Click image to view it in full size

This growth insight focuses on the North American optical character recognition (OCR) market. Revenue projections are derived from historical trends, bottom-up analysis of leading vendors, and modeled analysis of the impacts of various drivers and restraints during the forecast period across the North American region. The base year for the study is 2019, with forecasts provided up to 2024. Revenue for the total OCR market was derived as a cumulative sum of revenues recorded by the traditional OCR segment, Artificial Intelligence (AI) OCR segment, and local OCR vendors and homegrown solutions.

Optical character recognition is a technology that allows users to extract text from scanned documents, images, and videos and convert it into a digital format that is more searchable and easy to edit. The market is segmented into traditional OCR and AI OCR. AI OCR leverages Machine Learning-powered AI to contextually capture text and classify it with minimal human input.

From an industry perspective, business and financial services (BFS), government and intelligence (G&I), retail, and healthcare are expected to lead adoption in this segment. Frost & Sullivan also expects growing adoption in education, as managing student records and academic tasks both inside and outside the classroom becomes a greater priority.