Nevertheless it's a crucial problem to solve for multiple industries like healthcare, insurance and banking. The high variance in handwriting styles across people and poor quality of the handwritten text compared to printed text pose significant hurdles in converting it to machine readable text. Although OCR has been considered a solved problem there is one key component of it, Handwriting Recognition or Handwritten Text Recognition(HTR) which is still considered a challenging problem statement. This growth is driven by rapid digitization of business processes using OCR to reduce their labor costs and to save precious man hours. Optical Character Recognition(OCR) market size is expected to be USD 13.38 billion by 2025 with a year on year growth of 13.7 %.
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January 2023
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