October 18, 2021

Handwriting Recognition (HWR) Market is Expected to Reach US$ 4,478.0 Mn By 2028

3 min read

According to a new market research report published by Acute Market Reports “Handwriting Recognition (HWR) Market (By Type – Online and Offline; By Application: Automotive; Education and Literature; Enterprise and Field Services; Healthcare and Others) – Growth, Future Prospects, Competitive Analysis and Forecast 2020 – 2028”, the global handwriting recognition (HWR) market was valued at US$ 1,563.8 Mn in 2019 and is expected to grow at a CAGR of 12.4% during 2020 to 2028.

The complete report is available at https://www.acutemarketreports.com/report/handwriting-recognition-hwr-market

Market Insights:

The handwriting recognition (HWR) market has been majorly driven by increasing applications in the fields of automotive, education, healthcare, and various field services. The technology is designed to read handwritten articles/symbols and convert them to machine-readable text. The market growth is primarily governed by the corporate and government enterprises sector. Document management is one of the major concerns across different enterprises. Handwriting recognition helps in effective digital storage of documents, thereby fueling the market penetration. Additionally, the growing application of handwriting recognition in automotive infotainment systems is another major factor fueling the market growth. The expanding application area is expected to provide a substantial push to market growth during the forecast period from 2020 to 2028. 

Competitive Insights:

High competition is experienced among the major players of the handwriting recognition (HWR) system. Due to constant technological improvement, advanced software and compatible hardware companies are facing cut-throat competition to remain dominant in the market. The survival of the market leaders does not depend upon the size of the company but on their efforts towards service enhancement so as to address the changing regulations and economic conditions in the global market. The key players in the handwriting recognition (HWR) system market include 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. 

Key Trends:

  • Increasing adoption in the automotive industry to offer enhanced control over infotainment systems
  • Continued demand for offline handwriting recognition especially in the education and literature end-use segment
  • Companies engaged in the inclusion of a wide range of languages to expand their consumer base

 

Key questions answered in this report

  • What are the current market trends and dynamics in the handwriting recognition hwr market and valuable opportunities for emerging players?
  • Estimated forecast and market projections up to 2029
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which is the largest regional market for handwriting recognition hwr?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • The worldwide market value of the handwriting recognition hwr market in 2019 and 2020
  • Which are the key trends driving the global handwriting recognition hwr market growth?
  • Who are the leading service providers in the handwriting recognition hwr market worldwide?

About Acute Market Reports

Acute Market Reports is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.

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