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Procurement Market Intelligence Report

Optical Character Recognition Systems
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Optical Character Recognition Systems?

What is the average price of Optical Character Recognition Systems?

This procurement report includes pricing information to help you purchase Optical Character Recognition Systems. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Optical Character Recognition Systems been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Optical Character Recognition Systems yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Optical Character Recognition Systems?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Optical Character Recognition Systems with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase Optical Character Recognition Systems?

In total, there are about 21,500 suppliers of OCR software in 2018. ProcurementIQ estimates that the top four OCR software companies generate over 50.0% of market revenue, signifying a high level of market share concentration. Among the largest players in the US market are Nuance Communications, IRIS, Newsoft Technology and... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Customer & Technical Support

What are the hours of operation for customer inquiries, and do you offer 24/7 technical support?

Do you offer any follow-up training that focuses on optimizing OCR software use?

How quickly can you be available if on-site technical support is required?

How do you track customer satisfaction, and do you have client references I can review?

Licensing

Are your software licenses issued on a per-user or volume basis?

How many licenses must I purchase before transitioning into an enterprise solution?

How long do enterprise solutions take to implement?

Do suppliers need direct access to all locations where OCR software will be used, or can they help set up software remotely?

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Key elements for every RFP

What should my Optical Character Recognition Systems RFP include?

Project Budget

Buyers should specify their budget for purchasing OCR software.

Buyers should specify their preferred terms for invoicing and payment.

Buyers should explain whether they wish to bundle any other software solutions with their purchase of OCR software to achieve a discount.

Buyers can reference the Benchmark Price section of this report to verify that they are receiving a competitive price for their software purchase.

Buyers can reference the Buying-Decision Scorecard section of this report for additional selection criteria.

Selection Criteria

Buyers should evaluate providers based on whether their OCR software meets the requested technical specifications.

Buyers should consider the usability of the OCR software during the evaluation process.

Buyers should evaluate the quality of providers’ timeliness, experience and customer and technical support.

Project Schedule

Buyers should specify the final date by which proposals must be submitted for consideration.

Buyers should include the date by which they expect the OCR software to be implemented.

Buyers should provide the date when vendors will be notified about contract awards.

Buyers should indicate the date by which they expect demos to occur, if applicable.

Evaluate major factors to mitigate risk

How risky is the Optical Character Recognition Systems supply chain?

The supply chain for OCR systems exhibits low risk for supply disruption or falling demand from downstream buyers. Developers of OCR software are not dependent on volatile inputs that could disrupt the supply chain because the development inputs themselves are not at risk of experiencing supply shortages or sharp price... Subscribe to learn more.

HIGH

MEDIUM

LOW