Optical Character Recognition: Technology Fuels Market Prospects
The optical character recognition software solutions are gaining momentum as they provide cutting-edge features that help address formatting and typography issues. It allows users to convert different types of documents and images into an editable format. According to our estimates, the optical character recognition market is expected to surge at a CAGR of 16.04% over the forecast years 2022-2028 . Technological advancement has created unidentified opportunities for businesses to digitize their work process and increase productivity. Companies across various industries are adopting OCR technology integrated with robotic process automation and artificial intelligence. For instance, Microsoft Corp acquired Nuance Communications Inc, a leader in conversational AI and ambient intelligence . However, the limitations in delivering accurate output and inaccuracy in recognizing handwritten material impede the market’s development. Segments S...