Global Optical Character Recognition Market Size & Outlook

The optical character recognition industry worldwide is expected to reach a projected revenue of US$ 32,902.5 million by 2030. A compound annual growth rate of 14.8% is expected of the worldwide optical character recognition industry from 2024 to 2030.

Revenue, 2023 (US$M)
$12,557.9
Forecast, 2030 (US$M)
$32,902.5
CAGR, 2024 - 2030
14.8%
Report Coverage
Worldwide

Global optical character recognition market, 2018-2030 (US$M)

Global optical character recognition market highlights

  • The global optical character recognition market generated a revenue of USD 12,557.9 million in 2023 and is expected to reach USD 32,902.5 million by 2030.
  • The market is expected to grow at a CAGR (2024 - 2030) of 14.8% by 2030.
  • In terms of segment, software accounted for a revenue of USD 10,261.8 million in 2023.
  • Services is the most lucrative type segment registering the fastest growth during the forecast period.
  • In terms of region, North America was the largest revenue generating market in 2023.
  • Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.


Global data book summary

Market revenue in 2023USD 12,557.9 million
Market revenue in 2030USD 32,902.5 million
Growth rate14.8% (CAGR from 2023 to 2030)
Largest segmentSoftware
Fastest growing segmentServices
Historical data covered2018 - 2022
Base year for estimation2023
Forecast period covered2024 - 2030
Quantitative unitsRevenue in USD million
Market segmentationSoftware, Services


Other key industry trends

  • In terms of revenue, the North America accounted for 37.9% of the global optical character recognition market in 2023.
  • By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
  • By country, Mexico is the fastest growing regional market and is projected to reach USD 1,482.4 million by 2030.

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Optical Character Recognition Market Scope

Optical character recognition market segmentation & scope
Desktop-based OCR
Mobile-based OCR
Private
Public
Others
Consulting
Outsourcing
Implementation & Integration
Retail
BFSI
Government
Education
Transport and Logistics
Healthcare
IT & Telecom
Manufacturing
Others (Media & Entertainment)
B2B
B2C

Optical Character Recognition Market Companies

Name Profile # Employees HQ Website

Global optical character recognition market outlook

The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to optical character recognition market will help companies and investors design strategic landscapes.


Software was the largest segment with a revenue share of 81.72% in 2023. Horizon Databook has segmented the Global optical character recognition market based on software, services covering the revenue growth of each sub-segment from 2018 to 2030.


The optical character recognition technology allows converting the text in images and videos into an editable form. OCR is finding applications in several industries. For instance, in December 2021, Mindee. an AI-driven platform introduces Mindee's doctor with OCR capabilities which goes beyond the text elements and provides encoded information in a visual form which includes logos, barcodes, IP pictures. In the banking industry, OCR-based applications are being used to scan different types of documents, receipts, and checks and convert all the information into an editable format.


For instance, in February 2022, Samba Nova launched an NLP (Natural Language Processing) Samba Nova GPT banking to speed the deployments and simplify GPT models in the financial industry. In the healthcare sector, OCR technology is being used to convert handwritten health records, patient records, and other records and create a unified database that is searchable and accessible. OCR technology is also being used for other healthcare-related applications.

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Target buyers of Global optical character recognition market databook

  • Our clientele includes a mix of optical character recognition market companies, investment firms, advisory firms & academic institutions.
  • 30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
  • Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of global-level data and insights on the Global optical character recognition market , including forecasts for subscribers. This global databook contains high-level insights into Global optical character recognition market from 2018 to 2030, including revenue numbers, major trends, and company profiles.

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Global optical character recognition market size, by regions, 2018-2030 (US$M)

Top 10 countries: Optical character recognition market size, 2023 (US$M)

Global optical character recognition market share, by type, 2023 & 2030 (%, US$M)

Optical Character Recognition Market: Opportunity Assessment By Country

Global optical character recognition market, by region, 2023 (US$M)

Global optical character recognition market size, by regions, 2018-2030 (US$M)

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