Dublin, Dec. 30, 2020 (GLOBE NEWSWIRE) -- The "Handwriting Recognition (HWR) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028" report has been added to ResearchAndMarkets.com's offering.
Handwriting recognition (HWR) refers to a process of converting handwritten text into machine-readable text. The technology is available in two modes viz. online recognition and offline recognition. The overall system comprises hardware as well as software components. In the case of online handwriting recognition, software plays a prime role in recognizing text written on a given device.
Offline handwriting recognition comprises hardware devices such as scanning pen and mini-scanner that are used to read the text written on paper. Handwriting recognition technology plays a crucial role in corporate and government enterprises, as it facilitates document preservation and digital storage. The handwriting recognition software based on an algorithm designed to translate different languages and symbols into machine-readable electronic text.
The most prominent factor fueling the market growth is the rising demand from corporate and government enterprises for effective document management. A substantial amount of government and corporate enterprises still rely upon physical documents and files. Additionally, these organizations face significant challenges in preserving old documents and converting them to electronic media.
Handwriting recognition is proven to be a viable solution for effective document management. Moreover, decoding complex languages such as Chinese (Mandarin), Japanese, Arabic, and Korean is another challenging task for different organizations. Subsequently, handwriting recognition technology has witnessed profound growth over a period of time.
In order to help strategic decision-makers, the report also includes competitive profiling of the leading providers of handwriting recognition (HWR) solutions, market positioning, and key developments.
Some of the major players profiled in the report are MyScript, Hanwang Technology Co., Ltd., Nuance Communications, Inc., Paragon Software Group, SELVAS AI, Inc., PhatWare Corporation, Sciometrics, LLC, and SinoVoice.
Market Dynamics
Market Overview
- Global Handwriting Recognition (HWR) Market Revenue and Growth, 2018 - 2028, (US$ Mn)
- Market Inclination Insights
- Growing efforts towards multilingual recognition
- Periodic upgrades of handwriting recognition software/apps
Market Drivers
- Continued demand from the corporate enterprises and educational sectors
- Growing adoption of handwriting recognition across the automotive industry
Challenges
- Limitations in Handwriting Recognition Algorithms
Competitive Landscape
- Market Positioning of Key Handwriting Recognition (HWR) System Providers
- Leading player's strategies
Companies Mentioned
- MyScript
- Nuance Communications Inc.
- SELVAS AI Inc.
- Hanwang Technology Co. Ltd.
- Paragon Software Group
- PhatWare Corporation
- SinoVoice (Beijing Jietong Huasheng Technology Co. Ltd.)
- Sciometrics LLC.
For more information about this report visit https://www.researchandmarkets.com/r/rk8tun
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