Global Optical Character Recognition Market is valued approximately USD 6.58 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 16.7 % over the forecast period 2020-2027. Optical Character Recognition is a technique in which content on physical documents is translated into digital form. It allows users to convert various images and documents into editable formats. It is also used in a variety of sectors, including logistics and transportation, banking and financial services, and others. OCR technology is widely used in government, banking, retail, healthcare, manufacturing, and other industries. The increasing digitization, more user data, and increasing demand in healthcare has led the adoption of Optical Character Recognition across the forecast period. For Instance: In May 2019, Standard Chartered Bank introduced Trade AI Engine, an augmented intelligence document processing solution built in collaboration with IBM.. This approach was created to help with the time-consuming process of conventional unstructured documentary analysis. However, the lack of accuracy of software in recognizing handwritten material impedes the growth of the market over the forecast period of 2020-2027. Also, with the increasing use in shopping malls, transportation services the adoption & demand for Optical Character Recognition is likely to increase the market growth during the forecast period.

The regional analysis of global Optical Character Recognition market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the growing geriatric population and promptness & affordability of urgent care services coupled with the well-established healthcare infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising of transportation services and improving healthcare infrastructure would create lucrative growth prospects for the Optical Character Recognition market across Asia-Pacific region.

Major market player included in this report are:
ABBYY
Adobe
Anyline GmbH
ATAPY Software
Captricity Inc.
Creaceed S.P.R.L.
CVISION Technologies, Inc
Exper-OCR, Inc.
Google LLC
International Business Machines Corporation

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Software
Services
By End-use
B2B
B2C
By Vertical Outlook
Retail
BFSI
Government
Education
Transport and Logistics
Healthcare
IT & Telecom
Manufacturing
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year 2017, 2018
Base year 2019
Forecast period 2020 to 2027

Target Audience of the Global Optical Character Recognition Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors