24 August 2022
Douglas Insights has expanded its comparison engine with Handwriting Recognition (HWR) Market research reports, allowing market researchers, analysts, industry experts, and businesses to identify market trends and drivers of growth and limitations, obstacles, and predictions. Douglas Insights is the world's first comparison engine for market research reports. With access to the most comprehensive range of private and public market reports, the digital tool lets researchers compare various reports by Publisher Rating, Table of Contents, Date of Publication, and Price.
Handwriting Recognition (HWR) is a process that involves taking handwritten text from different sources such as pictures, documents, and other devices and converting it into machine-readable text. This unique technology allows for online handwriting recognition and offline handwriting recognition. Handwriting Recognition is widely used by government enterprises and businesses which are still reliant upon physical files and documents.
The Handwriting Recognition (HWR) Market has experienced a moderate growth rate in the past few years and is expected to grow at a CAGR of 15 between 2020 and 2028. COVID-19 significantly impacted the Handwriting Recognition (HWR) Market since governments across the world imposed strict lockdowns. Thus, the absence of employees across all industries resulted in a drastic fall in the usage of Handwriting Recognition tools. However, since businesses are now up and running due to eased COVID-19 restrictions, the Handwriting Recognition market is projected to flourish in the upcoming years.
The rising demand for Handwriting Recognition by government and corporate set-ups that face significant issues while storing old documents and converting them into digital files is one of the primary factors fueling the growth of this market. Digital data allows for ease of storage, access, and dissemination compared to physical data, which is hard to manage and keep track of.
Additionally, the automotive industry is also increasingly adopting Handwriting Recognition, further increasing its demand and scope. Moreover, Handwriting Recognition helps different organizations decode complex languages such as Chinese and Korean. Healthcare and BSFI industries often employ Handwriting Recognition to produce and store digital records of invoices, cheques, and other essential documents. Handwriting Recognition offers many benefits to enterprises, including faster input of data in computers compared to manual entering, elimination of manual errors, reduced cost of digitizing documents, and enhanced data manageability, further propelling its demand across various industries.
Moreover, another significant market driver in the Handwriting Recognition (HWR) market is the increasing demand for digital note-taking and the concept of going 100% paperless across government and corporate sector enterprises to save costs and improve data management. To cater to this increased demand across different industries, Handwriting Recognition technology providers are increasing research and development efforts in this market which is likely to create further growth opportunities.
Key global players in the Handwriting Recognition (HWR) Market include MyScript, SELVAS AI, Hanwang Technology, SinoVoice (Beijing Jietong Huasheng Technology Co., Ltd.), PhatWare Corporation, Sciometrics, LLC, Nuance Communications, Inc., and Paragon Software Group.
The Handwriting Recognition Market encompasses North America, Europe, Asia-Pacific, Latin America, and the Middle East, with North America taking the lead with a market share of 35% in 2020. The strong demand for Handwriting Recognition is due to an increasing trend of digitization and documentation across all sectors. Moreover, there has also been widespread adoption of advanced technologies in this region, which is why North America is likely to maintain its dominant position in the global Handwriting Recognition Market. To win the market competition and maintain their position, these key players are continuously working to introduce innovative handwriting recognition tools, making new products launch the most popular market growth strategy in the handwriting recognition market.
However, there are limitations in the Handwriting Recognition Algorithms, which may restrict the demand for Handwriting Recognition tools. Moreover, the high cost of Handwriting Recognition tools is one of the main challenges hindering the growth of the Handwriting Recognition Market.
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