Digital Pen Market

Digital Pen Market by Products (Scanning and Handwriting), Applications (Healthcare, Government, Media & Entertainment, and Education), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Trends, Growth, Share, Size, and Forecast 2021 – 2028

  • Report ID: CG-285
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 198
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The global digital pen market size was valued at USD 1.78 billion in 2020 and is projected to expand at a CAGR of 10.7% during the forecast period, 2021 – 2028. The growth of the market is attributed to the rising trend to maximize digitalization across several sectors such as banking, education, healthcare, and retail. Adoption of various digitized equipment and devices help to enhance efficiency of business operation and production performance, which put competitive advantages for the companies helps in getting an edge over the competitors.
 

Digital Pen Market Key Takeaways


Digital pen is a newly introduced electronic input device that offers users to draw or write, which are used for analog information into digital data. This device can be used for various applications such as handwriting or brush strokes and is widely adopted by several industries including education and healthcare. The collaboration of numerous sensors in the device along with pressure sensitivity, positional sensors, IR cameras, and accelerometers is key aspects for the device popularity.

The conventional blackboard method is found ineffective as it offers low visibility of the written content as compared to digitalized method. Thus, digital pen is widely used as an alternative to ensure better results in providing content clarity of any presentation to the spectators. The points scrawled by these products are instantly turned from analog to digital mode, which is easier to be read on the screen and faster than most of the other content transformation procedures.

Strong supportive policies from governments on digitalization in developing economies such as China and India are anticipated to increase the demand for the digital pen in the healthcare and BFSI sectors. For example, banking institutions are increasingly adopting these tools to ensure error proof database as the devices convert manual data into digital formats of all financial related information. Moreover, the digital pen is also widely used to edit or make correction of the stored data easily whenever required.

Market Trends, Drivers, Restraints, and Opportunities:

  • Increasing popular trend for using digital pens in art and designing works is projected to expand the market growth.
  • Technological advancements that help in the establishment of innovative features of digital pens are key factors driving the market expansion.
  • Using digital pen and its application in storing and securing sensitive data on laptops or computers is predicted to fuel the market growth.
  • Rising usage of smart phone devices and its compatibility for the connection with other electronics equipment such as laptop and tablets are some key factors expected to propel the market during the forecast period.
  • Relatively high cost of the digital pens as compared to traditional pens is projected to hamper the growth of the global digital pen market.
  • Major companies are focusing on product optimization including technological and product innovation to cater the growing demand, which in turn, is presenting numerous opportunities for the expansion of the market.

Scope of the Report

The report on the global digital pen market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics also have been involved in the report.
 

Attributes Details
Report Title Digital Pen Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Base Year 2020
Historic Data 2018–2019
Forecast Period 2021–2028
Segmentation Products (Scanning and Handwriting), Applications (Healthcare, Government, Media & Entertainment, and Education)
Regional Scope Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered ACE CAD, Neo Smart Pens, Neo Slate, I.R.I.S., Luidia, Sony, Livescribe, Kent Displays, Wacom, and e-Pens.


Global Digital Pen Market Segment Insights

Handwriting pen held a large share of the market in 2020
Based on products, the market is divided into scanning and handwriting. The handwriting pen segment accounted for a share of more than 60% in 2020. These products allows the users to record text, drawings, diagrams, and quick notes by relocating it to a computer as these devices are highly beneficial in managing analog input systems. Moreover, the handwriting pen is extensively used across several industries such as healthcare, banking, education, and retail. On the other hand, the scanning segment is likely to register an impressive CAGR of 11.2% from 2021 to 2028 due to its support for movability and simplified USB-based powering system. The scanning products are made available and compatible with more than 40 languages as well as can identify texts and numbers in different languages such as English, Mandarin, Spanish, French, German, and Russian. These pens show excellent compatibility with numerous tools such as the most common Excel, Word, and PowerPoint.
 

Digital Pen Market By Products


Healthcare Segment is expected to constitute a major share during the forecast period
On the basis of applications, the market is classified into BFSI, healthcare, government, media & entertainment, and education. The healthcare segment represented a market share of nearly 20% in 2020 and is expected to constitute a major share during the forecast period. High adoption of the devices by the majority of the hospitals and pharmacies across the globe is a key factor boosting the segment. The industry uses the devices to make entry of electronic medical records of patients. With the support of electronic circuits, Bluetooth, and optical devices, it has shortened the time for storing medical information of patients. Meanwhile, the BFSI segment is projected to witness robust growth due to the rapidly changing environment of the industry to expand customer services. Additionally, it helps in reducing the labor and time consumed in the procedure of converting the information from analog to digital version. Majority of the banks across the globe are quickly accepting the combined solutions using tablets and digital pens.

Asia Pacific is the fastest-growing market
In terms of regions, the global digital pen market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America accounted for more than 30% share of the global market revenue in 2020. The rapid acceptance of the digital pen across several industries in countries such as the U.S. and Canada as a result of enlarged diffusion of digital technologies is a key factor propelling the regional market. The rising acceptance of the digitalization process in the U.S. education system is a key factor driving the market in the region. The digital pen provides benefits to students in taking records and sharing them in the digital format. The arrival of digital textbooks and notebooks in the U.S. and Canada education system increases adopting the e-exams and e-notes system, thereby propelling the market growth. However, the market in Asia Pacific is anticipated to be the fastest-growing market and is projected to expand at a CAGR of 11.8% from 2021 to 2028. The countries such as China and South Korea are the key producers of the devices in the region. Rising easy accessible of the pens to the common mass and production of inexpensive price devices are anticipated to increase the demand for the product. Additionally, the demand for the device is exponentially high in emerging economies such as Japan, India, and China as their governments are extensively encouraging the complete transformation to digitalization to enhance their market share.
 

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Pen Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Digital Pen Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Digital Pen Market - Supply Chain
  4.5. Global Digital Pen Market Forecast
     4.5.1. Digital Pen Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Digital Pen Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Digital Pen Market Absolute $ Opportunity
5. Global Digital Pen Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Digital Pen Market Size and Volume Forecast by Applications
     5.3.1. BFSI
     5.3.2. Healthcare
     5.3.3. Government
     5.3.4. Media & Entertainment
     5.3.5. Education
     5.3.6. Retail
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Digital Pen Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Digital Pen Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Digital Pen Demand Share Forecast, 2019-2026
7. North America Digital Pen Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Digital Pen Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Digital Pen Market Size and Volume Forecast by Applications
     7.4.1. BFSI
     7.4.2. Healthcare
     7.4.3. Government
     7.4.4. Media & Entertainment
     7.4.5. Education
     7.4.6. Retail
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Digital Pen Demand Share Forecast, 2019-2026
8. Latin America Digital Pen Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Digital Pen Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Digital Pen Market Size and Volume Forecast by Applications
     8.4.1. BFSI
     8.4.2. Healthcare
     8.4.3. Government
     8.4.4. Media & Entertainment
     8.4.5. Education
     8.4.6. Retail
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Digital Pen Demand Share Forecast, 2019-2026
9. Europe Digital Pen Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Digital Pen Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Digital Pen Market Size and Volume Forecast by Applications
     9.4.1. BFSI
     9.4.2. Healthcare
     9.4.3. Government
     9.4.4. Media & Entertainment
     9.4.5. Education
     9.4.6. Retail
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Digital Pen Demand Share Forecast, 2019-2026
10. Asia Pacific Digital Pen Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Digital Pen Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Digital Pen Market Size and Volume Forecast by Applications
     10.4.1. BFSI
     10.4.2. Healthcare
     10.4.3. Government
     10.4.4. Media & Entertainment
     10.4.5. Education
     10.4.6. Retail
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Digital Pen Demand Share Forecast, 2019-2026
11. Middle East & Africa Digital Pen Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Digital Pen Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Digital Pen Market Size and Volume Forecast by Applications
     11.4.1. BFSI
     11.4.2. Healthcare
     11.4.3. Government
     11.4.4. Media & Entertainment
     11.4.5. Education
     11.4.6. Retail
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Digital Pen Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Digital Pen Market: Market Share Analysis
  12.2. Digital Pen Distributors and Customers
  12.3. Digital Pen Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. ACE CAD
     12.4.2. Neo Smart Pens
     12.4.3. Neo Slate
     12.4.4. I.R.I.S.
     12.4.5. Luidia
     12.4.6. Sony
     12.4.7. Livescribe
     12.4.8. Kent Displays
     12.4.9. Wacom
     12.4.10. e-Pens

Segments Covered in the Report
The global digital pen market has been segmented on the basis of

Products

  • Scanning
  • Handwriting

Applications

  • BFSI
  • Healthcare
  • Government
  • Media & Entertainment
  • Education
  • Retail

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

The major players competing in the global digital pen market include are ACE CAD, Neo Smart Pens, Neo Slate, I.R.I.S., Luidia, Sony, Livescribe, Kent Displays, Wacom, and e-Pens. These manufacturers of the digital pen market are facing major competition from the manufacturers of integrated solutions, who are producing a combination of tablets and digital pens.

Majority of the manufacturers are focusing on to decrease their carbon footprint and also making efforts to get rid of paperwork completely. Recently, Citi bank Korea Inc. introduced a completely paperless and convenient process for opening accounts. The clients can fill the forms on their device and can further submit their signature through the Wacom’s tablets and digital pens in the nearest branch.
 

Digital Pen Market By Key Players

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