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NORTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2030

The North America optical character recognition market is estimated to register a CAGR of 15.17% over the forecasted period of 2022 to 2030, acquiring a revenue share of $ 11744.83 million by 2030.

NORTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2030

North America 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 North America optical character recognition market is estimated to register a CAGR of 15.17% over the forecasted period of 2022 to 2030, acquiring a revenue share of $ 11744.83 million by 2030.

Key factors such as the increasing use of AI technology to power OCR applications, the rise in the digitization of various processes, and economic as well as technical advancements are mainly attributed to fueling the market’s growth. However, the North America optical character recognition market is likely to face challenges like limitations in identifying handwritten characters.

North America Optical Character Recognition Market

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The North America optical character recognition market growth evaluation covers the analysis of the United States and Canada. The judicial system in the United States is highly technology-driven. In this regard, the judiciary utilizes numerous scanners as well as digital solutions, including optical character recognition (OCR). Prior to OCR, the only available possibility for digitizing printed paper documents was to physically re-type the text.

However, the method is time-consuming, in addition to being prone to mistakes. Presently, once a scanned document goes through OCR processing, its text can be easily edited and searched within word processing software, including Microsoft Word and Google Docs.

On the other hand, with regular applications of OCR in Canada, the country’s government is heavily investing in the optical character recognition market. In this regard, the Government of Canada has also incorporated OCR technology for railway documents, primarily for the purpose of data retrieval. Moreover, in July 2019, guidelines associated with the use of electronic signatures for all Departmental Security Officers were released. The Canada Border Services Agency (CBSA) has also necessitated the procurement of an Optical Character Recognition (OCR) Commercial Off-The-Shelf (COTS) Software Solution. As a result, these factors are set to propel the North America optical character recognition market growth during the forecasted period.

The North America optical character recognition market is segmented into component, industry, and end-user. The component category is further segmented into software and service. Optical character recognition (OCR) software converts pictures as well as handwriting into text. The tools analyze the document, comparing it with fonts stored in their database, in addition to noting features typical of characters. Moreover, some optical character recognition applications also put the document through a spell checker in order to identify unrecognized words.

Since the performance of the optical character recognition software largely relies on content’s clarity, occasional errors are unavoidable in case the paper document comprises distorted texts. In this regard, OCR clean-up services facilitate the correction or replacement of misread characters by comparing the actual text document with files scanned by the software.

Some of the leading companies operating in the North America optical character recognition market include IBM, Adobe Systems Inc, Google LLC, etc.

International Business Machines Corporation (IBM), a technology company headquartered in the United States, operates through five segments. These include global business services, cloud & cognitive software, systems, global financing, and global technology services. The systems segment offers infrastructure platforms to help meet the requirements of multi-cloud as well as enterprise AI workloads.

The company’s optical character recognition solution enables text extraction from graphic image files.

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 States and Canada.
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
      • NORTH AMERICA
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED STATES
          • CANADA
    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: NORTH AMERICA OPTICAL CHARACTER RECOGNITION MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    1. GEOGRAPHICAL ANALYSIS
      • NORTH AMERICA
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED STATES
          • CANADA
    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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