Do you know that human beings produce 2.5 quintillion bytes of data every single day? Over time, this number is increasing at a swift pace. According to an estimation, human beings will tend to produce 463 extra bytes of data by the year 2025.
In this modern age of technological progressions, the whole world is accommodated with digital innovations. Just look around, everything you see is digitized. Manual operations are eliminated to prevent human errors. Artificial intelligence along with machine learning algorithms are evolving with the speed of light. Noticeable growth is observed in artificial intelligence algorithms especially after the pandemic of COVID-19. In 2021, artificial intelligence utilization will create a business value of $2.9 trillion along with 6.2 billion hours of work productivity.
Considering this progressing technology, the acquisition of OCR applications is becoming a new normal. OCR technology is facilitating humans living in the best way possible and plays a crucial role when it boils down to the enhancement of data accessibility and file security. In 2020, the market size of optical character recognition technology was USD 7.46 billion. According to the prediction of numerous scientists and analysts, the market size will tend to grow simultaneously with tech innovations.
Optical character recognition (OCR) technology converts paper-based documents into digitized documents with a high rate of accuracy, efficiency, and effectiveness. Optical character recognition technology is acquired by numerous sectors for the prevention of authorized access, illicit money transfers, and fraudulent activities. With the assistance of OCR services, user information is accessible with just one click. The technology is very versatile in that it is available even on mobile phones and with the passage of time, mobile OCR is becoming a new normal.
Let us have a look at the following most important and promising OCR applications.
Fraudulent activities are increasing in health sectors especially during the pandemic of COVID-19. OCR processes and their innovative character readability operations prove to be highly beneficial in health sectors. Medical providers can have easy access to the medical record of patients. The concept of taking manually written documents and then converting them into a digital format is utilized for enterprise business intelligence would be a novel proficiency. Sectors all across the globe are preferring digitized documents with the evolution in the acquisition of OCR technology.
With the assistance of OCR processes, the following document types can be effortlessly digitized:
- Lab notes from the clinical trials as well as other experiments.
- Patient trial documents.
- Patient reports possess medical records and other clinical data.
- Prescription receipts and slips which can be utilized for patient verification
Financial infrastructures are something that faces an immense amount of illicit money transfers, identity theft, chargebacks, and money laundering activities. There is a dire need for banking sectors all across the globe to enhance their security protocols and this is possible with the assistance of OCR technology. More sophisticated and smart hackers are progressing these days. OCR technology enhances risk assessment, customer experience, and security protocols.
There is no sector left across the earth in which OCR processes are not incorporated. Illicit activities are also encountered in the travel industry. Considering that fact, numerous airports as well as travel applications utilized OCR solutions for the enhancement of security protocols and also for data storage purposes. Acquisition of OCR technology decreases human error because OCR services are highly accurate and efficient. From check-in processes to hotel booking, everything is possible because of OCR technology without the occurrence of any illegitimate activity.
OCR solutions and services are facilitated in numerous ways. OCR technology plays a pivotal role in providing customer satisfaction and productivity enhancement. Also, optical character recognition technology assists manufacturers to enhance the tracking of food and beverage processes, from raw material to a fully packed product.
Below are some common applications of OCR technology in the food and beverage manufacturing process.
- Batch verification and lot code
- Automate warehouse
- Shipping data management
- Product returns and customer credits
- Expiration date verification
Without a doubt, OCR document scanner technology with the synchronization of innovative artificial intelligence and machine learning algorithms leaves a promising impact on business. OCR technology enhances searchability, data accessibility, and usability. Moreover, with the help of OCR screening, businesses can develop a transparent relationship with clients. Modern OCR scanner apps provide a top-notch translation in numerous languages for the enhancement of security protocols. Hence the acquisition of OCR processes is mandatory for financial infrastructures for the prevention of illicit activities and unauthorized access.