[Click eStock] "Inzisofteu, Benefiting from OCR Market Growth"

ResearchAlum stated on the 14th that Optical Character Recognition (OCR) technology is essential for digitalization and non-face-to-face transformation, and predicted that InjiSoft will benefit from this.

InjiSoft is an image-based solution company possessing artificial intelligence (AI) technology and OCR. Its clients are major domestic financial institutions, to which it supplies image systems that convert paper documents into digital information. It converts various types of documents such as contracts, applications, promissory notes, and identification cards into images, extracts text using OCR technology, and classifies the data.

Choi Seonghwan, a researcher at ResearchAlum, said, "In the fields of finance, legal affairs, taxation, and medical institutions, hundreds of thousands of paper documents are still generated daily," adding, "InjiSoft's image system digitizes the accumulating paper documents daily and allows them to be accessed through simple searches."

He continued, "The global OCR market is expected to show solid growth over the next 10 years," adding, "The worldwide OCR market size will grow from $12.6 billion in 2023 to $32.9 billion in 2030, with a compound annual growth rate of 14.8%."

He emphasized, "OCR is improving in functionality and efficiency as it integrates with AI and machine learning technologies," and "Cloud-based OCR services are driving market growth."

Researcher Choi analyzed, "The fair value of K-Bank, in which InjiSoft has invested, was 11.9 billion KRW (7,425 KRW per share) at the end of 2023," adding, "In the unlisted market, K-Bank is trading at 16,800 KRW per share."