According to a recent market study published by Growth Market Reports, titled, “Global Handwriting Recognition (HWR) Market” by Component, by Technology, by Industry, by End-user and by Region: Size, Share, trends and opportunity Analysis, 2016-2031”, the market was valued at USD XX Million in 2022 and is expected to grow at a growth rate of XX% by the year 2031.

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As per Growth Market Reports industry analyst Divjot Singh, “Global Handwriting Recognition (HWR) Market” is anticipated to witness significant growth during the forecast period 2023-2031.

Handwriting recognition (HWR) or optical character recognition (OCR) refers to a computer or mobile device's capacity to receive and analyze handwritten input. The inputs come from offline sources such as photographs and paper documents or online sources such as the movement of digital pens on a touchscreen display/surface.

Numerous advantages of handwriting recognition include fast data entry, improved data storage, and advanced security. Moreover, many approaches and methodologies, including feature extraction, neural networks, convolutional networks, and recurrent neural networks, are used to recognize handwriting. Furthermore, these techniques seek to identify visual prompts in the handwritten text and associate them with the appropriate characters or phrases.

The value chain describes the entire set of activities that are required to bring a product or service from conception through various phases including physical transformation and the input of various producer services that will deliver to the final customers.

Handwriting Recognition systems are delivered as customized solution catering to the client requirement. Furthermore, quality checks are performed throughout the standard process by system developers to ensure the quality of the product. The products are then directly sold to the customers.

The primary as well as secondary research methodology is used for keen observation and study of the Global Handwriting Recognition (HWR) Market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Primary interviews were conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry.

On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape.

Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data referred to obtain and validate the market estimations, budget, expenditure and other statistical insights.

COVID-19 has slightly negatively impacted the market due to the decrease in demand of Handwriting Recognition (HWR) from end use industry. The outbreak of COVID-19 significantly affected many industries, including automotive, electronics, and others. Business and manufacturing units across various countries were closed, owing to an increase in the number of COVID-19 cases.

The global Handwriting Recognition (HWR) market has experienced mixed impacts from the COVID-19 pandemic. The pandemic has caused disruptions in global supply chains and manufacturing operations, leading to production delays for Handwriting Recognition (HWR). Additionally, reduced consumer spending due to job losses, pay cuts, and economic uncertainty has resulted in a decrease in demand for non-essential items, including Handwriting Recognition (HWR).

Key Takeaways from the Study:

  • The players include ABBYY, Abto Software, Adobe, Amazon Web Services Inc., Esker, Foxit Software Incorporated, IBM, Kofax Inc., Mathpix, Microsoft, MyScript, Nano Net Technologies Inc., Shufti Pro.

  • Based on component, the global Handwriting Recognition (HWR) market is segmented into software and services. The service segment is expected to grow at a rapid pace. As the use of handwriting recognition technology develops, service providers have started providing consulting and implementation services to help organizations through the technology adoption process. Handwriting recognition systems require ongoing maintenance and upgrades to stay up-to-date with the newest advances in machine learning and AI. For easier access and more cost-effective storage, various organizations can easily digitize handwritten forms provided by their clients.

  • Based on technology, the Handwriting Recognition (HWR) market is segmented into offline handwriting recognition and online handwriting recognition. The offline handwriting recognition segment is anticipated to expand at a significant CAGR during the forecast period, due to its accuracy and customization features. Offline handwriting recognition algorithms are being enhanced to improve accuracy and provide more customization options. Users can train the recognition algorithms to recognize their own handwriting style, resulting in more accurate transcriptions.

  • Based on industry, the global Handwriting Recognition (HWR) market is categorized into education and literature, healthcare, BFSI, government, others. The BFSI segment is expected to hold a significant market share during the forecast period. The use of HWR or OCR helps in optimizing performance, and automating time-consuming procedures for financial services. Furthermore, it helps in document scanning, credit card scanning, and data entry by transforming all data into a format that a computer can recognize and understand. For example, Citigroup Inc., a banking and financial services company based in the United States, employs Appzillon's banking solution to improve process efficiency in corporate banking solutions. Thus, all these factors are boosting the demand for the product in the banking industry.

  • Based on end-user, the Handwriting Recognition (HWR) market is segmented into individuals and agencies. The agencies segment is projected to expand at a significant CAGR during the forecast period due to the agencies frequently require data entry and handwritten forms, surveys and questionaries. Handwriting recognition software automates this process by minimizing manual work while enhancing accuracy.

  • Based on region, the Handwriting Recognition (HWR) market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region. The North America is expected to grow at a rapid pace during the forecast period. The players in the United States, as well as the early adoption of new technology in businesses and increased investment in R&D by vendors of handwriting recognition software. Moreover, deep learning algorithms, cloud-based solutions, and mobile applications have all been fueled by technical breakthroughs and innovations in the field of HWR.

  • The growth of the market in the Canada is attributed to the growing need for improved handwriting recognition technology by government and education sector. The Canadian government and companies have been actively seeking digital transformation projects, which has resulted in an increase in demand for handwriting recognition platforms. In Canadian educational institutions, handwriting recognition technology is used to digitize handwritten assignments and assessments.

Report Scope:

Report Metric

Details

Market Value in 2022

USD XX Million

Market Growth Rate

XX%

Historical Data

2016-2021

Base Year

2022

Forecast Period

2023-2031

Units Considered

Value (USD Million)

Market Segments

By Component, By Technology, By Industry, By End-user

Key Companies Profiled

ABBYY, Abto Software, Adobe, Amazon Web Services Inc., Esker, Foxit Software Incorporated, IBM, Kofax Inc., Mathpix, Microsoft, MyScript, Nano Net Technologies Inc., Shufti Pro.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

 

Target Audience:

  • Demand Side: Education, Healthcare, BFSI, Government, Others

  • Regulatory Side: Concerned government authorities, and other regulatory bodies.