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 to identify and interpret input offered from various sources to the computer. The image of scanned documents is considered offline, while movements of pen tip written are viewed online. Handwriting Recognition (HWR) is critical in adequately segmenting characters, handling formatting, and identifying the most challenging word. The global Handwriting Recognition (HWR) market was valued at over 1,340.37 million in 2020 and is expected to generate a cumulative growth opportunity valued at over USD 4,291.27 million during the forecast period. The global Handwriting Recognition (HWR) industry is expected to post a 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 the most critical applications for the Handwriting Recognition (HWR) tool
The offline segment held over 65% share in 2020
Registry forms generated revenue of over USD 250 million in 2020
Increasing demand in the legal and cultural sector
Handwriting recognition is an essential aspect of various legal and financial registry forms. Moreover, it is beneficial for the researchers of cultural heritage. Handwriting varies drastically from person to person. Therefore, it becomes critical to understand handwriting in the aforementioned cases correctly. Handwriting recognition is essential for correctly understanding handwriting in registry forms and cultural heritage documents.
Rapid Pace Digitalization
The handwriting recognition tool facilitates the user to identify, interpret and read the most difficult words. With the growing pace of digitalizing documents in every sector, i.e., finance, legal, government, education, etc., there is an increasing need for the Handwriting Recognition (HWR) tool across these sectors. Digitalization offers many benefits for handling documents, such as it requires less storage space, it can be accessed quickly and anytime, handling can be smooth, etc. Handwriting Recognition (HWR) translates all electronic words into a text document format, making it easier for prospective readers to interpret them. Secondly, their huge handwritten historical content is available worldwide, which carries significant cultural value in the region. To preserve such literature, it is essential to convert them into digital format. This, in turn, drives the growth of the handwriting recognition industry.
Handwriting Recognition (HWR) will be Reigned by North America.
The strong demand from North America drives global Handwriting Recognition (HWR) market growth. North America held over 35% share of total revenue garnered by the global Handwriting Recognition (HWR) industry in 2020. The strong demand for Handwriting Recognition (HWR) in the region can be attributed to the deep penetration of digitalization of the economy and documentation in every aspect of daily life. In addition, large legal firms, financial institutes, a comprehensive network of digitalized educational institutes, and widespread adoption of advanced technology in the region have remained a significant 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 significant players operating in the global Handwriting Recognition (HWR) market. Amid growing competition, key players have focused on winning the market by bringing innovative new products into the market. As a result, a new product launch has been perused as the most popular market growth strategy by prominent companies operating in the global Handwriting Recognition (HWR) market.
Frequently Asked Questions
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
