"Overview of Digital Pen market"
The Digital Pen market is forecasted to reach at valued of US$ 2.6 Bn by 2027, growing at a CAGR of 15.0 % During the Forecast Period
The global Digital Pen technology has shown tremendous growth since last few years and is expected to grow rapidly over the forecast period. Some of the factors fuelling the growth of the global market include rising adoption from various industry sectors, R&D initiatives, and rising smartphone penetration.
Rising Popularity of E-Learning Sites and Students Is Fuelling the Demand for Digital Pen across the Globe
The global digital pen market is majorly driven by the rising popularity of e-learning apps and sites among students across the globe. Educators are proving online classes with more convenience as compared to offline classes. Digital pens offer more visibility and readability than on board and chalks. This is increasing the growth of the digital pen market in the education sector. Moreover, the digital pens are widely adopted from several industries including BFSI, healthcare, and retail sector for error-free database maintenance. For instance, in the banking and financial sector to manage huge amounts of data is related to individual accounts needs to be stored and managed. To manage the digital replica of these databases is preferred in several countries which are likely to put a positive impact on the growth of global market.
The Handwriting Segment Held Larger Share in Global Digital Pen Market in 2018
Based on product type, the handwriting segment is anticipated to account for maximum share in global digital pen market. These products manage analog input systems very efficiently. Also, the handwriting digital pen is versatile and precise which is designed to employ several industry sectors including retail, banking, education, and healthcare. These products allow the end-user to record quick notes, drawings, and diagrams and transfer it to the computer. Moreover, the rising trend of e-signature is anticipated to create new opportunities for segment growth.
On the other hand, the scanning segment is expected to witness lucrative growth in the coming years. This is mainly due to its simplified powering system and portable features which makes it convenient to use.
Healthcare Segment Occupied Significant Share in 2018
On the basis of application, the healthcare segment occupied a significant share and is anticipated to be the dominant segment throughout the forecast period. However, the BFSI segment is projected to grow rapidly during the forecast period.
North America is projected to hold the Largest Share in Global Digital Pen Market during the Forecast Period
By geography, North America held maximum market share which makes it the leading region. Early adoption of technology and the rising popularity of digital pens in Canada and the U.S. is fuelling the growth of North America. Moreover, the presence of prominent players in the region is expected to widen the scope of regional growth in coming years.
The booming education sector in U.S. is anticipated to surge the demand for digital pens in the region. Many institutes in Canada and the United States are adopting the pattern of e-notes and e-exams which promote the growth of digital pens in North America.
Asia Pacific is anticipated to witness lucrative growth as compared to other geographies. Some of the regional players in Korea and China are developing pocket-friendly products which are expected to enhance the customer base and contribute in regional growth. Moreover, some supportive government initiatives such as Digital India is resulting in increasing adoption of digital technology in emerging economies including Japan, China, and India and expected to widen the scope for regional growth
In July 2018, XP-Pen launched its new product line of digital pens. The new series contains Deco Pro 02, Deco 03, Deco 02, Artist 15.6 Pro, Artist 12, the latest version of 16 Pro, and Artist 22E Pro.
In January 2019, Microsoft announced to launch the redesigned model of Surface Pen. The company announced that the new digital pen is designed especially for students worth $ 40. This will help the company to grab new clients from the education industry looking for pocket-friendly digital pens.
Some of the major players operating in digital pen market include Neo Slate, I.R.I.S., Luidia, Neo Smart Pens, Sony, ACE CAD, Livescribe, e-Pens, Microsoft, Wacom, and Kent Displays.
Global Digital Pen Market by Product Type
Global Digital Pen Market by End-User
- Media & Entertainment
Global Digital Pen Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America