Optical Character Recognition Market Size, Estimates, And Forecast To 2030
Optical Character Recognition Industry Overview The global optical character recognition market size was valued at USD 8.93 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.4% from 2022 to 2030. The optical character recognition (OCR) technology converts printed and physical documents into machine-readable texts. It extracts scanned papers, image-only pdfs, and camera images and repurposes them. OCR software extracts letters from images and translates them into words and then sentences, allowing access to alter the original text. Moreover, widespread adoption of OCR technology has been observed in BFSI, healthcare, retail, tourism, logistics, transportation, government, manufacturing, and other sectors. The growth of the OCR market is primarily attributed to the improvement in productivity and a rise in the penetration of automatic recognition systems. For instance, in November 2021, HT. KZ, one of the leading travel industries in Kazakhstan, de...