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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.

ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2030

Asia-Pacific Optical Character Recognition Market by Component (Software, Service) Market by Industry (BFSI, Transport & Logistic, Healthcare, Government, Education, IT & Telecom, Manufacturing, Retail, Others) Market by End-user (B2B, B2C) By Geography

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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.

Asia Pacific Optical Character Recognition Market

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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.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2030
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million)
Segments Analyzed Component, Industry, and End-User
Countries Analyzed China, Japan, South Korea, Thailand, Australia, India, Indonesia, and Rest of Asia-Pacific
Companies Analyzed

Google LLC, Microsoft Corp, Adobe Systems Inc, IBM, Nuance Communications Inc, ABBYY, Anyline GmbH, Captricity Inc, (acquired by SS&C), Creaceed, Foxit Software Inc, Expervision Inc, IntSig Information Co Ltd, Iris Group SA, Lead Technologies

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • INCREASING ADOPTION OF OCR SOLUTION DEVELOPERS IN ADVANCED TECHNOLOGY
        • IMPROVED CUSTOMER SUPPORT AND INCREASED DOCUMENT PROTECTION
        • RISE IN ADOPTION OF OCR ACROSS DIVERSIFIED VERTICALS
      • KEY RESTRAINTS
        • LACK OF ACCURACY IN RECOGNITION OF HANDWRITTEN MATERIAL
        • LIMITATIONS IN DELIVERING ACCURATE OUTPUT
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON OPTICAL CHARACTER RECOGNITION MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • VALUE CHAIN ANALYSIS
    2. MARKET BY COMPONENT
      • SOFTWARE
      • SERVICE
    3. MARKET BY INDUSTRY
      • BFSI
      • TRANSPORT & LOGISTIC
      • HEALTHCARE
      • GOVERNMENT
      • EDUCATION
      • IT & TELECOM
      • MANUFACTURING
      • RETAIL
      • OTHERS
    4. MARKET BY END-USER
      • B2B
      • B2C
    5. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • AUSTRALIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • REST OF ASIA-PACIFIC
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • ABBYY
        • ADOBE SYSTEMS INC
        • ANYLINE GMBH
        • CAPTRICITY INC (ACQUIRED BY SS&C)
        • CREACEED
        • EXPERVISION INC
        • FOXIT SOFTWARE INC
        • GOOGLE LLC
        • IBM
        • INTSIG INFORMATION CO LTD
        • IRIS GROUP SA
        • LEAD TECHNOLOGIES
        • MICROSOFT CORP
        • NUANCE COMMUNICATIONS INC

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – OPTICAL CHARACTER RECOGNITION

    TABLE 2: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 3: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY COMPONENT, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 4: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY INDUSTRY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 5: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY INDUSTRY, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 6: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY END-USER, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 7: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY END-USER, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 8: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 9: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 10: LEADING PLAYERS OPERATING IN ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET

    TABLE 11: LIST OF MERGERS & ACQUISITIONS

    TABLE 12: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 13: LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 14: LIST OF BUSINESS EXPANSIONS & DIVESTITURES          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: VALUE CHAIN ANALYSIS

    FIGURE 6: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2021

    FIGURE 7: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY SOFTWARE, 2022-2030 (IN $ MILLION)

    FIGURE 8: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY SERVICE, 2022-2030 (IN $ MILLION)

    FIGURE 9: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, GROWTH POTENTIAL, BY INDUSTRY, IN 2021

    FIGURE 10: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY BFSI, 2022-2030 (IN $ MILLION)

    FIGURE 11: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY TRANSPORT AND LOGISTIC, 2022-2030 (IN $ MILLION)

    FIGURE 12: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY HEALTHCARE, 2022-2030 (IN $ MILLION)

    FIGURE 13: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY GOVERNMENT, 2022-2030 (IN $ MILLION)

    FIGURE 14: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY EDUCATION, 2022-2030 (IN $ MILLION)

    FIGURE 15: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY IT & TELECOM, 2022-2030 (IN $ MILLION)

    FIGURE 16: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY MANUFACTURING, 2022-2030 (IN $ MILLION)

    FIGURE 17: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY RETAIL, 2022-2030 (IN $ MILLION)

    FIGURE 18: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY OTHERS, 2022-2030 (IN $ MILLION)

    FIGURE 19: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, GROWTH POTENTIAL, BY END-USER, IN 2021

    FIGURE 20: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY B2B, 2022-2030 (IN $ MILLION)

    FIGURE 21: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, BY B2C, 2022-2030 (IN $ MILLION)

    FIGURE 22: ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

    FIGURE 23: CHINA OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 24: JAPAN OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 25: INDIA OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 26: AUSTRALIA OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 27: SOUTH KOREA OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 28: INDONESIA OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 29: THAILAND OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 30: REST OF ASIA-PACIFIC OPTICAL CHARACTER RECOGNITION MARKET, 2022-2030 (IN $ MILLION)       

    1. GEOGRAPHICAL ANALYSIS
      • ASIA-PACIFIC
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • CHINA
          • JAPAN
          • INDIA
          • AUSTRALIA
          • SOUTH KOREA
          • INDONESIA
          • THAILAND
          • REST OF ASIA-PACIFIC
    1. MARKET BY COMPONENT
      • SOFTWARE
      • SERVICE
    2. MARKET BY INDUSTRY
      • BFSI
      • TRANSPORT & LOGISTIC
      • HEALTHCARE
      • GOVERNMENT
      • EDUCATION
      • IT & TELECOM
      • MANUFACTURING
      • RETAIL
      • OTHERS
    3. MARKET BY END-USER
      • B2B
      • B2C

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