New York, July 20, 2023 (GLOBE NEWSWIRE) -- The Market.us predicts that the global digital pen market will exceed a market value of approximately USD 1,860 million by the year 2032. Moreover, it is expected to experience a compound annual growth rate (CAGR) of 11.8% from 2023 to 2032.
The digital Pen permits the user to digitally capture a drawing or handwritten note. It is a writing tool that enables users to record the data in digital form so that the information is likely to be saved on the linked devices through Bluetooth or USD. It possesses properties such as memory, electronic erasing, and touch sensitivity which makes it simple and useful to use.
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Key Takeaway:
- By Product, the handwriting pen segment generated a revenue share of 62% in 2022.
- By usage, the tablet segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By End-User, the healthcare segment dominated the market.
- In 2022, North America dominated the market with the highest revenue share of 37.4%.
- APAC will likely grow at a significant revenue share of 23.2% from 2023-2032.
There is a growing need for business digitalization in different sectors like healthcare, education, retail, and banking, which is projected to positively impact market growth. Digitalization helps to improve productivity and also get an edge over competitors. Moreover, during the forecast period, the market was anticipated to witness growth because of the surge in the penetration of the internet and the increase in the adoption of smart devices. Also, the rise in demand for IoT-based smart applications and cheap digital pens was likely to surge the demand for digital pen solutions in the upcoming years.
Factors affecting the growth of the digital pen market
There are several factors that can affect the growth of the global digital pen market. Some of these factors include:
- Technological Advancements: Various technological advancements, such as the implementation of IoT and AI in the digital Pen, will propel the market growth during the forecast period.
- Growing Adoption of Digital Solutions: The growing adoption of digital solutions in various industries has boosted the growth of the market.
- Graphic Design and Art Applications: The ability to create digital artworks by artists and designers with the help of digital pens has increased the market demand.
- E-commerce and Online Distribution Channels: The growth of the market has been propelling due to the e-commerce platforms and online distribution channels.
Top Trends in Global Digital Pen Market
The growing adoption of IoT & AI technologies and rising dependency on smart gadgets, mostly smart devices, are the major factors that increase the demand for the global digital pen market during the forecast period. Also, technological growth with the advent of digital platforms at different industrial verticals, developing concepts of e-learning in the educational sector, and increasing investments by regulatory bodies in building digital infrastructures were expected to improve market growth over the forecast period.
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Market Growth
Digital pens have acquired popularity in the education sector because of their ability to increase learning experiences. These pens also allow students to take notes digitally. It also provides an interactive learning environment for the students. Furthermore, the integration of digital pens in online courses and digital learning platforms will propel the market growth over the forecast period.
Regional Analysis
North America held the majority of share of 37.4% of the overall market because of the rapid adoption of digital pens in this region. Furthermore, the increased penetration of digital technologies in most businesses is a key factor that drives market growth. The US is more dominant than other regions in the market as the majority of the prominent manufacturers are from the US.
APAC is projected to show significant growth in the upcoming years. In the countries such as Japan, China, and India, devices have gained prominent growth, and countries' governments were concentrating on being completely digital, and this leads to the growth of the market in this region.
Competitive Landscape
The key players are applying various strategies such as capacity expansion, mergers & acquisitions, capacity expansion, technical collaboration, and joint ventures to obtain a stronger position in the market. For instance, Wacom Co., Ltd. hosted an event named ‘Connected Link’ in Tokyo to promote the wide adaptation and innovation of digital stationery. The event introduced new values in the education, stationary segments, business, and creative community by connecting the power of digital Pen with IoT, 5g, and AI technologies.
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Key Players
- Apple Inc.
- Livescribe Inc.
- Microsoft Inc.
- IRIS S.A.
- Kent Displays
- Lucidia Inc.
- NeoLAB Convergence Lab
- Moleskine S.p.A.
- Wacom Co., Ltd.
- Other Key Players
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 627 Million |
| Market Size in 2032 | USD 1,860 Million |
| CAGR (2023 to 2032) | 11.8% |
| North America Revenue Share | 37.4% |
| APAC Revenue Share | 23.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The growing usage of digital pens in art & designing works is the key factor that boosts the growth of the market. Also, many technological advancements in digital pens for implementing advanced features in pens were estimated to boost the demand of the market. The use of paper and pens are decreasing with the help of these pens, and hence, the computer is used to track the data.
Market Restraints
The cost of digital pens is relatively higher than traditional pens. So, it hampers the growth of the global digital pens market. Moreover, these pens are not able to download handwritten notes; this was likely to restrain the growth of the market during the forecast period. Also, another factor that hinders market growth is that these pens need to be charged from time to time and are not able to be used for a long period.
Market Opportunities
Around the globe, the boost in automation & digitalization in numerous platforms such as business & trade, banking sector, educational system, and other industry verticals creates numerous opportunities for the market. Additionally, digital pens are easy to operate, and also, they make sure that the database collection is error-proof in both the cloud as well as digital storage.
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Report Segmentation of the Digital Pen Market
Product Insight
The handwriting pen accounted for the majority of the market share of 62% due to the availability of different types of pens such as position, active pens, camera, and trackball under handwriting type of digital pens. Also, the growing usage of these pens for educational purposes was expected to surge the market growth during the forecast period.
Usage Insight
The tablet segment held the maximum market share of 47%. Rising growth in the commercial sectors, mostly in the offices, and an increase in the number of universities & colleges has given rise to the trend of digital notes and smart presentations in daily life. All these presentations are done through desk computers and laptops, which results in the growth of the digital pen market.
End-User Insight
The healthcare segment collected the majority of share of the market due to the regular necessities of the health monitoring devices like digital watches, digital pens, and others among patients who were suffering from mobility issues.
Market Segmentation
By Product
- Scanning Pen
- Handwriting Pen
By Usage
- Tablet
- Smartphone
- PC
By End-User
- BFSI
- Government
- Healthcare
- Education
- Media & Entertainment
- Retail
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Digital Pen Market
- In January 2021- Edinburgh MedTech Company was funded to launch a digital pen that helps to understand the neurological condition of patients who was suffering from Parkinson’s disease. Edinburgh MedTech is a well-known healthcare products company.
- In July 2020- ITouch 3D Pen was launched by WOL3D. It is a manufacturer of 3D printing products like pens, filaments, and printers based on technology. ITouch 3D Pen was a digital pen for children.
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