EUROPE OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2030

The Europe optical character recognition market is predicted to grow with a CAGR of 14.92% over the projected period of 2022 to 2030, capturing a revenue share of $8572.05 million by 2030.

The market growth of the region is propelled by the ongoing trend of sustainable development, the rise in online identification and transactions, and the growing educational opportunities. However, the Europe optical character recognition market may be restrained by reduced accuracy in recognizing handwritten material.

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The Europe optical character recognition market growth assessment comprises the study of Germany, the United Kingdom, France, Italy, Spain, Poland, and Rest of Europe. In the United Kingdom, the Port of Tyne partnered with BT for the installation of a new 5G Private Network and surveillance as well as smart technology. The deployment will equip the port and its customers to leverage advanced technology, such as OCR, for various applications. These include artificial intelligence (AI), document verification, robotics and autonomous vehicles, trade networks, and the Internet of Things (IoT).

Furthermore, the operational optimization program, as well as optical character recognition container tracking, comprises the installation of black box surveillance devices on cranes and numerous other materials handling (MH) equipment. In addition to significantly enhancing supply chain efficiency for clients, it will also help record usage patterns and empower an in-depth performance analysis for continuous improvement programs.

On the other hand, in Spain, traditional as well as advanced optical character recognition applications are used on a large scale. As an essential part of the Artificial Intelligence family, OCR plays a vital role in the electronic conversion of text from handwritten notes, images, printed text from videos, and scanned documents into digital, machine-readable formats. Therefore, these factors are set to augment the optical character recognition market growth in Europe over the forecast years.

The Europe optical character recognition market is segmented into component, industry, and end-user. The industry category is further segmented into BFSI, transport and logistics, healthcare, manufacturing, retail, IT & telecom, government, education, and others. Financial organizations such as banks continually establish new records for clients and conduct fresh transactions, consequently resulting in a significant amount of paper records. However, the rapidly-increasing stacks of records may become a major source of concern for banks. In this regard, with the use of optical character recognition, financial institutions can expediently process, monitor, and evaluate data constituting vast amounts of client information, such as personal as well as security details.

The advantages of OCR data capture automation are highly influential, especially with logistics firms witnessing overall operating costs reduction by as much as 28% following the implementation of optical character recognition software. Others, as demonstrated by recent case studies, have minimized data entry FTEs by nearly 90% via OCR software for document capture.

Leading firms operating in the Europe optical character recognition market are IBM, Nuance Communications, Adobe Systems Inc, etc.

Nuance Communications Inc, headquartered in the United States, offers voice and language solutions for consumers and businesses. It also provides customers with high accuracy in terms of automated speech recognition, optical character recognition capabilities, dialog and information management, the potential for natural language understanding, biometric speaker authentication, text-to-speech, and domain knowledge.

The company’s Kofax OmniPage Standard converts picture, paper, and PDF files into editable documents. This helps users save considerable money and time by eradicating the process of retyping.

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