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 2023 - 2030”, the global handwriting recognition (HWR) market is expected to grow at a CAGR of 12.4% during 2023 to 2030.
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 2023 to 2030.
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.
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