The global optical character recognition market size is expected to reach USD 32.90 billion by 2030, growing at a CAGR of 14.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Digitalization plays a critical role in changing the way organizations operate, and it has helped companies improve the efficiency of their business processes. Enterprises invest large amounts in technologies that can help them digitalize their work process and increase productivity. Since data is a critical element for an organization, adopting technologies such as optical character recognition (OCR), which enables users to convert text data in different types of documents and images into editable or accessible formats, has increased. OCR solutions are integrated with various technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities. For instance, in January 2023, Cognex Corporation, a provider of machine vision products, augmented the capabilities of its In-Sight 2800 vision system to incorporate optical character recognition (OCR). The new tool, powered by edge learning technology, interprets human-readable characters on low-contrast, reflective, and non-flat surfaces.
The integration of artificial intelligence with optical character recognition has helped companies in leveraging the technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the efficient processing of documents, texts, and other data in a way similar to that of humans. These advanced technologies also help to address inaccuracies that occur in OCR, thereby providing streamlined fault management. This, in turn, helps reduce the costs of processing documents and increases efficiency within the organization. Furthermore, increasing penetration of optical character recognition in banks and financial institutions has bolstered the OCR market growth for B2B end-users. For instance, in November 2022, Contractor Compliance Inc., a provider of software solutions for vendor and contractor compliance requirements, announced the release of its (OCR) optical character recognition module, available to business clients with both automated and assisted approval workflows.
The OCR market can be described as a highly competitive market. The market vendors are pursuing various strategic initiatives to gain a competitive edge in the market. For instance, in January 2022, 6Sense, an AI-driven sales and marketing platform, acquired Saleswhale, a Singapore-based company. This acquisition would also help B2B organizations convert and manage their sales leads with the help of AI technologies like NLP, OCR ML, and other AI technologies. It would scale their business and enhance the products.
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The software segment led the market in 2022, the high share is attributed to the software's ease of availability. Most optical character recognition software is available in open source, so organizations can quickly deploy it within their workflow
The BFSI segment led the market in 2022 and is also expected to grow at the highest CAGR of over the forecast period. For instance, ABBYY, a digital intelligence company, provides digital banking solutions for banks and financial institutions. For instance, DBS Bank, a Singapore-based banking and financial services corporation, has employed ABBYY Mobile OCR Engine to extract and fill in the relevant information in its on-the-go loan application. It enhances and simplifies the customer experience with loans
The B2B end-use segment led the market in 2022 and is also expected to attain the highest CAGR in the forecast period
North America dominated the market in 2022, the American Foundation for the Blind, a U.S.-based non-profit organization, provides various assistive technology products, including OCR systems, for visually impaired people
Grand View Research has segmented the global optical character recognition (OCR) market report based on type, vertical, end-use, and region:
Optical Character Recognition Type Outlook (Revenue, USD Million, 2017 - 2030)
Implementation & Integration
Optical Character Recognition Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Transport And Logistics
IT & Telecom
Optical Character Recognition End-use Outlook (Revenue, USD Million, 2017 - 2030)
Optical Character Recognition Regional Outlook (Revenue, USD Million, 2017 - 2030)
Middle East and Africa (MEA)
List of Key Players in the Optical Character Recognition Market
CVISION Technologies, Inc.
International Business Machines Corporation
IntSig Information Co., Ltd. Corporation
LEAD Technologies, Inc.
Nuance Communications, Inc.
Open Text Corporation
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