Market Research Report
Optical Character Recognition
|Published by||Global Industry Analysts, Inc.||Product code||941536|
|Published||Content info||184 Pages
Delivery time: 1-2 business days
|Optical Character Recognition|
|Published: July 1, 2020||Content info: 184 Pages||
Global Optical Character Recognition Market to Reach $27.2 Billion by 2027
Amid the COVID-19 crisis, the global market for Optical Character Recognition estimated at US$10.7 Billion in the year 2020, is projected to reach a revised size of US$27.2 Billion by 2027, growing at aCAGR of 14.2% over the period 2020-2027. Software, one of the segments analyzed in the report, is projected to record 13.6% CAGR and reach US$20.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Service segment is readjusted to a revised 16.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.2 Billion, While China is Forecast to Grow at 13.7% CAGR
The Optical Character Recognition market in the U.S. is estimated at US$3.2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.8 Billion by the year 2027 trailing a CAGR of 13.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.7% and 12.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR.We bring years of research experience to this 5th edition of our report. The 184-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others,