired and blind users. Optical character recognition is generally an offline process to analyze a static document. Nevertheless, cloud based OCR software is also gaining momentum globally. In recent years, web-based OCR systems are being sold as commercial products.

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