The digital pen market is expected to grow from USD 790.1 Million in 2018 to USD 2,044.8 Million by 2024, at a CAGR of 17.5% during the forecast period.
Globally, the size of digital pen market is expected to grow from USD 790.1 Million in 2018 to USD 2,044.8 Million by 2024, at a CAGR of 17.5% during the forecast period driven by the increasing usage of digital pens on interactive whiteboards for interactive learning is propelling the growth of this market.
Increasing demand for digital pens in various sectors, including educational and healthcare, is enhancing the growth of the digital pen market. In healthcare, digital pens enable capturing precise and reliable patient data digitally, especially in the areas of physiotherapy, occupational therapy, and midwife services. This information is time-stamped and is automatically sent to an EMR or hospital medical system for further processing. Furthermore, in this digital educational era, digital pen is seen as a valuable device for students as well as teachers and are replacing books, traditional pens, and other tools of learning for better understanding and convenience. Moreover, various features of this pen, including audio recording, data sharing, and data transformation into audio-based text, are driving the growth of the digital pen market across the world. Moreover, the advent of digital platforms in various applications, including banking, smart devices, and, cloud storage is expected to create abundant opportunities for the market in the coming years. However, the high cost associated with these pens due to the integration of multiple features, which requires extensive hardware integration is hampering the growth of the market. Also, these pens are not suitable for usage for longer hours as these need to be charged at regular intervals.
A digital pen is an input device that captures handwriting of the user and converts the handwritten information into digital data. It is usually used in conjunction with a computer, enabling graphic designers to create art on tablet PCs. Some companies have manufactured advanced wireless high-end digital pens equipped with Bluetooth technology to transfer data into computers. These pens can be used for maintaining legal security of original signatures in forms, thereby securing sensitive information. These pens have been augmented to provide haptic feedback, resulting in improved letter recognition and phonological awareness in children.
The digital pen market has been segmented on the basis of type, application, end-user, and region.
On the basis of type, the market has been segmented into active digital pen, camera-based digital pen, accelerometer-based digital pen, positional digital pen, and trackball-based digital pen.
By application, the market has been segmented into clinical documentation, billing & back office, communication, and others.
Based on end user, the market has been segmented into BFSI, healthcare, government, IT & telecom, education, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and Central and South America.
Currently, the digital pen industries in the developed countries such as the US, Canada, UK, Germany, and China are at a more advanced level, as these countries have an advanced infrastructure and strong R&D capabilities. However, the manufacturing cost of digital pens is relatively high in other countries as compared to China. Moreover, the Chinese digital pen production volume is increasing at a rapid pace, therefore, their share in the international market is increasing significantly. However, other players are also adopting competitive strategies such as innovation, product development, and expansion to enhance their growth in the market. These players are also trying to establish partnerships with OEMs to stay competitive in the market.
The key players in the Digital Pen industry are Apple Inc. (US), Canon Inc.(Japan), Hanvon Technology Co. Ltd (China), HP Enterprise Development (US), Moleskine (Italy), NeoLab Convergence, Inc. (South Korea), Toshiba Corporation (Japan), Wacom (Japan), XCALLIBRE (South Africa), and Anoto Group AB (Sweden).
Other prominent players studied for the digital pen market are IRIS SA (China), Novo Nordisk (Denmark), Microsoft Corporation (US), Luidia, Inc. (US), and NEO SMARTPEN Inc. (South Korea), among others.
The global digital pen market is projected to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of the digital pen market has been conducted for North America, Europe, Asia-Pacific, Middle East and Africa, Central and South America.
North America, followed by Europe, has accounted for the largest share in the global digital pen market, owing to the increased usage of tablets and personal computers, and growing Internet penetration. The market in Asia-Pacific is expected to be the fastest growing over the coming years owing to the presence of large manufacturing hub of electronics, especially in China. Moreover, the Middle East and Africa, and Central and South America are expected to show significant growth in the coming future.
Digital Pen Market
Source: MRFR Analysis
|Market Size||USD 2,044.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Apple Inc. (US), Canon Inc.(Japan), Hanvon Technology Co. Ltd (China), HP Enterprise Development (US), Moleskine (Italy), NeoLab Convergence, Inc. (South Korea), Toshiba Corporation (Japan), Wacom (Japan), XCALLIBRE (South Africa), and Anoto Group AB (Sweden)|
|Key Market Opportunities||The advent of digital platform in various applications, including banking, smart devices, and, cloud storage.|
|Key Market Drivers||
The market growth in the near future is expected to be a rate of 17.5%, according to MRFR experts.
In the healthcare industry, digital pens help capture precise as well as reliable patient data in a digital form, mostly in the areas of occupational therapy, midwife services and physiotherapy. The collected information is then time-stamped and automatically sent to a hospital medical system or an EMR to be processed some more.
The various features of a digital pen include data sharing, data transformation into audio-based text, and audio recording, which are also responsible for its demand in the market.
Many of the companies around the world are manufacturing highly advanced wireless high-end digital pens that are embedded with Bluetooth technology that help transfer data into computers. Digital pens are used to maintain legal security of the original signatures in forms.
The digital pen industry is expanding the most in the developed countries like Canada, the US, Germany, China and UK.
Digital pen is usually used in conjunction with a computer, enabling graphic designers to create art on tablet PCs.
Digital pen captures handwriting of the user and converts the handwritten information into digital data