Optical character recognition (OCR) technology has been around for quite some time now, and it is quickly becoming an innovative and accurate solution for digitization and document scanning. OCR software technology has the ability to turn any device into a portable scanner that converts paper-based documents like scanned paper, PDF files, and even images shot using a digital camera into searchable and editable data. OCR Software is especially beneficial for companies as it is a great way to make any information available to them with just one click of a button.
The real question is how OCR is changing the corporate sector
According to research by the Association for Information and Image Management (AIIM), the use of OCR software is expected to grow dramatically over the next few years. Many companies have already started to take advantage of this technology by digitizing their records and converting them into digital files that are accessible anytime and anywhere through cloud technology and mobile devices. This way, they can significantly reduce the time and effort needed to process and manage important documents and keep their employees productive and efficient.
IS OCR THE FUTURE OF THE CORPORATE SECTOR?
As per the survey mentioned above, 56% of respondents already use some form of OCR software in their organization, while nearly 40% are planning to implement an OCR solution shortly. This indicates that this emerging technology is gradually gaining popularity among enterprises of all sizes due to its numerous benefits. When it comes to the benefits of OCR software, the list is quite long and includes increased productivity and efficiency, improved workflow management, increased security and reliability, and better customer experience. Companies can use OCR software to improve the way they operate and become more competitive in the marketplace. By digitizing all their documents and automating routine business processes, they can reduce operational costs and achieve higher productivity levels.
What does the future hold for OCR?
Several things have started happening with the adoption of OCR technology in the corporate sector in recent years. According to Global Market Insights, Inc., the global market for OCR technologies is expected to expand at a CAGR of around 16% over the next four years. The global OCR market is expected to be worth around $39,655 million by 2030. According to the report, North America is currently the largest market for OCR technologies, accounting for over 30% of the market in 2018. The APAC region is expected to set the record for the highest growth rate over the next five years.
According to the Dallas Business Journal, one of the key factors driving the growth of this market is the growing adoption of advanced technologies such as loT, Big Data, Artificial Intelligence, and machine learning. They are being used in the healthcare and manufacturing industries to streamline business processes and increase operational efficiency.
Key Players in the OCR Market
According to the research report “Optical Character Recognition Technology Industry Market Research Report recently published by MarketsandMarkets, the following are the major players in the OCR industry: ABBYY Software: Digital Genius Technologies; Google LLC: HP Development Company: Honeywell International Inc: IBM Corporation: Microsoft Corporation: Nuance Communications: Philips: Ricoh Company Ltd: Samsung Electronics Co. Ltd.: Unisys Corporation: Xerox Corporation: Apple Computer Inc: Konica Minolta Co.
In the end, it can be said that the use of OCR technologies in the corporate sector is growing at a rapid pace. Their use can help organizations streamline business operations, reduce costs and improve employee productivity. However, OCR still has some limitations and challenges that need to be overcome before this technology becomes ubiquitous.
