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 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.
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.
|Report Title||Digital Pen Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast|
|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.|
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.
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.
Segments Covered in the Report
The global digital pen market has been segmented on the basis of
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.
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