It can not compete with cloud services from Abbyy, Google, OCR.space and others. But it runs locally and is open-source.
It works for sparse text on images, and for that specific use case it is better than Tesseract.
I have Abby installed locally as well. I don't use it's cloud components. And I can set my own server exposing ABBYY's API's to rollout my own cloud server instead of theirs, if needs be.