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I am a beginner and am confused which method should i use to extract text from image for using it in my project?

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This depends on the nature of the input image (expected location and font types of the text, size, light conditions, and so on....).

Try adaptative thresholding of image, and then give tesseract-ocr a try on it.

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If you want to dig into details, read this

interesting paper on TIE (Text information extraction )

Rilke Petrosky
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