In a highly fragmented and competitive global market for optical character recognition (OCR), savvy players are leveraging a multi-pronged strategy to surge ahead of their competitors. One strategy popular with them is competitive pricing which helps to draw more consumers.

Optical character recognition is a technology has literally revolutionized the document management process in various sectors, namely legal, banking, education, healthcare, finance, and government. It has helped to transform offices into a paperless ones by helping to digitize documents and communications that have remained resistant to digitization with speed and accuracy. Those include scanned paper documents and PDF files or images captured by a digital camera.

As per Transparency Market Research, the global optical character recognition market will likely become worth US$25.182 bn by 2025-end by clocking a solid 14.8% CAGR from 2017 to 2025.

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Banking Sector Drives up Demand for OCR Software

The global optical character recognition market can be classified into two based on type – software and service. The software segment further includes desktop based OCR, mobile based OCR, cloud based OCR, and others such as batch OCR, server based OCR, etc. The service segment, on the other hand, includes consulting, outsourcing, and implementation and integration.

Between software and services, the two segments in the global optical character recognition market, software accounted for maximum share. In the years ahead too, software segment will retain its dominant share buoyed by the banking sector in particular. In terms of growth rate, however, the service segment is predicted to witness a higher CAGR in the forecast period.

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Massive Investments in Technology Stokes Stellar Growth in Asia Pacific Market

From a geographical standpoint, North America held maximum share in the global market for optical character recognition in 2016 because of the rapid infrastructure development and changing policies and regulations framed by the government.

Vis-à-vis growth rate, Asia-Pacific optical character recognition market is slated to outpace all others by registering a CAGR of 15.6% from 2017 to 2025. The growth is mainly driven by small and medium enterprises (SME) mushrooming in the region.

Some of the key players operating in the global market for optical character recognition are Anyline GmbH, ABBY Software Ltd., Adobe Systems Incorporated, ATAPY Software, CCi Intelligence Co. Ltd., Creaceed S.P.R.L., CVSION Technologies Inc., Exper-OCR Inc., Google Inc., LEAD Technologies Inc., I.R.I.S.S.A. (Canon), IBM Corporation, Microsoft Corporation, Nuance Communications Inc., NTT Data Corporation, Paradatec, Inc., Prime Recognition Corporation, Ripcord Inc., Transym Computer Services Ltd., Black Ice Software LLC, SEAL Systems, Ricoh Group, and Accusoft Corporation.