According to a new report published by Allied Market Research, titled, “Digital Pen Market,” The digital pen market size was valued at $586.20 million in 2020 and is estimated to reach $2.3 Billion by 2030, growing at a CAGR of 14.7% from 2021 to 2030.
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The digital pen is a writing application equipped with a battery and scanning solution that allows users to capture handwritten documents and drawing in digital form. Further, few digital pens are equipped with handheld scanners that are intended to use optical character recognition to turn printed text into editable text on computer applications. In addition, the rise in the utilization of smart infrastructure solutions such as smart pens and digital art pens across commercial and manufacturing sectors is anticipated to drive the digital pen market.
Increase in the utilization of IoT solutions, rise in the adoption of business process automation, surge in the adoption of smart devices, and increase in the adoption of bring your own device (BYOD) policy drive the growth of the global digital pen market. However, lack of technology readiness in various underdeveloped countries hinders the market growth. On the other hand, emergence of digital platforms and surge in investments in digitization present new opportunities in the coming years.
The growth of the digital pen market is majorly driven by the growth in internet penetration and the rise in the adoption of smart devices coupled with an increase in the adoption of BYOD policy. Furthermore, a rise in the adoption of business process automation is anticipated to drive market growth. However, lack of technology readiness in various underdeveloped nations acts as a prime restraint of the market. On the contrary, the emergence of digital platforms and a surge in investment in digitization are anticipated to provide lucrative opportunities for the expansion of the digital pen market during the forecast period.
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Based on platform type, the Android segment accounted for the highest share in 2020, contributing to more than two-thirds of the global digital pen market, and is projected to maintain its lead position throughout the forecast period. This is due to easy integration with Google-based products and services, ability to run multiple apps, and ease of synchronization. However, the iOS segment is projected to register the highest CAGR of 15.2% from 2021 to 2030, owing to surge in demand for devices such as smartphones and tablets by Apple Inc.
The report segments the digital pen market on the basis of platform type, technology, end-user, and region. By platform type, the market is categorized as Android, iOS, and windows. By technology, it is segmented into camera digital pen, accelerometer digital pen, trackball digital pen, and others. By end-user, it is fragmented into BFSI, healthcare, manufacturing, government, IT & telecom, and others. Region-wise, the digital pen market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, India, Japan, Australia, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
As per the digital pen market analysis, the android segment was the highest contributor in 2020, due to a surge in the adoption of smartphones application. The camera digital pen and trackball digital pen segments collectively accounted for around 59.8% market share in 2020. The surge in adoption of next-generation IoT solutions has led to the growth of the android segment; thereby, enhancing the digital pen industry growth.
Country-wise, the U.S. holds a significant share in the global digital pen market, owing to the presence of prime players that continuously put resources into action to develop digital pen solutions. The adoption of next-generation IoT devices across prime sectors has strengthened the growth of the digital pen market in the region.
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KEY FINDINGS OF THE STUDY
• In 2020, the android segment accounted for maximum revenue and is projected to grow at a notable CAGR of 21.5% during the forecast period.
• The camera digital pen and trackball digital pen segments together accounted for around 59.8% of the digital pen market trends in 2020.
• The healthcare segment is projected to grow at a CAGR of 24.1% during the forecast period.
• North America contributed for the major share in the digital pen market, accounting for more than 35.5% share in 2020.
The key players profiled in the report include Apple Inc., Canon Inc., Hanvon Technology Co. Ltd, HP Enterprise Development, Livescribe Inc., Moleskine, NeoLab Convergence, Inc., Toshiba Corporation, Wacom, and Xcallibre. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the digital pen market.
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