Digital Pen Industry Overview
The global digital pen market size was valued at USD 2.04 billion in 2021 and is expected to reach USD 6.29 billion by 2030, expanding at a compound annual growth rate (CAGR) of 13.3% from 2022 to 2030.
The growing need to digitize business in various sectors including banking, healthcare, education, and retail is expected to have a positive impact on market growth. It has been proved that digitization enhances productivity and helps in getting an edge over competitors. The outbreak of COVID-19 has significantly impacted the market share owing to a significant impact on prime market players. Conversely, the rise in demand for cheap digital pens and IoT-based smart applications, such as smartphone-based applications escalated the demand for digital pen solutions during the pandemic.
Gather more insights about the market drivers, restrains and growth of the Global Digital Pen Market
However, the lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrained the growth of the market. On the contrary, the emerging economies significantly witnessed the need for a smart infrastructure solution that is expected to boost the digital pen market growth post-pandemic.
The use of digital pens in the animation industry has increased over the years and will continue to grow unhindered in the coming years. Companies are focusing on launching digital pens for students and professionals in the field of creative arts. For instance, Wacom Cintiq 16 was launched in January 2019 to assist students in digital sketching, illustration, and drawing. The product is embedded with Wacom’s Pro Pen 2 technology. It has 8,192 levels of pressure sensitivity and tilt, which makes it precise and accurate. Another important technology is built-in Electro-Magnetic Resonance (EMR), which eliminates the need for battery and recharge. Such innovations are estimated to boost product penetration and market growth in the forecast period.
The product is gaining significant traction across the globe owing to the rising adoption of e-learning sites and apps among students of all ages. E-educators have been striving to provide education through the online medium, thereby offering more convenience to the students as compared to the conventional offline education medium.
The conventional blackboard method has been proven to be inefficient as it provides low visibility of the written content. Therefore, the utilization of a digital pen as an alternative to chalks results in providing clarity of the content to the viewers. The points scribbled by these products are quickly turned from analog to digital mode, which is easier to read on the screen and quicker than most of the other transformation methods.
Implementation of supportive government policies on digitalization in emerging economies, including China and India, is expected to push the healthcare and BFSI sectors to use the digital pen as a tool for ensuring error-proof database collection. For instance, banking institutions are likely to rely on these objects as they convert manual data into digital formats, which makes it easier to keep the personal information and financial transactions of their customers. Additionally, the digital pen can be used to edit the stored data easily as and when required.
Digital Pen Market Segmentation
Based on the Product Insights Insights the market is segmented into Scanning Pen, Handwriting Pen
Based on the End-user Insights the market is segmented into BFSI, Healthcare, Government, Media & Entertainment, Education, Retail, Others
Based on the Usage Insights the market is segmented into PC, Tablet, Smartphone
Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Market Share Insights
Key Companies Profile:
The market is still in its nascent stage, where new entrants are launching products and other key players in the market are planning to launch their products due to the increasing popularity of these technologically advanced products across the globe.
Some of the key players operating in the digital pen market include:
Order a free sample PDF of the Digital Pen Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Web https://www.grandviewresearch.com/
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/digital-pen-market