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UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2028

The United States optical character recognition market is set to develop with a CAGR of 15.16% across the forecasting years, reaching a revenue share of $7360.71 million by 2028. While the base year considered for the studied market is 2021, the forecasted period is from 2022 to 2028.

UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET FORECAST 2022-2028

United States 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)

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The United States optical character recognition market is set to develop with a CAGR of 15.16% across the forecasting years, reaching a revenue share of $7360.71 million by 2028. While the base year considered for the studied market is 2021, the forecasted period is from 2022 to 2028.

United States Optical Character Recognition Market

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The rapid rates of digitization in various industries, as well as new product launches, are among the key factors strengthening the country’s market growth.

The technology utilized for the detection of handwritten as well as printed text characters of digital pictures or physical documents, like scanned paper documents into Google docs, is termed optical character recognition. Moreover, the technology examines a document’s text, subsequently converting characters into code that can be used for data processing. Optical character recognition systems also comprise software as well as hardware combination that can convert physical documents into a machine or screen-readable text.

In the United States, the judicial system is highly technologically-fueled. In this regard, the country’s judiciary uses various scanners as well as digital solutions, including optical character recognition. Once the scanned paper document goes through the optical character recognition processing, its text can be searched and edited in a word processing software, like Google Docs and Microsoft Word. Before OCR, the solitary solution for digitizing printed paper documents was to physically re-type the text, a method that proved to be tremendously time-consuming and prone to mistakes. As a result, these factors are projected to proliferate the optical character recognition market in the United States.

The United States 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. In the healthcare industry, optical character recognition is used for electronically scanning documents and producing a completely digital copy. OCR can recognize a higher range of document types and accomplish notably higher accuracy rates compared to simple software. Hence, this aspect makes optical character recognition the ideal choice for the healthcare industry, where efficiency and accuracy are important.

Optical character recognition for government agencies is uniquely developed to allow pixels representing computer-made text from raster pictures to be altered into digitally stored characters. OCR applications aim to identify and decode structural aspects of a document, such as non-text visual components and columns.

Some of the major companies operating in the United States optical character recognition market include Foxit Software Inc, Google LLC, Microsoft Corp, etc.

With its headquarters in the United States, Google Inc, a subsidiary of Alphabet Inc, is a leading provider of search as well as advertising services on the internet. The company mainly focuses on business areas like advertising platforms, operating systems, hardware, and enterprise products. Its products and services portfolio includes Google Web Search, Google Calendar, Google Wallet, Gmail, Google Images, Google Chrome, Google Docs, Google News, Google Earth, Google Finance, Google Books, Google Play, AdMob, Google Maps, Blogger, Google Groups, Google Videos, Google Reader, and YouTube.

Google’s OCR Image Reader version 0.2.7 extension adds a toolbar button to help users effectively perform optical character recognition.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2028
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million)
Segments Analyzed Component, Industry, End-User
Country Analyzed United States
Companies Analyzed

Google LLC, Microsoft Corp, Adobe Systems Inc, IBM, Nuance Communications Inc, ABBYY, Captricity Inc (acquired by SS&C), Foxit Software Inc, Expervision Inc, Lead Technologies

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • COUNTRY SNAPSHOT
      • COUNTRY ANALYSIS
      • KEY DRIVERS
      • KEY RESTRAINTS
    3. 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
    4. MARKET BY COMPONENT
      • SOFTWARE
      • SERVICE
    5. MARKET BY INDUSTRY
      • BFSI
      • TRANSPORT & LOGISTIC
      • HEALTHCARE
      • GOVERNMENT
      • EDUCATION
      • IT & TELECOM
      • MANUFACTURING
      • RETAIL
      • OTHERS
    6. MARKET BY END-USER
      • B2B
      • B2C
    7. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • ABBYY
        • ADOBE SYSTEMS INC
        • CAPTRICITY INC (ACQUIRED BY SS&C)
        • EXPERVISION INC
        • FOXIT SOFTWARE INC
        • GOOGLE LLC
        • IBM
        • LEAD TECHNOLOGIES
        • MICROSOFT CORP
        • NUANCE COMMUNICATIONS INC

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – OPTICAL CHARACTER RECOGNITION

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

    TABLE 3: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY COMPONENT, FORECAST YEARS, 2022-2028 (IN $ MILLION)

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

    TABLE 5: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY INDUSTRY, FORECAST YEARS, 2022-2028 (IN $ MILLION)

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

    TABLE 7: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY END-USER, FORECAST YEARS, 2022-2028 (IN $ MILLION)

    TABLE 8: LIST OF MERGERS & ACQUISITIONS

    TABLE 9: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 10: LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 11: 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: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2021

    FIGURE 7: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY SOFTWARE, 2022-2028 (IN $ MILLION)

    FIGURE 8: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY SERVICE, 2022-2028 (IN $ MILLION)

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

    FIGURE 10: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY BFSI, 2022-2028 (IN $ MILLION)

    FIGURE 11: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY TRANSPORT AND LOGISTIC, 2022-2028 (IN $ MILLION)

    FIGURE 12: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY HEALTHCARE, 2022-2028 (IN $ MILLION)

    FIGURE 13: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY GOVERNMENT, 2022-2028 (IN $ MILLION)

    FIGURE 14: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY EDUCATION, 2022-2028 (IN $ MILLION)

    FIGURE 15: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY IT & TELECOM, 2022-2028 (IN $ MILLION)

    FIGURE 16: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY MANUFACTURING, 2022-2028 (IN $ MILLION)

    FIGURE 17: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY RETAIL, 2022-2028 (IN $ MILLION)

    FIGURE 18: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY OTHERS, 2022-2028 (IN $ MILLION)

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

    FIGURE 20: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY B2B, 2022-2028 (IN $ MILLION)

    FIGURE 21: UNITED STATES OPTICAL CHARACTER RECOGNITION MARKET, BY B2C, 2022-2028 (IN $ MILLION)       

    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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