The global digital pen market size will touch USD 2,044.8 million at a 17.5% CAGR between the forecast period 2019- 2024. A digital pen, simply put, is an input device that helps in handwriting recognition and converts the information that is handwritten into digital data. Generally, it is used along with a computer, allowing graphic designers to make art on PC, and tablets.
Various factors are fuelling the global digital pen market share. According to the recent MRFR market estimates, such factors include the demand for digitized notes, increasing demand in the educational and healthcare sector, increasing use of interactive whiteboards for interactive learning, alluring features such as data sharing, data transformation into audio-based text, and audio recording, the advent of digital platforms in cloud storage, smart devices, and banking, rising disposable income, increasing use in design and art works, and increasing adoption of digital learning tools.
On the contrary, the impact of the COVID-19 outbreak and the high cost of digital pens for the integration of multiple features that needs extensive hardware integration are factors that may impede the global digital pen market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global digital pen market based on end user, application, and type.
By type, the global digital pen market is segmented into trackball-based digital pen, positioned digital pen, accelerometer-based digital pen, camera-based digital pen, and active digital pen. Of these, the active digital pen will lead the market over the forecast period.
By application, the global digital pen market is segmented into communication, billing and back-office, clinical documentation, and others. Of these, clinical documentation will dominate the market over the forecast period.
By end user, the global digital pen market is segmented into education, IT and telecom, government, healthcare, BFSI, and others. Of these, the BFSI segment will spearhead the market over the forecast period.
By region, the global digital pen market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), Central and South America, and the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. Presence of tech-savvy citizens, adoption of smart devices such as digital notebook, android devices, audio recordings and mobile app in Canada and the US, the advent of digital textbooks, use of digital pens by the police to generate crime and intelligence reports, adoption of e-notes and e-exams, and the presence of leading manufacturers are adding to the global digital pen market growth in the region.
In the APAC region, the global digital pen market is predicted to have healthy growth over the forecast period. Increasing use of digital pens by companies to save time and effort, the focus of the government to go completely digital, and growing demand in India, China, and Japan are adding to the global digital pen market growth in the region.
In Europe, the global digital pen market is predicted to have sound growth over the forecast period. Rapid adoption in different sectors such as BFSI, IT and telecom, education, and healthcare and an increase in digital pen suppliers are adding to the global digital pen market growth in the region.
In Central and South America and the MEA, the digital pen market is predicted to have steady growth over the forecast period.
Key contenders profiled in the digital pen market report include NEO SMARTPEN Inc. (South Korea), Luidia, Inc. (US), Microsoft Corporation (US), Novo Nordisk (Denmark), IRIS SA (China), Anoto Group AB (Sweden), XCALLIBRE (South Africa), Wacom (Japan), Toshiba Corporation (Japan), NeoLab Convergence, Inc. (South Korea), Moleskine (Italy), HP Enterprise Development (US), Hanvon Technology Co. Ltd (China), Canon Inc.(Japan), and Apple Inc. (US).
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Source- Market Research Future