Optical Character Recognition Market to Set a CAGR of 15.2% by 2030

Tmrtech11 Oct, 2022Technology

The global optical character recognition market is anticipated to expand at a CAGR of ~15% during the forecast period 2020 to 2030, and was valued at ~US$ 70 Mn in 2019 with volume of 15,457 thousand units in 2019 Optical character recognition (OCR) is a technology that allows conversion of different types of documents such as images captured by a digital camera, scanned paper documents, or PDF files into searchable and editable data. This involves scanning the photo of each character of the text one by one, analysis of the scanned image, and transformation of the character image into codes, such as ASCII character code, which is generally used in processing data. Thus, OCR software converts a scanned image to text. When a page is scanned, it is commonly stored as a bit-mapped file in TIF (Tag Image File) format.