Digital Pen Market can achieve a striking CAGR of 17.5% during the forecast period (2019-2024).
The global digital pen market value in 2018 was USD 790.1 Million, and it is poised to reach a valuation of USD 2,044.8 Million by 2024, asserts Market Research Future (MRFR).
Primary Drivers and Top Restraints
A digital pen refers to a writing instrument which works on a battery and helps users capture handwritten notes or drawings. This pen converts analog information written by pen on a paper to a digital form of data, which is then used in diverse applications. The primary components of a digital pen are Bluetooth transceiver, image processor and ink cartridge & force sensor.
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The global digital pen market benefits massively from the use of digital pens in art and designing works. Technological innovations with advanced features of digital pens stimulate market growth. Digital pens are gradually replacing pens and papers, and computers are now being used to track data. With this, sensitive data can be stored on laptops or computers and security of documents is ensured. These appealing qualities of a digital pen boost its demand in the market.
High use of smartphone devices across the globe has given a substantial boost to the growth of the digital pen market. Surge in disposable income, massive investment on digitization by the government and strong demand for data integrity works in favor of the market as well.
Top players in the worldwide digital pen market include Canon Inc. (Japan), Toshiba Corporation (Japan), Anoto Group AB (Sweden), Moleskine (Italy), Apple Inc. (US), Wacom (Japan), XCALLIBRE (South Africa), HP Enterprise Development (US), NeoLab Convergence Inc. (South Korea), Hanvon Technology Co. Ltd (China), among others.
Other significant players shaping the digital pen market are Novo Nordisk (Denmark), NEO SMARTPEN Inc. (South Korea), Luidia, Inc. (US), IRIS SA (China), Microsoft Corporation (US), to mention a few.
Latest Industry Update
September 2019 Starbucks (Japan) has launched Starbucks Touch: The Pen, a digital pen that consists of an NFC reader which is connected to a digital wallet. It is backed by FeliCa, which is a common technology used in Japan in electronic cards.
The worldwide digital pen market has been examined based on the segments like type, application, and end-user.
With regard to the type, the market includes camera-based digital pen, active digital pen, positional digital pen, trackball-based digital pen, and accelerometer-based digital pen.
Depending on the application, the market is considered for clinical documentation, billing & back office, communication, and others.
The end-users in the market are healthcare, government, BFSI, education, IT & telecom, and others.
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The Middle East and Africa (MEA), North America, Europe, Central & South America and Asia Pacific (APAC) are the primary markets for digital pen, identified by MRFR in its extensive regional analysis.
North America has procured the top position in the global digital pen market, with the largest share. Renowned players in the region are increasingly launching consumer electronics that come with digital pens to cater to the demand-supply gap. Surge in product innovations is expanding the application scope of digital pens in the region, especially in the United States (U.S.) and Canada. Moreover, high adoption of bring your own device (BYOD) policy across diverse industries like healthcare, BFSI, manufacturing, and others will support market growth in the region in the years ahead.
Europe has been identified as the second-leading market for digital pen, given the rising use of digital pens in art and design works. Also, surging usage of digital pens in health and education sectors and rapid advancements in digital technology benefit the regional market to a great extent. Some additional factors that induce market growth in the region include rising usage of smart devices and high per capita income of the general population.
APAC is touted to be the fastest-growing market for digital pen, asserts MRFR. Mounting number of mergers and acquisitions, rising use of digital pen in art and designing works and deployment of digital learning are some prominent trends prevalent in the regional market. Some macroeconomic factors that support market growth in the region are surging disposable income along with increasing use of digital pen for eliminating paperwork.
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