Optical Character Recognition Market is Expected to Grow at an Impressive CAGR by 2028

Stratview Research delivers key insights on the Global Optical Character Recognition Market. According to Stratview Research, the market is segmented by Type (Software, Service), Vertical (Retail, BFSI, Government, Education, Transport and Logistics, Healthcare, IT & Telecom, Manufacturing, Others), End-Use (B2B, B2C), and Region (North America, Europe, Asia Pacific & rest of World).

Market Insights

The report suggests that the overall Optical Character Recognition Market was estimated to grow from USD 8.7 billion in 2021 to USD 24.43 billion by 2028 at a CAGR of 15.73% during the forecast period.

Segments Analysis

By Type

The market has been bifurcated into software and service. Under these, the software segment held a significant market share of more than 75% in 2021 & is expected to maintain its dominance during the forecast period. 

By End-Use

The market is segmented into B2B & B2C. The B2B occupied a market share of more than 70% in 2021 & It is anticipated that the B2B segment will experience significant growth during the forecast period.

Regional Analysis

North America held the highest market share of more than 35% in 2021 and is projected to grow at a healthy CAGR during the forecast period.

Key Players

The following are some of the key players in the optical character recognition market:

  • CCi Intelligence Co. Ltd (China)

  • CVSION Technologies Inc. (US)

  • Exper-OCR Inc. (US)

  • Microsoft Corporation (US)

  • NTT Data Corporation (Japan)

  • Paradatec Inc. (US)


The report answers several questions related to the market. The user can get to know the answers to the following questions…

-          What is the global demand for optical character recognition market in terms of revenue?

-          Which are the prominent players in the market?

-          At what CAGR is the market projected to grow within the forecast period?

-          What are the driving factors fuelling the growth of the market?

-          Which region accounted for the largest share in the market?

-          How did the Covid19 impacted the market?

-          How long will it take to recover from the Covid impact?

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