During the five years to 2014, the Optical Character-Recognition Software Developers industry benefited from growing corporate profit and low interest rates, encouraging businesses to invest in cost-saving software such as optical character recognition (OCR). Additionally, over the past five years, industry operators have benefited from the rise of digital workflows and paperless communication. In the five years to 2019, industry revenue is forecast to grow, partly due to the movement of medical records online. However, the industry will likely experience increasing competition from open source software developers, which produce and distribute OCR software at no charge to the end user, posing a threat to the industry.
This industry develops and distributes optical character recognition software, which electronically translates scanned images of handwritten, typewritten or printed text into machine-encoded text. This software is used to convert books and documents into electronic files, to computerize record-keeping systems in offices and to publish text onto websites.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.