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Global Optical Character Recognition Market to Exhibit 16.04% CAGR by 2028

Triton Market Researchu2019s report states that the optical character recognition market will expand with a CAGR of 16.04% during the forecasted years 2022-2028.

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Global Optical Character Recognition Market to Exhibit 16.04% CAGR by 2028

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  1. Global Optical Character Recognition Market to Exhibit 16.04% CAGR by 2028 TritonMarketResearchpresentstheGlobal Optical Character Recognition MarketsegmentedbyProduct(Software,Service),Operation(B2B,B2C),Vertical(BFSI,Transport&Logistics,Healthcare,Government,Education,IT&Telecom,Manufacturing,Retail,Others),andGeography(NorthAmerica,LatinAmerica,Asia-Pacific,theMiddleEastandAfrica,andEurope). ItfurtherdiscussestheMarketSummary,IndustryOutlook,ImpactofCOVID-19,KeyInsights,Porter’sFiveForcesModel,MarketAttractivenessIndex,VendorScorecard,IndustryComponents,KeyMarketStrategies,Drivers,Challenges,Opportunities,CompetitiveLandscape,ResearchMethodology&Scope,GlobalMarketSize,Forecasts&Analysis(2022-2028). TritonMarketResearch’sreportstatesthattheopticalcharacterrecognitionmarketwillexpandwithaCAGRof16.04%duringtheforecastedyears2022-2028. Requestfreesample: https://www.tritonmarketresearch.com/reports/optical-character-recognition-market#request-free-sample TheintegrationofOCRwithtechnologiessuchasroboticprocessautomationandartificialintelligenceescalatesthedemandforopticalcharacterrecognition(OCR).OCRsallowuserstoconvertdifferenttypesofdocumentsandimagesintoaneditableformat.Moreover,thegrowingneedforpaperlessdocumentation,alongwiththeimprovedcustomersupportbytheapp

  2. developers,addstotheoveralldemandforOCRs.Additionally,thistechnologyoffersprotectionfromonlinetheft,cybercrime,andmalwarefunctioning,aidinginthegrowthoftheopticalcharacterrecognitionmarket.developers,addstotheoveralldemandforOCRs.Additionally,thistechnologyoffersprotectionfromonlinetheft,cybercrime,andmalwarefunctioning,aidinginthegrowthoftheopticalcharacterrecognitionmarket. Ontheotherhand,themarket’sgrowthisrestrainedduetolimitationsindeliveringaccurateoutput.Thoughtechnologyisevolving,itstillhasitsdemerits.Forinstance,documentscontainingfuzzy,noisy,oruncleartextarenotscannedaccuratelywithOCRs.Likewise,theydonotproduceaccurateoutputsfromdocumentswithcreases. TheAsia-Pacificisexpectedtowitnessthefastestgrowthovertheforecastperiod.ThegrowthisattributedtotheincreasinginvestmentsinAIandassociatedtechnologiesalongsidetheemergingtechnologysector.Additionally,manystartupsarecontributingtothegrowingdemandforOCRs.Forinstance,AIMMO,aKoreanAI-basedfirm,obtaineda$12millionSeriesAFundraisingroundtoexpanditstechnologyandbusinessinternationallyindatalabeling. Therefore,thesefactorsaugmentthegrowthoftheopticalcharacterrecognitionmarket. ThetopplayersintheopticalcharacterrecognitionmarketincludeAnylineGmbH,IBM,CaptricityInc(AcquiredbySS&C),GoogleLLC,IrisGroupSA,ExpervisionInc,Creaceed,LeadTechnologies,AdobeSystemsInc,MicrosoftCorporation,Abbyy,NuanceCommunicationsInc,FoxitSoftwareInc,andIntSigInformationCoLtd. Thereiscut-throatcompetitioninthemarketowingtothepresenceofseveralsmallandlargevendorsandheavyinvestmentfundinginOCRstartups.Moreover,thethreatofsubstitutesinthemarketislowbecauseoftheabsenceofinternalandexternalsubstitutesoftechnology.Asaresult,itbecomesdifficultforcustomerstoswitchtootherproducts. ContactUs: sales@tritonmarketresearch.comPhone:+447441911839

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