Global Optical Character Recognition Market Size & Outlook
Global optical character recognition market, 2018-2030 (US$M)
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Global optical character recognition market highlights
- The global optical character recognition market generated a revenue of USD 12,557.9 million in 2023 and is expected to reach USD 32,902.5 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 14.8% by 2030.
- In terms of segment, software accounted for a revenue of USD 10,261.8 million in 2023.
- Services is the most lucrative type segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 12,557.9 million |
| Market revenue in 2030 | USD 32,902.5 million |
| Growth rate | 14.8% (CAGR from 2023 to 2030) |
| Largest segment | Software |
| Fastest growing segment | Services |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Software, Services |
Other key industry trends
- In terms of revenue, the North America accounted for 37.9% of the global optical character recognition market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Mexico is the fastest growing regional market and is projected to reach USD 1,482.4 million by 2030.
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Optical Character Recognition Market Scope
Optical Character Recognition Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global optical character recognition market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to optical character recognition market will help companies and investors design strategic landscapes.
Software was the largest segment with a revenue share of 81.72% in 2023. Horizon Databook has segmented the Global optical character recognition market based on software, services covering the revenue growth of each sub-segment from 2018 to 2030.
The optical character recognition technology allows converting the text in images and videos into an editable form. OCR is finding applications in several industries. For instance, in December 2021, Mindee. an AI-driven platform introduces Mindee's doctor with OCR capabilities which goes beyond the text elements and provides encoded information in a visual form which includes logos, barcodes, IP pictures. In the banking industry, OCR-based applications are being used to scan different types of documents, receipts, and checks and convert all the information into an editable format.
For instance, in February 2022, Samba Nova launched an NLP (Natural Language Processing) Samba Nova GPT banking to speed the deployments and simplify GPT models in the financial industry. In the healthcare sector, OCR technology is being used to convert handwritten health records, patient records, and other records and create a unified database that is searchable and accessible. OCR technology is also being used for other healthcare-related applications.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global optical character recognition market , including forecasts for subscribers. This global databook contains high-level insights into Global optical character recognition market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global optical character recognition market size, by regions, 2018-2030 (US$M)
Top 10 countries: Optical character recognition market size, 2023 (US$M)
Global optical character recognition market share, by type, 2023 & 2030 (%, US$M)
Optical character recognition market: Opportunity assessment by country
Global optical character recognition market, by region, 2023 (US$M)
| Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 2,107.7 | 2,452.8 | 2,916.2 | 3,455.1 | 4,066.3 | 4,754.9 | 5,521.0 | 6,359.4 | 7,260.0 | 8,209.0 | 9,237.6 | 10,331.7 | 11,506.5 | 13.5% |
| Europe | 1,500.5 | 1,754.7 | 2,096.6 | 2,496.4 | 2,952.9 | 3,470.9 | 4,051.3 | 4,691.5 | 5,385.1 | 6,122.7 | 6,921.4 | 7,787.2 | 8,721.4 | 14.1% |
| Asia Pacific | 1,083.6 | 1,308.6 | 1,613.5 | 1,981.4 | 2,415.8 | 2,925.2 | 3,515.5 | 4,189.6 | 4,946.7 | 5,782.6 | 6,722.3 | 7,768.6 | 8,935.6 | 17.3% |
| Latin America | 392.4 | 463.3 | 558.8 | 671.8 | 802.4 | 952.2 | 1,122.3 | 1,312.2 | 1,520.9 | 1,746.1 | 1,993.3 | 2,264.6 | 2,561.2 | 15.2% |
| MEA | 192.3 | 225.9 | 271.0 | 324.1 | 385.1 | 454.6 | 533.0 | 619.9 | 714.8 | 816.4 | 926.1 | 1,047.0 | 1,177.8 | 14.6% |
| Overall | 5,276.5 | 6,205.2 | 7,456.1 | 8,928.7 | 10,622.5 | 12,557.9 | 14,743.0 | 17,172.6 | 19,827.5 | 22,676.7 | 25,800.7 | 29,199.1 | 32,902.5 | 14.8% |
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