NEW YORK, May 02, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global digital pen market is expected to reach $2,098.1 million by 2023, growing usage of digital pens in education and health sectors, increased usage of smart devices, advancements in digital technology, and high per capita income are some of the major factors driving the growth of the market.
Of all applications of digital pen market, clinical documentation will contribute the highest shipment globally, with a projected share of more than 20% in 2023. It is also expected to be the fastest growing category during the forecast period, registering a CAGR of 21.3%. This is due to improving healthcare infrastructure and increasing demand for digital healthcare technologies.
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North America has been the largest digital pen market, accounting for 44.5% and 40.6% shares in terms of value and volume respectively in 2017, followed by Asia-Pacific. It is mainly attributed to the increased usage of tablets and personal computers, and increasing penetration of internet.
Increasing use of digital pens in art and design works is a key trend observed in the digital pen market. Application of digital pens in art and design-related works, such as sketching and drawing, provides almost a natural experience to users, by facilitating development of freehand illustrations and designs, which can be modified once they are transferred to a computer. Digital pens with character recognition software are very helpful in presentations, as the written text can be directly converted into typed text and recorded in a device.
Digital pen market has been growing at a high rate, as they are being widely used to eliminate paper work. They help reduce the enormous amount of time involved in filling forms for various purposes. For example, in developed countries, such as the U.S. and Germany, police officers and other authorities use these pens to generate intelligence and crime reports, record information on missing people, and fill incident and crime-reporting forms. Moreover, they often need to maintain information in multiple records. These pens help save time by recording information on a device and multiplying it into several records, by transferring it to a computer or sharing it through various connecting technologies.
Browse report overview with 91 tables and 63 figures spread through 140 pages and detailed TOC on "Digital Pen Market" at: https://www.psmarketresearch.com/market-analysis/digital-pen-market
In the banking sector, digital pen help reduce operational costs and improve customer services in areas such as new account creation and loan application, by reducing the response time to days or even hours. Similarly, these pens help insurance companies to save money by minimizing their costs linked to paper processing and to increase revenue by not losing clients during extended approval processes.
These pens are also helpful in maintaining the legal security of original signatures in forms and the human touch factor (in contrast to mechanical), which is essential when recording and discussing sensitive information. The digital pen technology offers promising prospects for digitized paper-based processes and therefore can be seen as a growth driver for the digital pen market.
Owing to large demand for Wacom digital pens, the company enjoys economies of scale. Wacom’s OEM partnerships is the key reason for the large demand of its digital pens. However, the other major players, including Anoto, are also trying to establish OEM partnerships, which has resulted in its increased market share in the recent past. Increasing investment of companies on interoperability is further expected to make the market competition intense during the coming years.
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