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Research Outline

Prepared for Shelby H. | Delivered July 30, 2020

The OCR Software Development Market Analysis

Goals

The research aims to assess the market sizes of the OCR and mobile scanning software market in the US and globally. Specific goals are market revenues, primary software vendors/developers, and vendor revenues or market shares, among other competitive intelligence information.

Early Findings

  • As part of the automatic identification and data capture market, the global optical character recognition (OCR) product market is expected to reach $12.6 billion by 2025, representing a CAGR of 13.3% between 2019 and 2025. One of the market growth drivers is the demand for identity document verification services.
  • According to the research by ResearchandMarkets, 10 primary OCR technology vendors are IBM Corporation, Microsoft Corporation, Google, Inc., Nuance Communications, Inc., Adobe, Inc., Accusoft Corporation, Ricoh Company Limited, Anyline GmbH, NTT Data Corporation, and LEAD Technologies, Inc. The full report is available for purchase online.
  • Grand View Research has released a similar finding regarding the OCR technology market size. It is expected to reach $13.38 billion in 2025, representing a CAGR of 13.7% between 2019 and 2025. The growth is largely driven by the increasing number of technology startups and the rising demand for OCR across industry verticals, such as retail, banking and healthcare.
  • The North American region took up the largest market share of 39.39% in 2018, which was approximately $2.08 billion ($5.27 billion*0.3939) in revenue. Market demand was largely driven by early adopters among multinational corporations.
  • In addition to the vendors highlighted by ResearchandMarkets, Grand View Research believed that 7 vendors, namely ABBYY; Captricity Inc. (Vidado); CC Intelligence Corporation; Creaceed SPRL; CVISION Technologies Inc.; Exper-OCR, Inc.; and Iris S.A. are also key participants in the market. The full report is available for purchase online.
  • According to BusinessIndustryResports.com, 13 primary OCR software vendors globally are Adobe, ABBYY Software House, Hyland Software, Docuphase, Alfresco, ByteScout, OnlineOCR, CVISION Technologies, MB Mygtukynas, Cognex, FreeOCR, GRM Information Management, and Anyline.
  • With the increasing penetration rate of smartphones, mobile-based OCR software used to scan documents, pictures or ID cards through the cameras on cellphones, is expected to gain traction in the future, along with the trend of moving paper-based documents and medical records online. For example, the scanning of the invoice for goods delivery and extracting unstructured data from various scanned files are expected to be key growth drivers for mobile-based OCR software.
  • Moreover, the trend of integrating OCR with artificial intelligence and robotics process automation technologies are expected to further enhance the accuracy of OCR.
  • There is one report by IBIS, focusing on OCR software developers, available for purchase here.