Deep Penetration of Digitalization across Varied Industries are Bringing Considerable Growth Opportunities for the Optical Character Recognition Market, says TMR

- The widening scope of optical character recognition technologies across a large number of applications will serve as a significant growth-contributing factor during the forecast period of 2020-2030

- The global optical character recognition market is expected to expand at a CAGR of ~15 percent across the assessment period of 2020-2030

ALBANY, N.Y., April 23, 2021 /PRNewswire/ --

Optical Character Recognition Market: Current and Existing Growth Opportunities

Data is the new oil and plays a significant role in every aspect. The growing use of data in various sectors and the rapidly increasing popularity of digitalization among a considerable number of industries are some of the factors that will influence the growth of the optical character recognition market during the tenure of 2020-2030.

Optical character recognition (OCR) is the process of mechanical or electronic conversion of images of printed, handwritten, or typed text to machine-encoded text. The OCR software pre-processes images which enhance the chances of successful recognition. Precisely, it is a type of technology that makes use of various techniques to process, extract, and recognize the text.

The overall situation of the optical character recognition market projects a healthy growth trajectory. Transparency Market Research (TMR) speculates the optical character recognition market to expand at a CAGR of ~15 percent during the assessment period of 2020-2030. The global optical character recognition market is expected to witness revenue of US$ 70 bn by the end of the forecast period that is 2030.

The growing preference for digitization among numerous companies will help in bringing tremendous growth opportunities for the optical character recognition market. Furthermore, optical character recognition technology helps in enhancing data accuracy digitally and reduces operational costs. The growing use of mobile optical character recognition technologies will also bring immense growth opportunities for the optical character recognition market across the forecast period.

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Key Findings of the Report

Emergence of Novel Technologies to Add Extra Stars of Growth

The use of technologies like machine learning, artificial intelligence (AI), augmented reality (AR), and others will help in increasing the features of optical character recognition. Players in the optical character recognition market are investing considerably in research and development activities for upgrading the technology. All these aspects will bring tremendous growth opportunities for the optical character recognition market.

Explore 311 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Optical Character Recognition Market (Hardware, Software, and Service; Enterprise Size: Small & Medium Enterprises and Large Enterprises; Mode of Operation: Business-to-Business [B2B] and Business-to-Consumer [B2C]; and Industry: BFSI, IT & Telecom, Healthcare, Government, Manufacturing, Transport & Logistics, Retail, Media & Entertainment, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/optical-character-recognition-market.html

Role of Optical Character Recognition Technology in Diverse Sectors to Generate Extensive Demand

Optical character recognition technologies have almost become synonymous with various applications that were operating in a traditional form earlier. For instance, restaurant menu cards were earlier available in paper form but with the growing threat of the novel coronavirus transmission, QR codes are being used.

Analyze global optical character recognition market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study

These codes can be scanned through a smartphone camera and the menu can be viewed by the customer on the smartphone. This is made possible by optical character recognition technology. Hence, the replacement of certain traditional methods with digitized methods will act as a vital growth contributor for the optical character recognition market.

Furthermore, the use of optical character recognition technology in the banking sector will also bring good growth prospects for the optical character recognition market. This technology has made bills and paper invoices of the bank a thing of the past. Direct-scanning ATMs also use this technology for recognizing the numbers at the bottom of a cheque. Thus, these factors are helping in sowing the seeds of growth across the optical character recognition market.

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Optical Character Recognition Market: Well-Entrenched Players

• Black Ice Software LLC
• IBM Corporation
• CC Intelligence Corporation
• Amazon Web Services, Inc.
• Transym Computer Services Ltd
• Prime Recognition Corporation
• Black Ice Software LLC
• Accusoft Corporation
• ATAPY Software
• Creaceed SPR
• Google Inc.
• Open Text Corporation
• SEAL Systems Inc.
• Microsoft Corporation

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