According to the research report titled ‘Global Optical Character Recognition Market Size study, by Type ( Software, Services), End Use (B2B, B2C) Vertical Outlook( Retail, BFSI, Government, Education, Transport and, Logistics, Healthcare, IT & Telecom, Manufacturing, Others ) and Regional Forecasts 2020-2027’, available with Market Study Report, global optical character recognition market was evaluated at USD 6.58 billion in 2019 and is speculated to reach USD 22.64 billion by 2027, expanding at an annual rate of 16.7% between 2020-2027.
 

Rising demand in healthcare sector, and growing digitization, leading to generation of large volume of user data, are key factors driving global optical character recognition market growth.
 

Moreover, strategic collaborations among companies and innovative developments & launches are creating lucrative growth opportunities. Citing an example, Standard Chartered Bank launched Trade AI Engine in collaboration with International Business Machines (IBM) Corporation in 2019. It is an augmented intelligence data processing solution developed to help with the time-consuming process of tradition unstructured document analysis.
 

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For the unversed, optical character recognition technology converts content on physical documents into a digital format. This makes it easier for users to edit various images and documents once they are digitized.
 

While widespread adoption across shopping malls and transportation services segment will boost the global optical character recognition industry growth in the ensuing years, inefficiency of software in recognizing handwritten information acts as a major challenge.
 

Based on type, worldwide optical character recognition market is segmented into software and services. Speaking of end user spectrum, the industry is bifurcated into business to business, and business to consumer. Moving on to vertical outlook, the business sphere is segregated into retail, government, education, BFSI, healthcare, transport & logistics, IT & telecom, manufacturing, and others.
 

From the regional frame of reference, Europe captured majority of the global optical character recognition market share in the past years due to well-developed healthcare infrastructure. Meanwhile, Asia Pacific market is projected to expand rapidly over 2020-2027. Factors such as growing transportation services, increase in disposable incomes of people, and improvement in healthcare infrastructure facilities are bolstering the demand for optical character recognition solutions.
 

Key players influencing global optical character recognition market dynamics are International Business Machines (IBM) Corporation, Adobe Inc., Captricity Inc., Google LLC, ABBYY, Creaceed, Anyline GmbH, CVISION Technologies Inc., ATAPY Software GmbH, and Exper-OCR Inc.