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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.

EUROPE OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2030

Europe 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 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.

Europe Optical Character Recognition Market

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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.

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 The United Kingdom, Germany, France, Italy, Spain, Poland, and Rest of Europe
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
      • EUROPE
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED KINGDOM
          • GERMANY
          • FRANCE
          • SPAIN
          • ITALY
          • POLAND
          • REST OF EUROPE
    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: EUROPE OPTICAL CHARACTER RECOGNITION MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

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

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

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

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

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

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

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

    TABLE 10: LEADING PLAYERS OPERATING IN EUROPE 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: EUROPE OPTICAL CHARACTER RECOGNITION MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2021

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

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

    FIGURE 9: EUROPE OPTICAL CHARACTER RECOGNITION MARKET, GROWTH POTENTIAL, BY INDUSTRY, IN 2021

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    1. GEOGRAPHICAL ANALYSIS
      • EUROPE
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED KINGDOM
          • GERMANY
          • FRANCE
          • SPAIN
          • ITALY
          • POLAND
          • REST OF EUROPE
    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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