Handwriting Recognition (HWR) Market by Type (Online, Offline) by End-user (Registry Forms, Automotive, Education, Literature and Cultural Heritage, Enterprise and Field Services, Healthcare and Others) - Growth, Future Prospects And Competitive Analysis, 2015 - 2027
Handwriting Recognition (HWR) is becoming increasingly important in order to identify and interpret input offered from various sources to computer. Image or scanned documents are considered as offline while movements of pen tip written is considered as online. A Handwriting Recognition (HWR) is very critical in proper segmentation of characters, to handle formatting and to identify most difficult word. Global Handwriting Recognition (HWR) market was valued at over 1,340.37 million in 2020 and expected to generate cumulative growth opportunity valued at over USD 4,291.27 million during the forecast period. Global Handwriting Recognition (HWR) industry is expected to post lucrative CAGR of over 16.97%.
Interesting Facts of Handwriting Recognition (HWR)
Demand for Handwriting Recognition (HWR) is highest in North America among all regions with over 35% share in 2020
Legal documents and cultural heritage are most important applications for Handwriting Recognition (HWR) tool
Offline segment held over 65% share in 2020
Registry forms generated revenue of over USD 250 million in 2020
Increasing demand in legal and cultural sector
Handwriting recognition is very important aspect of various legal and financial registry forms. Moreover, it is very helpful for the researchers of cultural heritage. Handwriting varies drastically from person to person. It becomes very critical to correctly understand the handwriting in aforementioned cases. Handwriting recognition is very important tool for correct understanding of handwriting in both registry forms and cultural heritage documents.
Rapid Pace Digitalization
Handwriting recognition tool facilitate the user to identify, interpret and read the most difficult words. With growing pace of digitalization of documents in every sector i.e., finance, legal, government, education, etc. there is increasing need for the Handwriting Recognition (HWR) tool across these sectors. Digitalization offers many benefits of handling documents such as it requires less storage space, it can be accessed easily and anytime, handling can be smooth, etc. Handwriting Recognition (HWR) translate all electronic words in a text document format and makes it easier for the prospective readers to interpret the same. Secondly, there huge handwritten historical content available across the world which carries significant cultural value in the respective region. In order to preserve such literature, it very important to convert them into digital format. This in turn driving the growth of handwriting recognition industry.
Handwriting Recognition (HWR) will be Reigned by North America
Global Handwriting Recognition (HWR) market growth is mainly driven by the strong demand from North America. North America held over 35% share in total revenue garnered by the global Handwriting Recognition (HWR) industry in 2020. Strong demand for Handwriting Recognition (HWR) in the region can be attributed to the deep penetration of digitalization of economy and documentation in every aspect of daily life. Presence of large legal firms, financials institutes, wide spread network of digitalized educational institutes, and widespread adoption of advanced technology in the region has been remained major growth driving force for the global Handwriting Recognition (HWR) market.
Innovative Product Offering is Major Growth Strategy Adopted by the Key Players
MyScript, Nuance Communications, Inc., SELVAS AI, Inc., Hanwang Technology Co., Ltd., Paragon Software Group, PhatWare Corporation, SinoVoice (Beijing Jietong Huasheng Technology Co. Ltd.) and Sciometrics, LLC are major players operating in the global Handwriting Recognition (HWR) market. Amid growing competition, key players have focused on to win the market competition by bringing innovative new products into the market. New product launch has been perused as most popular market growth strategy by the prominent companies operating into the global Handwriting Recognition (HWR) market.
Frequently asked questions about global industry
COVID 19 had negative impact on Handwriting Recognition (HWR) market in 2020. Owing to restriction on people and limited presence of employee in offices, the demand for Handwriting Recognition (HWR) reported decline of around 12.71% in 2020
North America is major production region with owing presence of large number of financial, educational, research and education institutes in the region and high rate of digitalization in the region
High cost of Handwriting Recognition (HWR) tool to be remain major factors holding back the growth of this industry
Offline segment held over two third share in total revenue generated by the global Handwriting Recognition (HWR) industry
Registry forms is one of the leading application market for global Handwriting Recognition (HWR) market
