Canon SX740 HS has a
21.0MP 1/2.3 (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features DIGIC 8 processor. On the other hand, OM System OM-1 has a
20.0MP Four Thirds (17.4 x 13 mm ) sized Stacked BSI Live MOS Sensor sensor .
One other difference between these two cameras that is worth mentioning is that OM System OM-1's sensor doesn't have an anti-alias (Low-Pass) filter. Removing anti-alias filter increases the sharpness and level of detail but at the same time, it increases the chance of moiré occurring in certain scenes.
Below you can see the SX740 HS and OM-1 sensor size comparison.
As seen above, OM System OM-1 has a 8.1x Larger sensor area than Canon SX740 HS. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.