ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2030

The Asia-Pacific optical character recognition market is expected to record a CAGR of 17.08% during the forecasted years of 2022 to 2030, acquiring a revenue share of $10457.63 million by 2030.

Some of the key drivers, such as the surging investments in AI and associated technologies, the rise in the number of start-ups, and the increasing focus on self-driving cars as well as smart cities, are attributable to the region’s market growth. However, the lack of awareness among common users regarding OCR applications and software may hinder the Asia-Pacific optical character recognition market growth.

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The Asia-Pacific optical character recognition market growth study entails the analysis of Japan, Australia, India, Indonesia, South Korea, China, Thailand, and Rest of Asia-Pacific. Chinese learners can significantly benefit from optical character recognition, especially for purposes such as navigating the street and ordering at a local restaurant. Moreover, since 2020, the ability to convert Chinese characters into editable formats has been gaining higher traction. First introduced by ABBYY FineReader, all versions of the Chinese optical character recognition include support for the language’s characters. In addition, the rising regional integration in the country for digitizing education as well as government paperwork further adds to the demand for OCR in China. Since one of the biggest challenges faced by tourists traveling to the country is reading the local language, various OCR applications such as TextGrabber are being developed in China, as well.

On the other hand, numerous optical character recognition applications have been widely used in Japan over recent years. This includes Easy Screen OCR, incorporated with cutting-edge Google OCR engine technology that helps convert images and screenshots into editable text. Furthermore, in April 2020, a Japanese AI start-up called Cogent Labs Inc raised a Series C funding round valued at $13 million, thus equating its total funding to $39 million. The firm provides Tegaki, an AI-based optical character recognition service used for scanning handwritten documents.

The Asia-Pacific optical character recognition market is segmented into component, industry, and end-user. The end-user category is further segmented into B2B and B2C. Business-to-business (B2B) applications are generally developed to streamline business operations, fulfill specific industry needs, and simplify complex business operations. In this regard, optical character recognition solutions can accurately extract information from structured documents following a standard template, including government-issued documents such as passports and licenses.

In comparison, business-to-customer (B2C) mobile applications are targeted toward a widespread audience. As a result, B2C mobile app developers tend to concentrate more on enhancing user experience. Aligning with this, OCR screening proves highly beneficial for brands to understand their customer compliance. B2C apps help businesses deliver round-the-clock customer support, as well. These solutions can also help businesses generate higher revenue, thus attracting new users and retaining existing ones.

The top players operating in the Asia-Pacific optical character recognition market are IBM, Adobe Systems Inc, Microsoft Corporation, etc.

Microsoft Corporation, headquartered in the United States, licenses, develops, and supports a wide range of software services and products. Its portfolio includes cross-device productivity applications, software development tools, video games, and server applications, as well as training and certification of computer system integrators and developers.

Microsoft API supports 25 languages and detects the recognized text’s language automatically.

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