In 2018, the global digital pen market was worth USD 1.5 billion. The market's growth will be influenced by the increasing need to digitize businesses in many sectors, including healthcare, education and retail. Digitization can increase productivity and give you an advantage over your competitors, as it has been proven.
Due to increasing use of e-learning apps and sites among students of all ages, the product is seeing significant growth around the world. E-educators are working to offer education online, which offers more convenience for students than traditional offline education.
Because it obscures the written content, the traditional blackboard method is inefficient. The digital pen is an effective alternative to chalks and provides clarity to the viewers. These products quickly transform the points that have been scribbled into digital mode. This makes it easier to read on the screen, and faster than other methods.
The implementation of supportive government policies for digitalization in emerging countries, such as China and India, will push the healthcare and BFSI sector to adopt the digital pen to ensure error-proof data collection. These objects are used by banks to convert paper data into digital format, making it easier for them to maintain customer information. The digital pen can also be used to easily edit stored data whenever needed.
In 2018, handwriting pen was more than 70%. These products have been shown to be extremely beneficial in the management of analog input systems. The product is also considered versatile and precise and useful in many industries, including banking, education, banking and retail. This product has many benefits due to the collaboration of multiple sensors such as IR cameras and pressure sensitivity sensors. These devices allow users to capture text, drawings, and quick notes, then transfer it to a computer.
The scanner pen will see the fastest CAGR at 10.8% between 2019 and 2025 due to its portability, simplified USB-based powering system, and ease of use. The scanning products are compatible with more than 40 languages. They can recognize numbers and text in English, German Mandarin, Spanish and French. These pens are compatible with many tools, including Word, Excel, PowerPoint, and other common ones.
The largest market share, exceeding 20% in 2018, was held by healthcare. Most hospitals and pharmacies are familiar with the product. The value of electronic medical records regarding patient safety has been recognized by the industry and the product was quickly adopted. The combination of Bluetooth, optical devices, electronic circuits and Bluetooth has revolutionized digitization. It makes it easier to store every piece of information about patients. Many products can be made wireless to allow for easy locomotion.
BFSI is expected to experience the highest growth due to the changing environment in which the sector strives to provide better customer service. It also reduces the time and labor required to convert data from analogue to digital. Most banks are rapidly adopting integrated solutions that combine tablets and digital pen. Citibank Korea Inc., for instance, announced in July 2016 a paperless and more convenient way to open accounts. Customers can complete the forms from their mobile devices and then submit their signatures at the branch using the Wacom tablets or digital pens.
North America was the largest region, accounting for over 35.0% of global revenue in 2018. Market growth is due to the rapid adoption of digital pen technology in North America and Canada. The U.S. is home to the majority of major manufacturers, and this has influenced the market.
The U.S. education industry has been driving the industry's growth. Students can take notes with the digital pen and share them digitally. Digital textbooks and notebooks have made it interactive. To improve education in America and Canada, many schools have adopted e-exams/e-notes. This is accelerating the market growth.
Asia Pacific will be the fastest growing market. It is expected to grow at 11.4% CAGR between 2019 and 2025. Products that work in a similar way have been created by countries like South Korea and China. They are also affordable to the general public at a low price. This has led to the product's growing popularity. The device is also popular in China, India, and Japan where the government is trying to go completely digital. This has led to the market growing.
I.R.I.S. and Luidia are some of the major players in the digital pen market. Manufacturers of integrated solutions are making it tough for independent digital pen manufacturers. They are developing a mix of digital pens and tablets. As these do not require paper at all, they are preferred by the environmentally-conscious population segment to deter the use of paper completely.
Manufacturers are embracing the device because it helps them get rid of all paperwork. Even so, certain industries have seen a rapid rise in the use of the device. The product's popularity in animation has been on the rise over the years, and it seems unaffected by any new technology.
This report predicts revenue growth at all levels, including country, regional and global. It also provides analysis of industry trends and potential opportunities for each sub-segment between 2015 and 2025. Grand View Research has divided the global digital pen market report by product, region, and application.
Product Outlook (Revenue USD Million, 2015-2025)
Scanning
Handwriting
Application Outlook (Revenue USD Million, 2015-2025)
BFSI
Healthcare
Government
Media & Entertainment
Education
Retail
Other
Regional Outlook (Revenue USD Million, 2015-2025)
North America
The U.S.
Europe
Germany
U.K.
Asia Pacific
India
China
Japan
Central & South America
Brazil
Middle East & Africa (MEA)
b. Global digital pen market was valued at USD 1.63 Billion in 2019, and is forecast to grow to USD 1.79 Billion by 2020.
How is the digital pen market growing?b. Global digital pen market will grow at 10.4% compound annual growth rate from 2019-2025, to reach USD 2.96 Billion by 2025.
Which market segment had the largest share of digital pen sales?b. With a 38.0% share in 2019, North America was the dominant market for digital pen. This can be attributed to the rapid adoption of digital pen technology in North America and Canada.
What are the major players in the digital pen market?b. I.R.I.S. and Luidia are some of the key players in the digital pen market.
What are the driving factors for the digital pen marketb. The market is growing due to the increasing need for digitization in different sectors such as banking, education and retail. Students are also adopting e-learning apps and sites more frequently.
Up Market Research published a new report titled “Digital Pen Market research report which is segmented by Product (Handwriting, Scanning), by Application (Healthcare, BFSI), By Players/Companies e-Pens, Livescribe, Neo Smart Pens, IRIS, Sony, ACE CAD, Kent Displays, Neo Slate, Luidia, Wacom”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Digital Pen Market Research Report |
By Product | Handwriting, Scanning |
By Application | Healthcare, BFSI |
By Companies | e-Pens, Livescribe, Neo Smart Pens, IRIS, Sony, ACE CAD, Kent Displays, Neo Slate, Luidia, Wacom |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 245 |
Number of Tables & Figures | 172 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Handwriting, Scanning), by Application (Healthcare, BFSI).
Digital Pen Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Digital Pen Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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