Introduction
In this digital-oriented age, technology is advancing in such a way that it is paving the way for information extraction from handwritten documents or scanned images called Optical character recognition (OCR) data extraction. Thankfully, OCR technology has a wide range of applications to automate and enhance business operations. OCR technology allows data extraction from bank statements, product sheets, passports, contracts, receipts, invoices, utility bills, and a variety of other documents.
In 2020, the global OCR market size hit the figure of USD 7.46 billion and it is expected that from 2021 to 2028, the market size will expand at a Compound Annual Growth Rate(CAGR) of 16.7%. No doubt OCR technology performs accurate and reliable data extraction and plays a crucial role in financial infrastructures, insurance claim processing, legal and logistic documentation, but OCR systems cannot perform well with unstructured documents. IDP utilizes numerous AI technologies to pre-process, extract and post-process information to deal with these OCR shortcomings.