Global Handwriting Recognition (HWR) Market is Likely to Grow a CAGR of 16.97% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Handwriting Recognition (HWR) Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Handwriting Recognition (HWR) Market generated revenue of around USD 1,340.37 million in 2020 and is anticipated to grow at a CAGR of over 16.97% during the forecast period from 2021 to 2027 to reach around USD 4,291.27 million in 2027.

Global Handwriting Recognition (HWR) Market, 2020 – 2027 (USD Million)

Browse the full report at  Handwriting Recognition (HWR) Market Size, Share, Growth And Forecast 2015-2027 (credenceresearch.com)

Handwriting Recognition (HWR) tools are in great demand around the world on the account of growing digitalization of many industries. Increasing digitalization is widening the applications of Handwriting Recognition (HWR) tools. Historically, legal and financial institutions, cultural research and educational institutes has been remained major end-users of Handwriting Recognition (HWR) tool.

Europe To Be Second Leading Revenue Generating Region

Handwriting Recognition (HWR) is dominated by the North America with largest share in total revenue generation. However, Europe also hold significant position in driving growth of Handwriting Recognition (HWR) with second highest contribution in revenue in 2020. London being hub for the leading financials, legal and educational institutes, resulted into strong demand for Handwriting Recognition (HWR) in England. Moreover, Germany, France, Italy and Spain also occupied prominent position in the Europe Handwriting Recognition (HWR) industry with considerable market share.

Offline Handwriting Recognition (HWR) tool to Dominate the market  

Handwriting Recognition (HWR) can be classified into two major types i.e., offline and online. Offline Handwriting Recognition (HWR) tool held the largest revenue share of over 65% in 2020. However, with growing digitalization, online segment is likely to advance at rapid pace over the years to come.

Registry Forms to Hold Prominent Share

Registry Forms, Automotive, Education, Literature and Cultural Heritage, Enterprise and Field Services and Healthcare and Others are major application markets for the global Handwriting Recognition (HWR) industry. Registry forms accounted for over 15% share in the total revenue generated by the global Handwriting Recognition (HWR) industry in 2020. However, healthcare industry is also predicted to exhibit lucrative growth in demand for Handwriting Recognition (HWR) tool over the forecast period. Legal entities, financial institutions and cultural heritage research are most important end-users of Handwriting Recognition (HWR).

Highly Fragmented Nature of Handwriting Recognition (HWR) market

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 some of the leading players operating in the global Handwriting Recognition (HWR) industry. Most of the companies are primarily focused on to offering new products to their customers. This in turn resulted into frequent new products launch and updates of existing products. Top four players hold just over one fourth share of the total revenue generated by the global Handwriting Recognition (HWR) industry.

Market Segmentation

Global Handwriting Recognition (HWR) Market by Type, 2015 – 2027

  • Online
  • Offline

Global Handwriting Recognition (HWR) Market by End-user, 2015 – 2027

  • Registry Forms
  • Automotive
  • Education, Literature and Cultural Heritage
  • Enterprise and Field Services
  • Healthcare and Others

Global Handwriting Recognition (HWR) Market by Company, 2015 – 2027

  • 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
  • Others