OCR: How to Benefit from an Expanding Market

The OCR Market is Growing

According to a new report by Grand View Research, the OCR (or optical character recognition) market size is expected to reach 13.38 billion dollars by 2025. It is also anticipated to expand at a CAGR of 13.7% from 2019 to 2025.

OCR: Definition & How It Can Benefit You

Definition

Optical character recognition (OCR) is a software technology that enables the conversion of scanned documents into machine-encoded text. The technology makes it possible to convert different types of documents, such as scanned paper documents, PDF files, or images captured by a digital camera into editable and searchable data.

How OCR Can Benefit You

For example, say you would like to share a paper document such as a magazine, brochure, article, or PDF to a colleague via email. One option is that you could use a scanner to share this information. However, a scanner can only create an image of the document. Therefore, if your colleague would like to make edits to the information you sent them – he/she would not be able to with a scanned document. Another option is that you can convert the information from the scanned document into a digital format using a scanner/digital camera and OCR software. With OCR, the text becomes searchable, and edits can be made to change, copy, or anything else that you can regularly do with text.

OCR Methods: Matrix & Feature Extraction

OCR has two methods: matrix matching and feature extraction.

Matrix Matching –

Matrix Matching compares what the OCR software has identified as a character using a library of character templates. When a match is found, the software pairs that image with its corresponding character.

Feature Extraction –

Feature Extraction utilizes computer intelligence to look for general features such as closed shapes, open areas, diagonal lines, line intersections, etc. It provides a more versatile solution, but more requirements are needed for the outcome to be successful (e.g., minimum 300-dpi, straight image).

Why Interest in This Technology Is Rising

With OCR software, searches are faster, editing is easier, and both digital and physical storage space is minimized. The software provides many benefits by turning document images into searchable, editable text – especially because data is a critical element for an organization. Also, with the digitization of work processes and increasing productivity, OCR can transform how a company operates. Read our factsheet to learn more about how OCR technology can benefit your company.

Interested in OCR? We Can Help!

The OCR process from SEAL Systems can bring you benefits, including:

Information in files can be found more quickly because keywords can be searched not only in the DMS, but also directly in the files for relevant terms.
Data exchange in supply chains requires that documents not be managed solely by a DMS. Therefore, the usability of files is greatly increased when you have the ability to enter relevant keywords to rank files.