ALBANY, N.Y., April 23, 2021 /PRNewswire/ —
Optical Character Recognition Market: Current and Existing Growth Opportunities
Data is the new oil and plays a significant role in every aspect. The growing use of data in various sectors and the rapidly increasing popularity of digitalization among a considerable number of industries are some of the factors that will influence the growth of the optical character recognition market during the tenure of 2020-2030.
Optical character recognition (OCR) is the process of mechanical or electronic conversion of images of printed, handwritten, or typed text to machine-encoded text. The OCR software pre-processes images which enhance the chances of successful recognition. Precisely, it is a type of technology that makes use of various techniques to process, extract, and recognize the text.
The overall situation of the optical character recognition market projects a healthy growth trajectory. Transparency Market Research (TMR) speculates the optical character recognition market to expand at a CAGR of ~15 percent during the assessment period of 2020-2030. The global optical character recognition market is expected to witness revenue of US$ 70 bn by the end of the forecast period that is 2030.
The growing preference for digitization among numerous companies will help in bringing tremendous growth opportunities for the optical character recognition market. Furthermore, optical character recognition technology helps in enhancing data…