OCR Scanning Software Market To Grow at a CAGR of 15% during 2021-2031
The OCR Scanning Software market is estimated to reach around US$ 27 Bn in 2031 with an expected CAGR of 15%, during the period 2021-2031. Optical character recognition (OCR) software is a tool that is used for converting printed characters into digital text. OCR software works with scanner for converting the printed characters into digital text. OCR scanning software allows the user to search or edit the documents in a word processing program.
OCR scanning software is used by enterprises for improving customer experience by making unstructured content searchable. Increasing penetration of mobile devices, digital transformation, demand for online verification and recognition are the major factors that are driving the market growth.
AI-powered OCR Software to Drive the Market Growth
Typical OCR software simply scan for shapes and attempt to match them to known character and words. However, AI-powered OCR software captures data, manipulates and analyzes information in various ways that a typical OCR cannot.
AI-powered OCR software eliminates the need for manual monitoring of inputs and outputs. AI-powered OCR software comprehend the context and content of the document and offers various benefits including efficient data storage and extraction, easy translation in various languages, automated data entry and processing. AI-powered OCR software brings high degree of accuracy to data verification.
AI-powered OCR routes digitized documents through central data stream to make them accessible to customers, staff, analysts and others. These advanced capabilities help to deciphers various text variations and highlights format corrections or changes.
How COVID-19 Pandemic Is Boosting the Sales of OCR Scanning Software in BFSI Sector
During the COVID-19 pandemic banks and financial institutions are aiming to reduce the physical contact with customers and limit the number of customers that visit the branches. But still the use of paper work for applying loans, opening of accounts is more in banks. According to research, the strains of COVID-19 can stay on papers for up to 5 days, so the banks and financial institutions are adopting OCR software for various activities.
With the help of OCR software, banks have digitize the cheque for remote deposits, details of credit or debit cards, application for credit card, loans, etc., quickly route the mailroom’s intake to the staff instead of distributing physical letters. OCR software during COVID-19 is enhancing the health and safety of customers, and employees by making contactless interaction with banks and reducing contact with touchable surfaces.
OCR software help in enhancing transaction security and it automates risk assessment and fraud detection of paper documents by extracting and factoring data from physical records.
India OCR Scanning Software Market Outlook
The healthcare industry in India is expanding rapidly and due to digital transformation in healthcare sector, the demand for various technologies is increasing for improving efficiency and efficacy of public healthcare across the country. This is expected to further fuel the market demand for OCR scanning software in India.
Healthcare organizations in the country are turning to OCR scanning software to become paperless and improve patient care. OCR helps healthcare organization to achieve HIPAA compliance by ensuring accuracy and safety of data.
OCR software helps healthcare organizations in improving patient care by enhancing meaningful use and expediting adoption of EHR applications for ensuring continuity of care and other associated benefits. Automating process of forms includes patient registration, patient survey and health risk assessments and eliminating manual data entry.
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Who are the Key Providers of OCR Scanning Software?
Some of the leading OCR Scanning software providers include
- Wondershare Technology Co. Ltd.
- ABBYY Software House
- Nuance Communications
- CCi Intelligence
- Adobe Systems
- LEAD Technologies
- ATAPY Software
OCR Scanning software vendors adopt various expansion strategies for enhancing their presence and increasing the market share in the global market. The strategies that OCR Scanning software follow include strategic partnership and collaborations with other players, product upgrades, and strengthening of regional and global channel partner ecosystem.
- For instance, in July 2020, Anyline GmbH entered into partnership with 3W Networks for introducing innovative mobile scanning technology in the Middle East & Africa region. This mobile scanning technology help businesses to digitize information like Vehicle license plate, IDs, and utility meters.
OCR Scanning Software Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
An Adaptive Approach to Modern-day Research Needs
- Desktop Based OCR
- Mobile Based OCR
By End-use Industry
- IT & Telecom
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.