![]() The emergence of new technologies such as computer vision, machine learning, and artificial intelligence is unfolding new opportunities for industry growth. ![]() Optical Character Recognition Market Report HighlightsĪ significant increase in investment for the advancement of OCR in startup companies is expected to remain one of the key driving factors. It would scale their business and enhance the products. This acquisition would also help B2B organizations convert and manage their sales leads with the help of AI technologies like NLP, OCR ML, and other AI technologies. For instance, in January 2022, 6Sense, an AI-driven sales and marketing platform, acquired Saleswhale, a Singapore-based company. The market vendors are pursuing various strategic initiatives to gain a competitive edge in the market. The OCR market can be described as a highly competitive market. The bank card can be utilized in various ways, including mobile SDKs and deployments. It can meet the financial industry's mobile payment requirements. ![]() For instance, Sinosecu Bank, a commercial bank in China, developed a Sinosecu bank Card, OCR SDK, an OCR recognition technology. Furthermore, increasing penetration of optical character recognition in banks and financial institutions has bolstered the market growth for B2B end users. This, in turn, helps reduce costs of processing documents and increase efficiency within the organization. These advanced technologies also help to address inaccuracies that occur in OCR, thereby providing streamlined fault management. The integration of artificial intelligence with optical character recognition has helped companies in leveraging technological capabilities of artificial intelligence such as deep learning and multi-level analysis for the more efficient processing of documents, texts, and other data in a way similar to that of humans. OCR solutions are integrated with various technologies such as robotic process automation and Artificial Intelligence (AI) to enhance their capabilities. Since data is a critical element for an organization, adopting technologies such as optical character recognition (OCR), which enables users to convert text data in different types of documents and images into editable or accessible formats, has increased.
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