New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Optical Character Recognition (OCR) Systems Global Market Report 2023" - https://www.reportlinker.com/p06479845/?utm_source=GNW
, IntSig Information Co. Ltd., Atapy software, Captricity Inc., Creaceed, CVISION Technologies Inc., Exper-OCR Inc., The Naver Corporation, OpenText Corporation, and Accusoft.
The global optical character recognition (OCR) systems market is expected to grow from $11.61 billion in 2022 to $13.55 billion in 2023 at a compound annual growth rate (CAGR) of 16.70%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $24.97 billion in 2027 at a CAGR of 16.51%.
The optical character recognition (OCR) systems market includes revenues earned by entities by providing software licenses and OCR web service.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.The optical character recognition (OCR) systems market consists of sales of simple OCR, intelligent character recognition (ICR), intelligent word recognition and optical mark recognition systems.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Optical character recognition (OCR) is a technology that allows computers to recognize text characters within digital images, such as scanned documents or photographs. An OCR system, also known as an optical character recognition system, is a tool that is commonly used to convert printed or handwritten text into machine-readable text that can be edited, searched, and analyzed.
North America was the largest region in the optical character recognition (OCR) systems market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the optical character recognition (OCR) systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of optical character recognition (OCR) systems are software and services.OCR software is a standalone application or a component that can be integrated into other applications.
This type of OCR system is typically designed for desktop use and requires the user to install the software on their computer.These are used in small and medium enterprises and large enterprises for B2B and B2C end use.
These are used by retail, BFSI, government, education, transport and logistics, healthcare, it and telecom, manufacturing, others.
The rising digitization among enterprises is expected to propel the growth of the optical character recognition (OCR) systems market going forward.Enterprise digitization is the process of digitizing operations, company models, and procedures through the use of novel technologies like big data, artificial intelligence (AI), blockchain, and data analytics.
In enterprise digitization, optical character recognition (OCR) systems are extensively used to automate the conversion of physical documents, such as an optical scanner or specialized circuit board, which is used to copy or read text, while software typically does complicated processing.For instance, in August 2022, according to Eurostat Highlights, a European-based intergovernmental organization, 56% of EU enterprises achieved some level of digital intensity.
In 2021, 55% of small and medium-sized businesses (SMEs) attained a basic level of digital intensity, compared to 88% of large corporations. Therefore, the rising digitization among enterprises is driving the growth of the optical character recognition (OCR) systems market going forward.
Technological advancements are the key trends gaining popularity in the optical character recognition (OCR) systems market.Companies operating in the optical character recognition (OCR) systems market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Upstage, a Korean-based provider of customized AI services aimed at assisting enterprises in the field of machine learning, launched the API (Application Programming Interface) Series. Upstage’s API Series includes OCR technology, which extracts text from images and finds desired information using Upstage’s AI pack technology, and recommendation technology, which analyses user behavior data and provides personalized recommendations.
In January 2022, MOBOTIX, a Germany-based software solutions provider company, acquired Vaxtor Technologies for an undisclosed amount.Through this acquisition, Mobotix can better compete with other video surveillance vendors and address the evolving needs of its customers.
Vaxtor Technologies is a Spain-based software company that provides optical character recognition solutions.
The countries covered in the optical character recognition (OCR) systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The optical character recognition (OCR) systems market research report is one of a series of new reports that provides optical character recognition (OCR) systems market statistics, including optical character recognition (OCR) systems industry global market size, regional shares, competitors with a optical character recognition (OCR) systems market share, detailed optical character recognition (OCR) systems market segments, market trends, and opportunities, and any further data you may need to thrive in the optical character recognition (OCR) systems industry. This optical character recognition (OCR) systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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