Optical Character Recognition Market: Current Scenarios and Opportunities

[sara James]

The global Optical Character Recognition Market size is expected to reach USD 33.44 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.4% from 2022 to 2030. 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 processes 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.

The integration of artificial intelligence with optical character recognition has helped companies in leveraging technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the more 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 costs of processing documents and increase efficiency within the organization. Furthermore, increasing penetration of optical character recognition in banks and financial institutions has bolstered the market growth for B2B end users. For instance, Sinosecu Bank, a commercial bank in China, developed a Sinosecu bank Card, OCR SDK, an OCR recognition technology. It can meet the financial industry’s mobile payment requirements. The bank card can be utilized in various ways, including mobile SDKs and deployments.

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.

Related Press Release@ Optical Character Recognition Market Report

Optical Character Recognition Market Report Highlights

• A significant increase in investment for the advancement of OCR in startup companies is expected to remain one of the key driving factors
• The emergence of new technologies such as computer vision, machine learning, and artificial intelligence is unfolding new opportunities for industry growth
• The integration of advanced technology in OCR technology has significantly contributed to enhancing data management and data capture. Further, continuous advancements in OCR technology are expected to positively contribute to the growth of the OCR market
• Factors including the rapid economic growth of countries, such as China and India, the rising adoption of smartphones, and the developing e-commerce sector are anticipated to further fuel the growth of the Asia Pacific market